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RatedPower acquired for +€60M. Cledara raised $20M. Stakes in Fintonic and Finizens for sale.

September 19, 2022 • Issue #336

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Startup funding news 💸

  • UK-based SaaS management company Cledara announced a $20M round led by CommerzVentures. Previous investor Nauta Capital also participated in the round. Although based in the UK, Cledara's co-founder Cristina Vila is Spanish and the company has more than a third of its employees in Spain
  • Madrid-based QuickSmile raised €1.7M from various investors
  • Vigo-based proptech SuitesNature raised €1.8M, led by Meifus Inbest
  • Madrid-based virtual kitchen company Cuyna raised €1.2M via Crowdcube
  • Madrid-based insurtech LISA raised €1.2M, led by Torsa Capital
  • Professional basketball player Pau Gasol invested in flower marketplace Colvin
  • Other rounds of funding: RIP Foods, Meeting Doctors

M&A activity 🎊

  • US company Enverus, a company specialized in energy-focused SaaS products, acquired RatedPower, the Madrid-based company that sells software to design and optimize utility-scale solar plants. Terms of the deal were not disclosed, but some Spanish media said that the price was €60M. RatedPower had raised a little bit more than $6M, which means that this was a great exit for the founding team. CEO Andrea Barber wrote about the deal here
  • Deporvillage received a €23M earnout payment as part of the transaction to sell the ecommerce company to JD Sports. This means that the total price paid for the 80% of Deporvillage was €123M. The remaining 20% stake is in the hands of the company's founders
  • Customer Experience company Findasense got acquired by Luxembourg-based Majorel. Co-founders Rafael Tamames and Tomy Lorsch owned 100% of the company until the transaction. Terms of the deal were not disclosed
  • Another exit in the consulting sector, involving two Spanish firms: Seidor acquired Opentrends. Opentrends did €50M in sales in 2021 vs. more than €600M for Seidor
  • Restaurant ERP company Last.app acquired loyalty platform Klikin. Klikin was acquired by Repsol for €12M in 2018

Investor & accelerator news 🚀

  • We (K Fund) have opened https://www.kfund.vc/post/going-overseas-weve-opened-an-office-in-brazil-to-back-deeptech-startups-across-lataman office in Brazil, led by Gustavo Carvalhal Ribas. This is part of our strategy of expanding outside of Spain, driven by the launch of Leadwind. When we started more than 6 years ago we had one office (Madrid) and did investments of €100K to €2M. We now have offices in Sao Paulo, Lisbon, Madrid and Barcelona and can write cheques that range from €100K to €10M+
  • El Confidencial published a profile of Oakley Capital, the mid-market PE firm that has backed several Spanish companies in the past couple of years: idealista, Seedtag, vLex and Grupo Primavera. One of the managing partners at the London-based firm is Spaniard Valero Domingo
  • Investment firm Asabys announced the launch of a new biotech fund called Sabadell Asabys Health Innovation Investments II with a target size of €200M
  • Catalunya's Institut Català de Finances (ICF) invested €10M in Cathay's new fund
  • Rodrigo Martinez's helloworld.vc participated in the $4.2M seed round of Claimer
  • Ysios Capital participated in the €75M Series B round completed by SparingVision, a Paris-based company

Startup news 💡

  • ING is looking to sell its stake in fintech app Fintonic. Same is happening with another fintech company: Axon Partners hired Alantra to try to sell roboadvisor Finizens
  • Bravo Studio launched its 3.11 version on Product Hunt. Bravo is a platform that uses Figma or Adobe XD app designs to create and maintain native mobile apps (both iOS and Android)
  • How Freepik's Wepik turned into the first non-professional editor to include an AI-Generated Images service
  • Following its recent €250M funding round, Seedtag appointed senior leadership team to drive US growth
  • Carlos Domingo's Securitize launched a fund providing tokenized exposure to KKR Fund for the first time in the U.S
  • Typeform published "Is the data-driven age of marketing attribution coming to an end?"
  • Startup profiles:
  • Clickout: SaaS to build offboarding flows
  • Vilma: edtech for seniors

Big company news 🏦

  • Google's cybersecurity building in Malaga to be opened in the second half of 2023
  • Telefónica's IT services arm in Brazil has acquired systems integrator Vita IT as it continues attempts to build a services proposition beyond traditional connectivity and comms. Terms of the deal were not disclosed. Vita IT has 150 employees and did €15M in sales last year
  • Amber has increased its stake in Indra to 9.9%

Interesting reads 🤓

  • Iñaki Arriaga, co-founder of Acumbamail, published "About free software and avantages and disadvantes"
  • EU-Startups published "Battle of the Startup Cities: Madrid vs Barcelona". I personally don't think such a "battle" exists
  • Xavi Ruiz, co-founder of SmartMonkey, published an interview with Joshua Novick about M&A

Podcasts 🎧

  • Product Hackers interviewed Rubén González of RAW Superdrink
  • Itnig interviewed Pepita Marin, co-founder of We Are Knitters
  • Novicap interviewed Bosco Soler, founder of Sin Oficina

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