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Deporvillage acquired for €140m. Treinta raised $14m. Microverse raised $12.5m.

July 5, 2021 • Issue #275

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Startup funding news 💸

  • According to El Referente, Spanish startups raised a combined €282m in June 2021, surpassing €2b for the year
  • Treinta is a Colombia-based fintech company co-founded by Spaniards that recently raised more than $14m in funding. Treinta was part of one of Y Combinator's most recent batches
  • Barcelona-based coding school Microverse raised $12.5m, led by Northzone. Previous investors General Catalyst and All Iron Ventures also participated in the round. Microverse is one of a growing number of technical training programmes that use an income share agreement model (ISA). CEO Ariel Camus wrote about the fundraising event here
  • Barcelona-based bounf4blue, developers of a foldable and autonomous wingsail system, raised €5m
  • Madrid-based vacation rental data startup Transparent announced that to date it has raised $2.8 in funding from Jetblue Ventures, ourselves at K Fund and other investors
  • Madrid-based electric motorbike company Velca raised €2.1m from various business angels and Crowdcube
  • Madrid-based geointelligence startup Inspide raised €900k, led by Invertidos and Athos Capital
  • Barcelona-based NFT company Freeverse raised €843k from Adara and 4Founders Capital
  • Other rounds of funding: Vasquiat, FisioCampus, Plant On Demand

M&A activity 🎊

  • Iberian Sports Retail Group (joint venture of Sonae and JD Sports) announced the acquisition of an 80% stake in Manresa-based ecommerce company Deporvillage for as much as €140m. Deporvillage posted sales of €117m last year, with a profit of more than €7m. According to Crunchbase, Deporvillage had raised a bit more than $12m from various investors and business angels, including Cabiedes & Partners, Mediaset, Samaipata and a bunch of business angels in the SeedRocket network
  • Here's two additional articles about the Deporvillage transaction. An interview with Miguel Mota, head of JD Sports, about their plans for Deporvillage, and a profile of the company since the evolution
  • Jose del Barrio of Samaipata published a long post about their investment in Deporvillage, which was the first investment the fund ever made and is also the firm's first home run (i.e., the profits resulting from Deporvillage's exit are as high as Samaipata's total fund size). David Tomas, who invested in the company as a business angel, also wrote about his involvement with the company over the years
  • Logitravel to merge with El Corte Ingles' travel subsidiary Viajes El Corte Ingles. ECI will own 70% of the resulting company and Logitravel the rest. ECI had revenues of €2.7b versus €800m for Logitravel
  • Barcelona-based instant delivery and Q-commerce company Blok got acquired by Turkish competitor Getir
  • Jesus Martinez of La Informacion had more details of Wallbox's cap table, including a 1.5% stake owned by Gestamp, one of Spain's largest automotive groups. Wallbox plans to go public on the NYSE via a SPAC in the near term. Wallbox was also featured last week in an analysis by Sifted of the European electric vehicle sector

Investor & accelerator news 🚀

  • Nauta Capital announced the launch of a new initiative to invest £100k to £250k in a dozen of pre-seed deeptech startups
  • GoHub Ventures invested €1.6m in Argentinian agritech startup Auravant

Startup news 💡

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  • Last year, We Are Knitters posted a positive EBITDA for the first time. 30% of the company's sales come from the US. The company also recently acquired its Belgian competitor Funem Studio
  • Talent agency Manfred publicly shared its financials for the months of April, May and June of 2021, with sales that topped €136k in May. The post includes a lot more details about Manfred's roadplan and other topics
  • My good friend Manu Zafra has built a search engine that lists most of Spain and Portugal's DTC and independent ecommerce companies
  • Analia Plaza wrote in elDiario about something that I was not aware of. Changes in Spain's VAT regime mean that imports of less than €22 will pay VAT. This could have negative effects on some sectors of ecommerce, especially startups that rely on dropshipping
  • El Pais published a list of Spanish companies that they believe could reach unicorn status in the future, featuring the likes of TravelPerk, Typeform, Belvo and others
  • Worldcoo, the Barcelona-based startup aimed at funding NGO projects through omnichannel committed companies and their users, said that it has generated 10m of donations since the beginning of 2021, an increase of more than 200% compared to the previous year
  • Zazume is a new proptech startup co-founded by Jeroen Merchiers, former country manager of Airbnb in Spain
  • Expansion published an article about Spanish founders and entrepreneurs that decided to launch their companies in Latam, while sometimes operating their companies from Spain. Featuring Belvo, Jobandtalent, Bewe and others
  • El Mercantil talked to various logistic and commerce companies about the Q-commerce trend, which aims to deliver groceries in 10 minutes in Spain's largest cities
  • Startup profiles: Hola Lucas, GOI, Simplr, n+1

Big company news 🏦

  • Spanish regulator CNMC was looking into potential agreements between Indra and Scytl in order to control the Spanish voting market. The CNMC has declared that it has found no merit in those claims, thus shutting the investigation. The CNMC is also investigating possible anti-competitive practices in Spain by Apple and Amazon regarding online sales of electronic products
  • The Spanish government wants to force companies such as Amazon, HBO or Netflix to pay a 1.5% tax to finance the operations of Spain's national television (RTVE). The tax would amount to 1.5% of Amazon, HBO and Netflix's annual revenues in Spain. This tweet by Juan Ramon Rallo is the best description I've found about this tax scheme
  • Applesfera published an interesting analysis of Apple's business in Spain, including number of employees per area, average salary, etc
  • Decathlon Spain online sales increased by 126% in 2020 compared to the previous year, reaching €306m, and thus accounting for 18% of Decathlon's total sales in Spain
  • Inditex's online sales grew faster than those of some of the world's largest fashion brands, including GAP, H&M or Uniqlo

Interesting reads 🤓

  • IAB, Elogia and Adevinta published an interesting analysis of Spain's ecommerce sector and rates of adoption. According to the study, 3 million additional customers are now ecommerce shoppers, mostly thanks to the pandemic
  • Octavi Uya, co-founder of boat marketplace Nautal, has been writing about the history of the company for a few months now. In the last post, he wrote about the first business angels that came onboard and board composition
  • The Views newsletter interviewed Didac Lee, co-founder of Galdana Ventures and previously head of digital at FC Barcelona and also co-founder of ecommerce company Tradeinn, among other things
  • Diego Ballesteros, founder of Bewe and previously of SinDelantal, was Samuel Gil's guest writer on Suma Positive. He wrote about his experience dealing with stress and other mental issues as a founder, as well as his recent initative to help entrepreneurs deal with those situations, Ancla.Life
  • David Bonilla published an interesting op-ed about the positives and negatives of changing jobs too frequently. He also tries to respond to what "too frequently" could mean

Podcasts 🎧

  • K Fund interviewed Javier Torremocha (Kibo) and Pablo Ventura (K Fund) to talk about the funding story of Flywire
  • Itnig interviewed Samuel Gil of JME
  • Life On Mars interviewed Ivan Basart, CTO of ValidatedID. They also published one more podcast last week, an interview and Q&A session with the MarsBased founders as they hit their seventh anniversary