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Factorial accelerates ARR. Embention raised €7.5M. BBVA's neobank efforts.

July 25, 2022 • Issue #329

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Startup funding news 💸

  • Alicante-based drone company Embention raised €7.5M from Axon Partners Group
  • Barcelona-based photovoltaics company Enerside raised €6M in debt from Inveready
  • Madrid-based ghost kitchen business Cuyna raised €3M, led by Big Sur Ventures. The company currently has 6 kitchens and plans to close the year with 17, not only in Spain but also in Italy and Portugal
  • Barcelona-based travel tech company Caravelo raised €3M from Sabadell and Inveready
  • Huelva-based AR company Seabery raised an undisclosed sum from Seaya Andromeda and the Spain Oman Private Equity Fund. Seabery’s welding training system essentially lets trainees try out the real thing, but in a simulated environment. The user dons an AR welding mask, which is hooked up to a computer, and mock welding gun
  • Other rounds of funding: 51Trips, AtG Therapeutics, Process Talks,

M&A activity 🎊

  • BBVA now owns more than 41% of British neobank Atom. The Spanish bank has invested more than €300M through the years in the startup, which could do a SPAC in the near future to provide liquidity to investors and become a public company
  • Crypto exchange Bit2Me acquired Peruvian crypto exchange Fluyez. Following the acquisition of a majority stake in the startup, Bit2Me is looking for purchasing opportunities in Chile, Colombia and Uruguay
  • Metric Capital, owner of Beedigital, previously known as Paginas Amarillas and today transformed into a digital business, hired GP Bullhound to try to sell the business. Beedigital has EBITDA of €12M
  • Chilean startup Betterfly acquired Spanish flexible remuneration company Flexoh

Investor & accelerator news 🚀

  • AEBAN, the Asociación Española Business Angels Networks, published its 2022 report on business angel activity
  • Bewater Funds updated its ranking of Spanish capital efficient companies

Startup news 💡

  • HR startup Factorial said that it plans to reach €30M in revenues this year. In 2020 they did €3M in sales and €10M last year. The company has around 6,000 customers. We're lucky to be investors in Factorial since the company's seed round
  • Glovo did €1.8B in GMV in the first six months of 2022, +85% YoY. 50% of Glovo’s GMV is now being generated in positive EBITDA markets prior to central overhead. Glovo also lowered its guidance for the rest of the year, and now expects a GMV of €3.7B to €3.9B for FY 2022 (previously €4.0B to €4.3B)
  • EPE published a profile of Domestika, the Spanish edtech startup focused on design work which recently raised funding at unicorn valuation. The article paints a different picture of the startup and its growth: "layoffs, falsos autónomos and 80 cents for teachers. How Domestika grew". I've never met the founders of the company or anyone who works there, so I don't much to add about the article
  • Interview with Jaume Ripoll, co-founder of video streaming platform Filmin. Jaume talks about the current state of the market (led by Netflix's bad stock performance) and what makes Filmin different versus the competition
  • Ecommerce delivery startup Paack announced the launch of a large-scale autonomous mobile robot-based system in Paack’s distribution centre in Madrid, as a result of collaboration with US-headquartered Geek+, a logistics and warehousing robotics developer
  • Interview with the founders of Holded one year after its exit to Visma
  • Quick commerce startup Gorillas announced that it would be laying off 40% of its employees in Spain, which will affect more than 200 people working for the startup
  • Profile of Bcas, a fintech startup that helps students received their scholarships (becas) in advance and in exchange of a €50 fee
  • GoHub Ventures interviewed Alvaro Verdoy, co-founder and CEO of product information management startup SalesLayer. The company recently raised €24M in funding
  • Pablo Martin, co-founder of Chronoexpert, a marketplace to buy and sell high end watches, published a post titled "This luxury watch marketplace is on pace to do $5M/Year"
  • Malaga-based Freepik continues to reach new milestones. It achieved the first place in traffic of all stock sites, according to Similarweb’s June visit estimate, with 68.3M visits and consolidates its position as a global leader in graphic resources
  • Despite the ridiculous laws (more on this in newsletter #327 ) that Cataluña and Barcelona continue to pass to legislate the activity of taxi alternatives Cabify and Uber, the former says that it plans to continue to operate in the region
  • Reverse logistics startup Rever got accepted into Y Combinator's last batch
  • Swiss and US security company Kudelski Security launched a cyber fusion center in Madrid to address rising cyber threats

Big company news 🏦

  • The merge of Orange and MasMovil is now complete
  • The legal case between Nintendo and Hacienda has come to a close
  • Telefonica re-launched the brand Bluevia, which will be focused on providing fibre access in rural areas. The telco will provide €2.5M of the €5M needed to launch the division

Interesting reads 🤓

  • Galicia remains as the second region with the highest number of biotech companies created in Spain, only behind Cataluña
  • Iñaki Arriaga, co-founder of Acumbamail, published a thread on how to use viral marketing tactics in B2B businesses
  • Juan Macias, CTO at BeJao, wrote "Why invest in a startup?"
  • Remotely, a startup co-founded by two of Olapic's founders, published a post with a simple framework to understanding how big your recurring revenue business can get: "Retention as a driver of efficient growth"

Podcasts 🎧

  • La Tecnologeria interviewed Marcos Muiño, co-founder of YepCode
  • Enginears Podcast interviewed Jorge Sancha, co-founder and CEO of Tinybird
  • Life On Mars interviewed Pau Minoves, CTO at Typeform
  • Itnig interviewed Juanjo Rodriguez, co-founder of The Hotels Network. The company has more than €10M in ARR
  • SeedRocket published an episode narrated by Jesus Monleon on the failed story of Offerum