Seedtag raises €250M. Urbanitae accelerates. Heura doubles sales.
August 1, 2022 • Issue #330
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Startup funding news 💸
- Madrid-based adtech company Seedtag raised €250M from PE firm Advent. As is often the case in deals of this size, and even more when a PE firm is involved, part of the money will go to the company for future growth -especially in the US- and part will be used to buy shares of existing investors and the founders. According to La Informacion, Advent most likely now has a majority stake in Seedtag. The adtech company did $50M in 2020
- Valencia-based iPronics raised €3.7M, led by Amadeus Capital Partners and with participation from Caixa Capital Risc
- Bilbao-based security startup Ironchip raised €2.1M, co-lead by Easo Ventures, Inveready and ABANCA
- Madrid-based transportation startup Cabify raised funding from Mutua Madrileña. The size of the transaction or the valuation were not made public. We only know that Mutua acquired a 1.2% stake in Cabify
- Swedish investment firm Kinnevik is happy with the performance of both Jobandtalent and TravelPerk. The firm had adjusted the valuation of both companies months ago, following a significant drop in the performance of its comparables in the stock market. In its latest report, Kinnevik says that it hasn't adjusted Jobandtalent and TravelPerk's value since both have performed well and better than its peers. You can find the report in which they talk about both companies here
- Other rounds of funding: Energy Solar, Renting Finders, Tattoox, Clevergy, Insekt Label Biotech, Construyendo Futbol,
- Companies looking for funding: Mascoteros,
M&A activity 🎊
- Grupo Primavera, a large Spanish company that specializes in business management software for SMEs in Spain and Portugal, was acquired by French counterpart Cegid. Grupo Primavera did €76M in revenue in 2021. The combined entity is valued in €6.8B
- A Coruña-based company Altia acquired Bilbomática for €24M. Bilbomática closed 2021 with €36.4M in revenue and an EBITDA of €2.65M
- Ramon Blanco of Bewater Funds published an interesting post on the pros and cons of all-cash and all-stock M&A transactions
Investor & accelerator news 🚀
- Norwegian VC firm Antler announced the opening of an office in Madrid and Lisbon. The Portuguese Sérgio Massano (partner and Antler’s expansion director) and Ricardo Batista (director, ex-Glovo and Lola Market) are the first members of the team
- Demium Capital plans to launch a new fund to invest in Central European startups. The firm expects to do a first closing of between €7M and €9M and a final one of €30M to €40M
- Samaipata announced two new investments in the UK, in Veremark and Geomiq
- I'm honestly amazed at everything that Juan Roig has done and continues to do for Valencia's tech ecosystem. It's a lot of stuff that has been done already and the last move is the expansion of Marina de Empresas (Lanzadera, EDEM, Angels) to more buildings within the city
Startup news 💡
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- Here's a profile of real estate crowdfunding platform Urbanitae (a K Fund portfolio company). Urbanitae has been growing amazingly well in the past few months: in just the first six months of 2022 it's surpassed the amount raised through the platform in all of 2021, more than €33M
- Plant based food company Heura more than doubled its sales in the first six months of 2022, to €14.7M. Bernat Añaños, co-founder of the company, was interviewed in this podcast
- Goggo Network, the autonomous mobility startup co-founded by Martin Varsavsky, became the first company in Spain to receive a license to operate a fleet of 80 autonomous delivery vehicles in Zaragoza
- Motorbike marketplace Mundimoto has hired investment bank Arcano to try to raise €150M. The company sold 3,700 bikes in 2021
- Another profile, this time of Tutellus, the P2P edtech blockchain-based platform that pays students for learning. CEO Miguel Caballero is interviewed in the article, to talk about the company's long history and its latest pivot to crypto
- Quantum computing startup Multiverse Computing announced a collaboration with the Bosch automotive electronics plant in Madrid to create a digital twin
- The Bank of Spain has given the green light to Revolut to allow its customers to buy crypto through the neobank
- Layoffs in the quick commerce sector continue. Gorillas was the one to fire a lot of employees in Spain, and now it's been Getir's turn. More info here
- Startup profiles:
- Nuwe: HR and recruitment software
Big company news 🏦
- Amazon increased prices of its Prime service in Spain
Interesting reads 🤓
- Iñaki Arriaga, co-founder of Acumbamail, wrote about viral marketing in B2B companies
- Minimalism interviewed the founders of La Comet
- Life on Mars interviewed Ingrid Ødegaard, ex-CTO of Whereby
- Itnig interviewed Jorge Gomez Sancha, CEO of Tinybird