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Seaya launches €300M sustainability fund. Getlife raised €6M. AIM acquired for €165M.

May 9, 2022 • Issue #318

The Nest by Webhelp is an outsourcing company designed to help startups to scale-up their team and improve their CX operations, quickly and simply.

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Startup funding news 💸

  • TechCrunch published an article on the proliferation of newsletters that provide dealflow to investors. One of the newsletters highlighted is Vermú, a project co-created by Aitor Rodríguez and Víctor Ramírez that currently has more than 4,500 subscribers. Kudos to Aitor and Victor!
  • Madrid-based temporary job platform Jobandtalent secured a $250M debt financing from US investment banks Citi, Goldman Sachs and European investor AnaCap Financial Partners to connect people with a steady stream of work. Going forward, the startup will enable daily payments and free early access to wages in the coming months. More info here
  • Madrid-based life insurance startup Getlife raised €6M, led by French VC firm Sngular
  • Madrid-based SaaS platform Sheetgo raised $2M to automate processes from spreadsheet
  • Other rounds of funding: Arroces La Bomba

M&A activity 🎊

  • Sevilla-based gaming studio Axes in Motion got acquired by German company MGI for €55M plus and earn-out of as much as €110M. In 2021, AIM had sales of almost €8M and EBITDA of €5.1M
  • Barcelona-based Qustodio, developers of child safety solutions, was acquired by Australia's Linewize brand Family Zone for $56M. Kibo Ventures was an investor in the company. According to Crunchbase, Qustodio had only raised $2.5M to date
  • Spanish ecommerce company Hannun plans to list on the BME Growth
  • Here's a profile of Visma, the Norwegian giant that in the past few months has built a portfolio of several Spanish B2B SaaS companies that sell to SMBs: Holded, Declarando and Woffu. In recent times, there's been a spree of M&A deals in Spain
  • Miura Partners and Educaedu completed the acquisition of Emagister

Investor & accelerator news 🚀

  • Seaya announced the launch of Andromeda, a new €300M fund to address the global sustainability challenges through technology. It's the largest VC fund focused on sustainability in Southern Europe and will invest in technology-driven companies focusing on greentech, circular economy, agritech and sustainable food value chain. The first closing of €130M is supported by Iberdrola, Nortia and Fond-ICO Next Tech. Seaya already has several investments in the sustainability space, such as Ecoalf, Pachama, Biome Makers, CrowdFarming or RatedPower
  • Here's a profile of Ignacio Vilela, co-founder of Junipero and Almanac, funds that invest in the top private tech companies ahead of their IPO. Ignacio has a long career in Silicon Valley and the investment world, which he explains in the aforementioned article. With a 4.6X MOIC (multiple over invested capital), Junipero has to be amongst some of the best Spanish funds in recent history
  • Kinnevik, the Swedish investment company with more than $117B in assets under management, explained in its Q1 report that it could lower the value of some of its private investments given the contraction of multiples in public markets. Kinnevik is a significant investor in Spanish unicorns TravelPerk and Jobandtalent
  • Novobrief wrote about search funds: "The ballad of the Spanish Search Fund: a fast-growing sector to look out for in 2022"
  • Equity crowdfunding platform Crowdcube says that it's in conversations with Spanish unicorns so that they can also raise funding through the platform. El Español published a profile of Pepe Borrell, co-founder of the company
  • Spanish professional football player Cesc Fabregas participated in the €2.5M round of German metaverse platform The Football Company
  • Here's a list of all of the startups accepted to Lanzadera's multiple accelerator programs

Startup news 💡

  • El Mundo published a profile of Manu Heredia, co-founder of BeSoccer and Resultados Futbol. The sports focused group has sales of €15M and 35M MAUs, combining both editorial and data-driven businesses
  • Javier Escribano, co-founder and CPO of Ontruck, has left the company after more than six years. Javi wrote about the journey and some interesting lessons learned
  • Glovo has made some changes that affect their relationship with merchants. According to El Confidencial, this means that riders would invoice directly restaurants or supermarkets, instead of Glovo. This would also imply that Glovo would not be responsible for not following Spanish laws that regulate the labour conditions of riders. Sounds weird. I've tried to find any comments by Glovo on these changes but were not able to find them
  •, the live video and social commerce startup, announced a partnership with Prestahop in Spain, France and Italy to bring social commerce to merchants on the platform
  • Keyboard startup Fleksy launched a new self-serve SDK to expand its reach for indie developers wanting to add custom keyboard software to their apps
  • Alex Vaughtton of Nocodehackers published a thread explaining how he's built the no-code focused community and company to more than €50K in sales and five full time employees. Nocodehackers was acquired by Minimum Run (Mendel Saltaren) a few months ago
  • Claudia de la Riva, CEO and co-founder of children-focused startup Nannyfy, published a post and video on LinkedIn to talk about what's happened to the company in the past few months. A while ago, some articles were published that were critical on the company and management team
  • El Español published a profile of Marcos Salama, co-founder of Brazilian fintech Inventa
  • Expansion published an overview of the last mile logistics sector in Spain, featuring startups such as IF Last Mile, a K Fund portfolio co.
  • Startup profiles:
  • Solfy: photovoltaics
  • Owo: t-shirt for gamers
  • Smowltech: security solution for online exams
  • Brickbro: proptech

Big company news 🏦

  • Mercadona to open a software and digital product development centre in Madrid
  • Telefonica aims to increase investments in Israel's high-tech sector this year, including in e-health and other consumer-facing business
  • Microsoft already has 90 professionals working in various AI fields in its Barcelona office
  • Spains' National Securities Market Commission (CNMV) prohibited Binance from selling crypto derivatives
  • Repsol talked about the digital initiative it started in 2017, which included moving several workloads to the cloud (AWS and Azure), as well as a bigger focus on cybersecurity and other endeavors. The company claims that it has saved almost €600M as a result of these initiatives
  • Herbert Diess, CEO of Volkswagen, talked about the company's plans to transform Spain into a key country in its electrification plans. One of its sixth gigafactories will be located here

Interesting reads 🤓

  • Disaaster is a new newsletter about bootstrapped businesses, launched by Ignacio Arriaga, co-founder of Acumbamail. Ignacio also wrote about the topic on this week's edition of Sumapositiva. Ivan Landabaso of JME also wrote about bootstrapped businesses on Startup Riders
  • Carlos Arboleya (Jazzya Investments) published an analysis on the university and studies of the founders of Spanish unicorns
  • Antonio Rull published "A good product manager is chaotic"
  • If you're interested in the travel industry, Mauricio Prieto's Travel Tech Essentialist is a must. Mauricio is the co-founder of eDreams. The title of the latest edition is "Radical Open Mindedness"

Podcasts 🎧

  • Glovo published a Tech Talk on how they approach frontend development at the company
  • Itnig interviewed Enrique Ruiz, co-founder of edtech Wuolah
  • Product Hackers interviewed Francho García of Arkadia Space