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Multiverse raised €10m. Vitaance gets €3m. IBM bought Volta Networks.

October 25, 2021 • Issue #290

Si te gusta estar a la última, formarte en lo más puntero y aplicarlo desde ya, tienes que iniciarte en el mundo del Agile management, metodología que está revolucionando la forma de trabajar en equipo.

En solo 6 semanas aprenderás a hacer tu trabajo de forma diferente y ganarás rapidez.

¿Que tu tiempo disponible es limitado? ¡No hay problema, te lo ponemos muy fácil!

Clases en directo muy dinámicas y sesiones grabadas, networking y profesores de empresas TOP como BBVA, Orange y Contenur.

Startup funding news 💸

  • Donostia-based quantum computing-as-a-service-startup Multiverse Computing (founded in 2016), raised €10m, led by JME
  • Barcelona-based life insurance startup Vitaance (founded in 2021) raised €3m, led by Kindred. K Fund also participated in this round
  • Barcelona-based embedded insurance startup Weecover (2019) raised €2.3m from Nauta Capital
  • Navarra-based startup MOA Foodtech (2020), developers of protein alternatives, raised €1.5m, led by Clave Capital
  • Madrid-based ecommerce startup Hamelyn (2020) raised €1m from Cabiedes & Partners, Itnig and others
  • Donostia-based startup Ecomagnet raised €700k
  • Other rounds of funding: Tuio, Spathios, Ziknes, Venped, Clever Global, Serenmind,
  • The Venture City announced investments in fintech startups Boopos and Goin
  • Investment record in Madrid in Q3: 43 rounds for a total of €461m. 58% of which came from US investors

M&A activity 🎊

  • IBM acquired US and Spanish cloud startup Volta Networks. Terms of the deal were not disclosed. Volta delivers a cloud-native routing engine to reduce network control and management complexities

Investor & accelerator news 🚀

  • Kibo Ventures co-led a $7m round in UK-based proptech startup Proportunity. The investment also includes a $143m debt facility
  • La Informacion interviewed Jose Bayon, CEO of ENISA. He talks about the current funding environment and says that investors and entrepreneurs should be cautious about the current amount of money in the market and how that's affecting valuations and the ecosytem in general
  • Spanish health tech fund Nina Capital announced that it has completed the first closing of its new fund, and that it has hired Ramon Benet as venture partner. Ramon has over 35 years of leadership experience in the In Vitro Diagnostics (IVD) Medical Device industry

Startup news 💡

  • El Español published an in-depth interview with Manu Heredia, co-founder of Malaga-based startup Besoccer, previously called Resultados-Futbol. Manu talks about not only his journey and that of his company, but also about the development of Malaga as a tech hub and other topics
  • Actualidad Economica published a profile of Javier Gomez and his ecommerce company Todotaladros. The business reached €16m in sales in 2020 and they expect to surpass the €25m mark this year
  • La Informacion did an analysis of Glovo's cap table, which has obviously become a very complex on as a consequence of numerous funding rounds and M&A deals involving Glovo's stock. This is a topic that CEO Oscar Pierre addresses on the Itnig interview that I menion in the intro, in the context of how to provide liquidity to early shareholders and employees. Glovo also announced last week plans to invest €3.5m euros in Ghana to increase the use of local materials in its operations
  • According to El Confidencial, Wizink wants to sell buy-now-pay-later product Aplazame, which it acquired for €20m in 2018, for at least €150m
  • Manu Gamero and the fine guys at Sensa announced the launch of Editor Club, a product to create and monetise newsletters. Sensa is the studio that designed and coded
  • Real estate crowdfunding platform Urbanitae completed the largest transaction to date in Spain, of €5m. Urbanitae is a K Fund portfolio company
  • Ontruck announced that co-founder and CPO Javier Escribano will become the company's managing director for Spain
  • Two Spanish startups announced new branding last week: HR company Factorial and US-headquartered fintech startup Capchase. Capchase also announced last week plans to launch in Germany
  • El Pais profiled Tuvalum, a platform to buy and sell secondhand bicycles. In the article the company says that they expect to reach €9m in GMV this year and revenues of €1m
  • The Nude Project is a fashion ecommerce brand born in Barcelona that in a little over two years has reached €2.5m in sales. The company sells streetwear
  • Nuevo Sector (a great newsletter about the ecommerce sector) published an interview with Nacho Rivera, co-founder of Blue Banana. The interview focuses on the fashion brand's marketing mix, the relevance of offline stores, sustainability and other topics
  • Startup profiles:
  • audiovisual, social commerce
  • Monkey Martes: products and services to help companies increase sales in China
  • Qoala: ecommerce price tracking tool
  • Radart: online reputation software

Big company news 🏦

  • Spanish banks are frustrated by lack of clarity from Spain's Central Bank on the requirements to start offering crypto services
  • Telefonica announced plans to invest €100m in its current headquarters in order to attract international talent and transform the HQs into "an innovation centre"
  • Lately we've seen a bunch of multinationals announce plans to open software development and innovation centres in Spain. La Informacion wrote an overview about it and also featured Spanish startups such as Glovo that have opened offices in other Spanish cities outside of their headquarters
  • BBVA would like for Atom Bank to IPO. BBVA owns a 39% stake in the UK-based neobank
  • Related to the above, Pepsico announced plans to open a digital hub in Barcelona with 400 employees
  • Fashion brand Desigual announced the name of the six companies that will participate in its startup accelerator
  • Amazon opened a new logistics centre in Murcia and announced plans to hire 10,000 more people in Spain before 2025

Interesting reads 🤓

  • Almudena Trigo, founding partner of Madrid-based investment platform BeAble Capital, wrote an op-ed on Sifted about "science equity, the new asset class VCs need to look at"
  • Samuel Gil (JME) published the second chapter on his series about the CTO role
  • EPE wrote an article about the bad working conditions of many delivery drivers that work for ecommerce companies. The title reads "in the suicide vans of online commerce"
  • In order to achieve its sustainability goals, Spain needs to see a 25X increase in the number of electric vehicles on the road

Podcasts 🎧

  • Product Hackers interviewed Nacho Pinedo of educational institution ISDI
  • Marketing4ecommerce interviewed Aina Salvadó of Colvin
  • K Fund talked to Jaime Medina (TSCFO) and Rainer Schwarz about the role of CFO
  • Ancla published its first two interviews on mental health: Iñigo Juantegui (Ontruck) and Carlota Mateos (Rusticae)