Kibo sold first fund. Genially raised €17m. Ukio got $9m.
September 27, 2021 • Issue #286
https://www.dropbox.com/s/5jdfrhwjlilo8rc/Acid Tango Digital Product Ebook.pdf?dl=0
Hey, this is Acid Tango ! And we’re bringing a welcome-back-to-school gift for you 🎁
We are a digital product studio delivering value through innovation. As software engineers and product designers, we believed our expertise crafting digital products would be useful to anyone who plans to launch their own.
So we’ve worked extra hard this summer to bring you this practical guide on how to transform your business ideas into a successful digital product.
Whether you're a corporate executive, a startup owner, or just a curious-minded person, this ebook will give you information that most times you'll only get by hiring a digital product company.
Interested? Get your free copy here !
If you want to get in touch or work with us, you can also drop us a line at firstname.lastname@example.org and we’ll be happy to have you over for a coffee.
Startup funding news 💸
- Cordoba-based Genially raised €17m from 645 Ventures and Owl Ventures, with the goal of making interactive content a global standard. Previous backers, including local funds such as JME and Athos Capital, also participated in the round
- Barcelona-based proptech startup Ukio raised $9m, led by Breega with participation from Heartcore and Partech, as well as business angels Iñaki Berenguer (Coverwallet) and Avi Meir (Travelperk)
- Madrid-based Frenetic raised €4.5m, led by Bonsai Ventures and Join Capital. Frenetic develops tech for designing magnetic components using AI. Join Capital wrote about the investment here
- Barcelona-based Nuclio Digital School raised €1m Sabadell Venture Capital
- Spanish crypto and DeFi startup Rand raised €850k from JME and Inveready
- Barcelona-based biotech company FrontWave raised €750k via Capital Cell
- Santiago-based biotech company Celtarys Research raised €650k from Xesgalicia, Vigo Activo and others
- Mutua Madrileña acquired a 16% stake in Ubikare
- Other rounds of funding: tugesto, TradEAsy, Yakk, Bersity, InVerbis
M&A activity 🎊
- Deporvillage published its 2020 financials: €117m in sales and EBITDA of €7.8m. This implies that JD paid a 22X EBITDA and 1.5X revenue multiple in the acquisition of Deporvillage.
- Spanish adtech startup Tappx acquired Madrid-based PlayOn Content, a video generation and monetisation platform. Terms of the deal were not disclosed
- Mallorca-based gaming startup PlaySpace got acquired. The name of the acquirer was not disclosed
Investor & accelerator news 🚀
- Kibo Ventures has sold its first fund to US firm HarbourVest. Kibo's first fund had a size of €43m and LPs such as Telefonica, CDTI, Mutua Madrileña and family offices, who get to see a return on their investment at this point in time. The fund's portfolio includes the likes of Flywire, Jobandtalent and Carto. According to the firm, the fund's TVPI (Total Value to Paid In) multiple currently sits at 3.5X. Congrats to Aquilino, Javier, Sonia and team!
- Maria Alegre, co-founder of Chartboost (acquired by Zynga), launched Flori Ventures, a seed-stage venture fund partnering with founders who are creating a more innovative, regenerative, decentralized, and inclusive financial system
- Nina Capital and Level20 published a report on gender diversity in Private Equity and VC in Spain
- Barlon Capital is a new €6m investment vehicle created by Xavier Rubió, co-founder of Nauta Capital and now managing partner at Galdana
- Equity crowdfunding platform Startupxplore launched a new vertical focused on transfer tech and university spin-offs. This is the third specific program they launch, gaming and e-sports are the other two
- Bonsai Ventures, All Iron and Creas Impacto participated in the $54m round of European European refurbished electronics marketplace Refurbed
- Spanish firm Alma Mundi participated in the $30m round of Singapore-based insurtech company Bolttech
- THCAP led a $1.5m pre-seed investment in Gallea, Canada’s largest art distribution network
Startup news 💡
The fine folks at Acid Tango published a practical guide on how to transform your business ideas into a successful digital product. Check it out here
- Glovo disclosed its 2020 financials. The last mile delivery company doubled revenues, to €360m, and cut losses by 80%, in part thanks to the sale of its Latam business to Delivery Hero for €230m. Glovo currently operates in 23 countries and 870 cities worldwide. The company also announced an expansion of its q-commerce business, which started by mostly focusing on groceries and now also includes other items such as clothing
- Remotely, the new startup launched by Pau Sabria and Jose Cabo (former co-founders of Olapic), announced the release of the Gitsight Chrome Extension for free. Gitsight is one of the company's products, that helps to identify and vet technical talent based on their contribution to git repositories
- Avi Meir, CEO of Travelperk, said in a tweet that the company's revenues have grown at a CAGR rate of 108%
- El Mundo published a profile of CARTO and talked to current CEO Luis Sanz about the current market environment and some projects (and clients) they've been working on
- Neobank Bnext to start charing users for withdrawals and other services
- Minimalism disclosed its year-to-date 2021 financials: €500k in sales, high growth and some challenges they've faced
- Dapper Labs announced an extension of its wildly successful NBA Top Shot digital collectibles platform by partnering with LaLiga on a new NFT experience
- Fintech startup Belvo published a blog post on how to build a customer journey that drives conversion in open finance
- Continuing with the open banking industry: UK-based Truelayer announced a $130m round and also that it has started operating in Spain
- Turkish grocery delivery company Getir launched its services in Spain, starting with Madrid and Barcelona. Getir has raised more than $1b in funding to date, and competes with Glovo's q-commerce
Big company news 🏦
- Netflix recently sat down with Spanish regulator CNMC for the first time since it launched in the country in 2015. The relevance of Netflix in Spain has only increased in the past few years, which means that the US company is being more closely monitored by the competition watchdog. There's also a new audiovisual law around the corner that could affect Netflix, thus its interest in meeting with local regulators
Interesting reads 🤓
- Eduardo Manchon (CEO of Mailtrack) published an op-ed about the Spanish VC sector. The title reads "It's not venture capital, it's rancid capital" and is a piece critical of the local investment landscape
- Javi Santana (Tinybird) wrote about differences in hiring processes when you really know the position or field you're hiring for, vs. when you don't: "What's like to be good"
- El Confidencial published a profile of Iker Casillas' new interests and career, which is closely tied to the world of entrepreneurship and startup investing