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Spanish funds investing abroad. 8fit acquired. Wallbox and Uber.

February 7, 2022 • Issue #305

Núbica es una empresa especializada en ayudar a empresas a aprovechar incentivos de financiación pública a la I+D+i, incluyendo:

- Deducciones fiscales por I+D+i, monetizables en caso de insuficiencia de cuota. - Bonificaciones en las cuotas a la SS por personal investigador. - Ayudas públicas: Fondos de recuperación Next Generation UE, Neotec, enisa, otras líneas de CDTI, red.es, etc.

Núbica trabaja con un modelo 100% a éxito vinculado a los resultados obtenidos. Además, prioriza:

- Redacción de las memorias técnicas por parte del equipo de ingenieros, minimizando el tiempo dedicado por las empresas y aportando así valor real. - Seguridad en la aplicación de los incentivos. - Optimización de una hoja de ruta que maximice el retorno combinando los diferentes incentivos.

Puedes contactar con ellos en su web o en el correo nubica@nubica.com

Startup funding news 💸

  • Y Combinator announced the dates for its global 2022 spring tour. Valencia is the only stop for the accelerator in Spain, on Feb 11th and in partnership with Lanzadera
  • Bilbao-based Berba Translations raised €1m
  • Madrid-based crypto startup Oubita raised €1m
  • Malaga-based climate tech startup Wegaw raised €1m
  • Barcelona-based biotech company Nanoligent raised €1m
  • Swedish payment and financing institution Svea, has made an investment in SeQura, the Barcelona-based buy-now-pay-later solution for southern Europe
  • Other rounds of funding: DOST, Vidiv, Gutxain, Bund

M&A activity 🎊

  • La Informacion has more details about Glovo's cap table and their stake at the time of the Delivery Hero acquisition. Two Glovo investors who have kept a low profile are French spirits manufacturer Pernod Ricard and UK VC firm Hedosophia. At the time of the transaction, Hedosophia and its founder Ian Osborne, had a 6.70% stake in Glovo. For more info on Hedosophia and its $1.5b empire, this is a good read (paywall)
  • The acquisition of Glovo has not been completed yet, since it might require regulatory approval in the EU and Spain. If the deal is delayed, Delivery Hero could pay us much as €75m in penalties to a few of Glovo's shareholders
  • Glovo also announced last week the acquisition of Extremadura-based logistics company WinDelivery
  • French health wearables firm Withings announced the acquisition of 8fit, makers of the workout/meal planning app of the same name. Although based in Berlin, 8fit was co-founded by Spaniards Pablo Villalba and Pedro Sola. Terms of the deal were not disclosed
  • Playtomic, which rents racket sports courts through a mobile phone app, bought its rival in Germany, Switzerland and Austria GotCourts. As a result of the transaction and previous growth, Playtomic is now valued at €200m
  • European edtech unicorn GoStudent acquired Spain-based Tus Media Group. Founded in 2011, Tus Media offers an open marketplace for tutors serving 4m students, with teachers in Spain, as well as several European and Latam countries. Tus Media had raised funding from Redarbor
  • Cuatroochenta acquired invoicing and document management company Matrix, for up to €4m
  • eSports company Clupik acquired also Spanish startup Esportter

Investor & accelerator news 🚀

  • Clave announced a new €80m fund to back transfer tech projects in the health sector
  • Enzo Ventures launched its second fund, of €20m. The firm plans to invest cheques of between €100k and €500k in 30 to 35 startups
  • Enion IEnergy Fund announced a first closing of €18m
  • ENISA approved 560 deals for more than €93m in 2021
  • Spanish VCs are increasingly looking outside of Spain for investment opportunities. A few examples in the past few weeks are Seaya, Kibo, Mundi and several others. This is also quite common in the biotech sector, and Nauta has been doing it for longer than most, since they also have offices in the UK and Germany. Just last week, Seaya announced that it participated in the €120m Series B round raised by French insurtech company Descartes. At K Fund, we've also been more and more active outside of Spain, and just last week we added a German startup to our portfolio (more news on this soon)
  • Javier Torremocha, co-founder and general partner at Kibo Ventures, published "Quietly building one of Europe’s most attractive early-stage portfolios". In the post he writes about the various Kibo funds and their performance, as well as the main highlights of several of their portfolio companies
  • Is there really a VC boom in Spain? Novobrief talked to four fund managers about the topic, including Ramón Blanco (Bewater Funds), Enrique Penichet (DraperB1), Andres Dancausa (The Venture City) and Monte Davis (Demium)
  • Novobrief interviewed Luisa Rubio, head of Wayra X, to talk about the challenges that Wayra faces in 2022, including expanding their footprint in different ecosystems
  • All Iron Ventures interviewed Scott Sage of UK-based fund Crane VC. Crane VC has backed two companies in Spain, including Tinybird, and says that they're closing a new investment
  • El Español profiled Merce Tell, co-founder of investment firm Nekko Capital

Startup news 💡

  • Bernat Ripoll, co-founder of Holded, said that the company plans to fully focus on the Spanish market. Holded got acquired by Norwegian software giant Visma a few months ago, for at least €120m. A while ago I said on Twitter that I find it super interesting that today you can achieve a relevant valuation or exit by just focusing on the Spanish market, especially in the SaaS space. This was quite hard -if not impossible- a few years ago. Holded is one of example of this
  • Spanish energy startup Wallbox to expand its partnership with Uber to all of the US. The partnership provides Uber drivers a discounted package for a Wallbox Pulsar Plus charger, installation and the option to finance the package
  • Money saving app Goin to offer the possibility of investing in stablecoins through its platform. Goin is a K Fund portfolio company. The company is introducing a new way of buying products and services: you first set a goal and product/service, and the company helps you buy it with automatic saving and other investment methods
  • Vilma is a new edtech startup incubated by Antai Venture Builder. The company focuses on educational content for people of at least 55 years old
  • French logistics provider company Bigblue to launch in Spain soon. The company received funding from Samaipata
  • Startup profiles:
  • Descorchifi: wine subscription service

Big company news 🏦

  • Apple is looking to hire network and antenna engineers in Madrid
  • Indra awarded the contract for the Castilla Leon upcoming elections. Up until recently, Indra would compete with Scytl for this type of contracts, but not anymore since the startup went into administration
  • Telefonica and Pontegadea (Amancio Ortega) to acquire KKR's 40% stake in telco infra company Telxius for €215m

Interesting reads 🤓

  • Malaga to get a leading-edge microchip laboratory in a boost for local jobs. El Mundo also wrote about the recent developments taking place in Malaga and why many companies of all sizes are opening offices in the city
  • Simon Puñoz, platform product manager at Voicemod, published "Should the engineering team interview a candidate for a product role?"
  • David Bonilla published a thought provoking piece this weekend, about how certain open source projects are financed and maintained, and what companies of all sizes -from startups to the big tech giants- do (or don't do) to keep those projects alive, which in many occasions are critical parts of much larger systems. Manfred plans to do something interesting, which is to give €100 to its employees so that they can distribute that cash among their preferred OSS projects
  • Miguel Carranza, co-founder of RevenueCat, published a thread about lessons he's learned about hiring
  • Podcasting platform Mumbler published a study on the topic of monetisation of podcasts in Spanish
  • uiFromMars published a list of free and paid resources to learn about UX/UI

Podcasts 🎧

  • Itnig interviewed Nacho Travesi, co-founder of employee benefits Cobee

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