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Covermanager raised €35M. Layoffs in last mile. Intel in Barcelona.

May 30, 2022 • Issue #321

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Startup funding news 💸

  • Sevilla-based restaurant booking service Covermanager raised €35M from various investors, valuing the company at €150M. Here's an interview with one of its co-founders
  • Barcelona-based cloud computing company Quality Clouds raised €6.4M led by YFM Equity Partners. The round included the participation of previous investor Adara Ventures and new local investor Aldea Ventures
  • Barcelona-based proptech Ukio raised €2.5M in debt funding from Extension Fund
  • Malaga-based gaming company Owo raised €1M
  • Barcelona-based reverse logistics company Rever came out of stealth with a $1M funding announcement, led by GFC, Oscar Pierre and other business angels
  • Madrid-based proptech Spotahome raised debt funding from Claret Capital Partners. Terms of the deal were not disclosed, but apparently the round is bigger than €5M
  • Other rounds of funding: 51Trips,

M&A activity 🎊

  • Ecommerce company Hannun plans to IPO on the BME Growth

Investor & accelerator news 🚀

  • Here's a long interview with Luis Martin Cabiedes of Cabiedes & Partners about a lot of topics: Barcelona and Madrid (and other Spanish cities), his opinion on the current market situation, the evolution of the Spanish startup ecosystem, etc
  • Barcelona-based fund Telegraph Hill Capital Partners (THCap) announced a new fund to invest in startups
  • New VC firm Grow VP expects to invest €5.5M in deep tech companies
  • ENISA published an article titled "The seventh myths of ENISA's financing activity"
  • El Español published a profile and interview of Jose del Barrio, to talk about the story of La Nevera Roja (acquired by Rocket Internet) and now at VC firm Samaipata
  • Samaipata participated in the round of London-based startup Legl
  • Lean Finance interviewed Javier Gonzalez, of Conexo Ventures, to talk about the fund's strategy and activity

Startup news 💡

  • El Español published a long interview with Jordi Romero, CEO and co-founder of Factorial. The interview mostly focuses on the current market environment and the evolution of Factorial in the past few years. The company currently has 700 employees. Factorial is a K Fund portfolio co.
  • Profile of Evaristo Babe, currently CEO and co-founder of Pulpo, a fleet management company with employees and operations in Spain and Latam. Varis was previously co-founder of Sin Delantal and Sin Delantal Mexico, both sold to Just Eat, and he's also an active business angel and investor in micro VCs
  • Devengo, which started as a salary advancement platform, pivoted towards an instant payments API. They wrote about the move here
  • Miguel Fernandez, co-founder of revenue-based financing company Capchase, wrote a summary of what the company has done in its first two years of history. It's done quite a lot!
  • Alejandro Artacho, CEO of Spotahome, talked about the impact of the pandemic on its business and how the company has came out strong out of that experience
  • MinimumRun announced the launch of Polyflow, a Webflow-based tool to manage translations, show custom content to users based on language and user's location, and other localisation features
  • Life insurance company Vitaance launched its B2B service. Factorial is a K Fund portfolio co.
  • Last mile urban fulfillment centre company Kubbo launched in Italy, its first international market, with a logistics distribution centre in Milan
  • Omnichannel coffee brand Syra expects to have 50 retail stores by the end of the year
  • Here's an interview with Manu Heredia, co-founder of Malaga-based Besoccer, where he talks about the prospects of M&A (he owns 90% of the shares in the company), the evolution of Malaga's tech ecosystem and more
  • Open banking startup Belvo recently held a series of events and talks on the evolution and current status of the fintech ecosystem in Latam. Many of the talks are published here
  • According to Sifted, almost 40% of employees from food delivery startup Foodpanda’s Romania office have been asked to leave the company since Spanish speedy grocery unicorn Glovo acquired the business
  • Quick commerce startup Gorillas announced plans to let go more than 300 employees across Europe. The company could also decide to leave altogether the Spanish market, where it has been operating for quite a while. Gorillas has more than 200 employees in Spain
  • Another quick commerce startup, Getir, also announced that it will lay off 14% of its workforce, affecting its Spanish employees
  • Swedish buy now pay later startup Klarna also said that it would fire 700 employees across the world (10% of its employees), as well as a 30% drop in valuation. According to Sifted, some of its Madrid employees will be affected
  • Startup profiles:
  • Goin: fintech

Big company news 🏦

  • Intel to open a chip design and R&D centre in Barcelona, associated to Barcelona's Supercomputing Centre, where it plans to invest €400M in the next few years
  • Google opens first cloud region in Spain to address local data sovereignty needs. More info here
  • More than 20% of Indra's shares are now controlled by the Spanish government via Sepi
  • Uber to launch a new service to book restaurants and buy tickets in Madrid

Interesting reads 🤓

  • There's a new law in Spain that will go after false online reviews of products and services. I haven't been able to find any details on how they plan to implement this, which seems quite complicated to begin with
  • Asier Marques, senior engineering manager at Packlink, published "Implementing a maturity framework for our teams at Packlink"
  • RevenueCat published "How We Work Remotely at RevenueCat"
  • Eduardo Manchon, CEO of Mailtrack, published an article about a Spanish law created to protect large companies from being acquired by foreigners and how that specific law is also affecting startups
  • Jon Uriarte, co-founder of VC firm All Iron Ventures and previously of Ticketbis, to become a candidate to the presidency of Athletic Club de Bilbao

Podcasts 🎧