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Recover raises $100M. Startup revenue numbers. Glovo's exit is near.

June 13, 2022 • Issue #323

La newsletter de esta semana está patrocinada por Trade Republic. No lo digo porque sean patrocinadores, pero realmente pienso que es el mejor producto (desde un punto de vista de usabilidad) que existe en España para invertir en bolsa. Además, coincide -de verdad!- que la semana pasada Kintxo y Anton estuvieron en el podKast de K hablando de TR, así que si quieres conocer mejor la empresa, te recomendamos que lo escuches.

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Startup funding news 💸

  • Valencia-based recycled fabrics specialist Recover sees $100M minority stake investment from Goldman Sachs
  • Barcelona-based pet food company Dogfy Diet raised €3M from Axon
  • Navarra-based plant and cell-based food producer Cocuus raised €2.5M
  • Madrid-based health startup Galeneo raised €1M
  • Other rounds of funding: Product Hackers, Erudit, Stockfink,

M&A activity 🎊

  • Glovo's acquisition by Delivery Hero to be finally approved by the majority of Glovo's shareholders on July 4th, when the company's Annual General Meeting takes place. In the past few days and weeks, the transaction has received the approval of both the Spanish government (Glovo must comply with laws that regulate the working conditions of its riders) and the CNMC
  • Madrid-based visual effects firm El Ranchito was acquired by Fuse Group. El Ranchito is known for its work on such fantasy blockbusters as The Mandalorian, Game of Thrones and Stranger Things
  • EFI acquired Spanish company Inèdit Software to extend its strategy to accelerate digital transformation in industrial print

Investor & accelerator news 🚀

  • Big Sur to launch a new €40M fund to invest in deep tech companies
  • London VC firm Felix Capital has a new €560M fund and said that it plans to be more active in Spain, led by María Auersperg de Lera. Felix has one Spanish portfolio company, Travelperk
  • Nauta Capital led a $3.4M round in Swedish climate fintech Datia
  • Mouro Capital (formerly Santander Innoventures) participated in the $70M round of Mexico City-based digital bank Klar
  • Wayra participated in the $3M round of US music company Gimme Radio

Startup news 💡

  • According to an interview with Felipe Navio and Juan Urdiales of Jobandtalent, the company reached sales of €980M in 2021 with positive EBITDA in the 9 markets in which it operates
  • Freshly Cosmetics to open 2 new retail stores for a total of 5 in Spain. The ecommerce and DNVB company has more than 1M clients and €100M in sales
  • Wallapop had sales of €51.5M in 2021, 65% more than in the previous year
  • Ecommerce and fashion brand We Are Knitters has reached €15M in annual revenues and plans to open its first retail store in Spain soon, in Madrid
  • An increasing of Spaniards are filing their personal income axes using alternative methods to the ones offer by the government. So far this year, 1.7M Spaniards have relied on these systems, 140K more than in the previous year. One of the main players in the space is fintech startup Taxdown, who has helped complete more than 300K filings by the end of May
  • Travel management platform Travelperk aims to add hundreds of jobs with Edinburgh hub opening. Its Travelperk's third office in the UK
  • Proptech company Clikalia has launched in Portugal and plans to do so too in France
  • Sifted talked to Heura's director of science and technology, Isa Fernandez, about the impact of patents on the foodtech space. Heura develops plant-based meat products. "The problem with patents – are they dooming innovation in alt-meat?"
  • Sifted published a list of "13 under the radar Spanish startups from outside Madrid and Barcelona, according to VCs". El Referente published another ranking, on who they consider to be the most promising Spanish fintech startups
  • Startup profiles:
  • language understanding platform for customer support

Big company news 🏦

  • Inditex posted its Q1 financial results: €6.7B in sales and €760M in profit. Online sales decreased by 6% compared to the same year-ago period, which is understandable given the closure of stores in certain countries in 2021. The company continues to say that ecommerce should represent 30% of its sales by 2024
  • El Corte Ingles is in a similar situation when it comes to online sales, which decreased by 5% compared to last year. Online sales accounted for 12.3% of all sales
  • BBVA to launch a series of products and services for startups and scaleups
  • eDreams has 3M subscribers to its paid offering, which for €54.99 offers access to discounts and other promotions

Interesting reads 🤓

  • Simon Muñoz, platform product manager at Voicemod, published "Goodbye to the good days", about the current market conditions
  • David Bonilla, CEO of Manfred, wrote about the 11 years he's been writing the popular Bonilista. Congrats David!
  • Samuel Gil, of JME, wrote "The factory is the product"
  • Two articles by Business Insider on the current market situation, featuring several investors and entrepreneurs. Here and here

Podcasts 🎧

  • Product Hackers interviewed Ramon Blanco of Bewater Funds. Bewater has just completed a €555K investment in PH
  • Itnig interviewed Leif Ferreira, co-founder of Bit2me
  • K Fund interviewed Kintxo Cortes and Anton Diez of Trade Republic