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Jobandtalent raised $500m. Clarity got $50m. And Abacum $25m.

December 6, 2021 • Issue #296

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  • Startup funding news 💸

    • Madrid-based Jobandtalent raised $500m Series E to keep scaling its ‘workforce as a service’ marketplace. The round was led by Kinnevik and included a "significant" follow-on from SoftBank VisionFund 2. The round set a valuation of $2.35b for Jobandtalent, which expects to close 2021 with €1b in sales
    • Madrid-based sustainability data technology platform Clarity raised $50m, led by Softbank and Blackrock. The deal values Clarity, founded by serial entrepreneur Rebeca Minguela, at $450m.The round also includes the participation of Jonny Ive, former head of design at Apple. La Informacion has more details about the deal. Kibo Ventures, an early investor in Clarity, also participated in the round.
    • Barcelona-based Abacum, a SaaS for finance teams, raised $25m in an Atomico-led Series A. We first backed Abacum at pre-seed and we've continued to invest in the company in every round they've raised since
    • Barcelona-based biotechnology startup Integra Tx raised €4.5m
    • Madrid-based ufounders raised €3m
    • Barcelona-born edtech platform Educatly raised $1m from Enterprise Ireland and other investors
    • Madrid-based rental platform Rentall raised €1m
    • Madrid-based DevOps startup Napptive raised €550k from Athos Capita, Nauta, Encomenda and business angels
    • Other rounds of funding: Cuidkers

    M&A activity 🎊

    • Student media giant Chegg acquired language learning startup Busuu for $436m. The company was born in Madrid, after its two co-founders Bernard Niesner and Adrian Hilti met while studying at the Instituto de Empresa. After raising a seed round, Busuu moved its headquarters to London and it wasn't until early 2020 that the company decided to re-open an office in Madrid where it currently has about 60 employes, or almost 25% of all of its staff. Busuu had only raised $16m to date. Busuu expects full-year 2021 revenue to be approximately $45m with year-over-year growth of greater than 20%
    • Mallorca-based biotech company Sanifit got acquired by Swiss company Vifor for €205m. The size of the transaction could increase by €170m depending on the development of Sanifit
    • Spanish tech services firm Sngular debuted on the BME Growth stock market, reaching a market cap of almost €200m
    • Indra acquired a Chile-based payments company for €20m
    • Fashion online retailer Privalia has put its operations in Brazil up for sale. According to Reuters, Privalia aims to get as much as $179m with the sale

    Investor & accelerator news 🚀

    • Expansion interviewed Carina Szpilka, colleague of mine and co-founder of K Fund. In the interview, Carina talks about innovation in Spain, the importance of technology and startups and our plans for Leadwind, a new €250m growth fund to invest in scaleups in Southern Europe and Latam. You can read the full interview here

    Startup news 💡

    • El Español published an interview with several founders that have been key in the development of Malaga as a tech ecosystem, featuring Bernardo Quintero (VirusTotal), Luis Hernández (Uptodown), Manu Heredia (BeSoccer) and Joaquín Cuenca (Freepik). Interestingly, all four companies have in common that they've grown bootstrapped to success (M&A and/or significant revenue numbers), sparking a generation of tech founders in the city and what appears to be a bright future as a tech hub
    • In May Glovo completed the acquisition of several of Delivery Hero's businesses in Eastern Europe. One of those markets was Romania, where the company was already present but also had to overcome regulatory barriers to complete the deal. In order to do that, Glovo has gotten rid of an exclusivity clause with restaurants which was requested by the local regulator due to the fact that Glovo would control the majority of the market as a result of the transaction
    • Wallapop's last funding round, €157m raised in April and led by Korelya Capital, included more than €57m in an stock option plan for its employees and executives, as well as additional cash that was used to acquire the existing shares of early shareholders
    • Wallbox launched an app for electric vehicle charger installers in seven countries. With this new software, Wallbox covers the entire lifecycle of electric chargers: from design and production to installation and maintenance. Wallbox's stock is up 27% since going public earlier this year
    • Here's an interview with the founders of Luda Partners, the startup that aims to power the digitalisation of pharmacies in Spain and improve both their businesses and also the experience of consumers
    • Fintech startup ID Finance to launc h its own neobank in Spain, Plazo, with a special focus on providing lending to its customers
    • Crypto and blockchain startup Securitize, co-founded by Spaniard Carlos Domingo, to start its European expansion via Spain
    • Spanish-American revenue-based financing startup Capchase announced its expansion to Finland, Sweden and Denmark
    • Cinco Dias interviewed Kintxo Cortes, managing director of Trade Republic in Spain. TP is a German fintech stock broker that recently launched in Spain. In the interview, Kintxo says that the Spanish launch has surpassed their expectations
    • Startup profiles:
    • INLAB: adtech
    • Internxt: privacy friendly data storage
    • APlanet: sustainability SaaS

    Startup financials 💰

    • Our (K Fund) portfolio company Factorial has opened an office in the US and plans to do the same in Brazil in the very near future. Factorial is growing at 400 new clients per month, has more than 350 employees and expects to close 2021 with a +200% growth rate
    • Cabify financials: the company expects to close 2021 with €516m in sales, bringing it closer to its pre-pandemic levels, and negative EBITDA of $14m. Latam, where the company operates in 7 different markets, is leading the recovery, with Spain still below 2019 levels. In order to provide liquidity to early investors and employees, the company continues to consider an IPO at some point in the next few years. So far this year, Uber and Lyft are down 30% and 16% on the stock market, respectively
    • Furniture manufacturer Kave Home expects to close 2021 with €108m in sales, combining retail and online sales
    • Ecommerce company Deporvillage saw sales of €10.4m during Black Friday, a 15% increase compared to last year. The company expects full year revenues to reach €140m
    • Edtech platform The Power MBA said that it expects its B2B revenue line to account for 20% of all revenues in 2021. The company closed 2020 with €14m in sales and €1m in profit

    Big company news 🏦

    • The Spanish government won't force Netflix and other VOD providers to pay the "RTVE tax" until 2023. Also last week, Netflix and HBO saw themselves in the middle of a political storm in Spain and Catalunya
    • Bizum is testing its own mobile app that will allow users to split payments and send/receive money. Bizum also expects to post its first profit ever in 2021, of €1m
    • PayPal launched in Spain its buy-now-pay-later product
    • Amazon's automatic supermarket Amazon Go could launch in Spain in 2022
    • The acquisition of Australian fintech company Afterpay buy Square is pending regulatory approval in Spain

    Interesting reads 🤓

    • El Español published a profile of entrepreneur and investor François Derbaix, co-founder of Toprural, Indexa Capital, Bewater Funds and several other projects
    • Expansion talked to several entrepreneurs and investors about how to raise funding and how to use raised funds. The article is behind a paywall
    • Samuel Gil (JME), wrote a post about product-led growth
    • Typeform published a very long and detail post about the field of customer success
    • Adrià Salvador, lead data scientist at Glovo, published a post about their machine learning pipelines and how they try to dramatically reducing CO2 emissions using incremental learning
    • Barcelona opens a new office for welcoming international talent. It will be located in the emblematic MediaTIC building in the 22@ innovation district and will facilitate the reception of people from other countries who decide to settle, work, invest, study and live in the city

    Podcasts 🎧

    • Jimena Catalina, founder of Slides Carnival, was interviewed in a podcast in which she talked about the incredible side business he's created, with "tens of thousands" in monthly sales
    • Minimalism interviewed Ramon Barbero, co-founder of fashion brand and ecommerce business Brava Fabrics
    • Product Hackers interviewed Freddy Vega of Latam edtech startup Platzi

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