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Spanish ecosystem report. Spotahome raised €20m. Wallbox debuts NYSE.

October 11, 2021 • Issue #288

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Startup funding news 💸

  • Dealroom published a report on the evolution of the Spanish startup ecosystem since 2015, "a startup ecosystem flying under the radar"
  • Madrid-based proptech Spotahome raised €20m from existing shareholders, including 14W, Kleiner, Seaya and Passion Capital, as well as new investor Mundi Ventures
  • Madrid-based farmer-to-consumer marketplace CrowdFarming raised €15m, co-led by Seaya Ventures, Q-Impact, and Triodos
  • Barcelona-based health tech startup Mediktor raised €11m, led by MTIP
  • Barcelona-based agritech firm Consentio raised €4.5m, led by Mundi Ventures
  • Madrid-based energy startup Ezzing Solar raised €4.5m, from CDTI and business angels
  • Barcelona-based fintech startup Flanks raised €2.3m, led by JME and 4Founders Capital
  • Barcelona-based legaltech startup Bigle Legal raised €2m, led by Adara Ventures
  • Barcelona-based legal tech startup Abogados Para Tus Deudas raised €1.6m
  • Madrid-based startup Fixme raised €1m led by Angels
  • Barcelona-based Taclia raised €1m
  • Barcelona-based music educational startup Aulart raised €800k from 4Founders Capital and The Valley
  • Barcelona-based network-as-a-service startup Neutroon raised €530k
  • Other rounds of funding: Timpers, Nerety

M&A activity 🎊

  • Wallbox, the Barcelona-based startup that specializes in charging solutions for electric vehicles and energy management, began trading on the New York Stock Exchange on Monday with a rise of 9% and reaching a market cap of $1.2b. La Informacion has more details on Wallbox's recent business developments, as well as some of its new shareholders
  • La Informacion has more details on the acquisition of legal tech startup Signaturit by PE fund Providence. The firm paid €25m for an 81% stake in the startup, as well as a €2.5m bonus for the founders. This price represents a 6X revenue multiple
  • Adamo, the Spanish telco focused on rural areas, has been acquired by French PE firm Ardian for reportedly €1b. Adamo was owned by also PE firm EQT
  • A few years ago it was very uncommon for Spanish startups to make acquisitions. Although this hasn't massively changed, in the past couple of years we've seen companies such as TravelPerk, Glovo or Jobandtalent rely on M&A for product and business expansion purposes. La Informacion wrote about it here

Investor & accelerator news 🚀

  • La Informacion profiled Angels, the startup investment arm of Juan Roig (Mercadona). To date, Angels has backed 33 companies for a total of €30m. The article looks at Angels strategy and close ties with Lanzadera, as well as their plans for the near future
  • Investment firm Axon Partners Group announced the launch of Aurora II, a fund of funds
  • Ramon Blanco, co-founder of Bewater Funds and Indexa Capital, wrote an article about the cost of capital of revenue-based financing offerings
  • Philippe Gelis, co-founder of Barcelona-based fintech company Kantox, participated as a business angel in the seed round of French startup Graneet

Startup news 💡

  • Spain's startup law could be submitted to Congress before Christmas, with the goal of going into effect during 2022
  • According to a study by Smartme Analytics, neobanks have a 29% market share of Spain's digital banking market. The leaders of the space are Revolut, N26, Rebellion Pay and Bnext, in that order
  • Xataka published a long post on the topic of depression and mental health in the context of startups and entrepreneurship. The article focuses on an initiative called Ancla promoted by Diego Ballesteros (SinDelantal, Bewe) and goes on to talk to other founders and psychologists. Good read!
  • GetWith published an interesting report on tech salaries in Barcelona and Madrid
  • UpBizor wrote an overview of the history of Girona-based startup Skitude, which recently went public on Norway's Euronext stock exchange
  • El Español interviewed Red Points' CEO Laura Urquizu to talk about how the current status of the company, what Barcelona's local government is doing (or not doing) to help entrepreneurship in the city and other topics
  • Cabify has integrated online groceries service Lola Market into its main product. Lola Market was recently acquired by Glovo
  • Talent agency Manfred disclosed its financials for July, August and September
  • Adtech startup Seedtag launched Seedtab Lab, a program specifically designed to help brands find their target customers in a world without cookies
  • Barcelona's Bravo Studio, co-founded by former employees of Typeform and other local startups, launched the 3.0 version of its product, which allows designers and users to easily transform prototypes into working mobile apps
  • Veriff, an Estonian online identity startup that has raised more than $70m in funding to date, announced plans to open an office in Barcelona
  • Swdeish unicorn Klarna says that it has 1m users in Spain
  • Startup profiles: DudyFit, Psonrie

Big company news 🏦

  • MediaMarkt to launch its own marketplace in Spain, starting with 16 merchants
  • Netflix to increase prices in Spain starting this week

Interesting reads 🤓

  • Simon Muñoz, senior product manager at Voicemod, published a post on how overengineering can kill your startup
  • The CNMC published its ecommerce report for the Q1 2021 period. Ecommerce grew by 2% year-on-year and reached €12.4b in sales. Supermarkets saw 2X growth in sales compared to the same period in 2020 (before the pandemic)

Podcasts 🎧

  • Startasap interviewed my colleague at Pablo Ventura (K Fund)
  • Nocodehackers interviewed Corti and Pol Rodriguez, founders of podcasting product Mumbler
  • Marketing4Ecommerce interviewed Borja Iribinarne, CEO of Profesor CBD
  • Itnig interviewed Sergio Barrio, co-founder of Meeting Doctors