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IriusRisk raised $28M. Lots of cybersec news. EV in Spain.

October 10, 2022 • Issue #339

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Startup funding news 💸

  • Huesca-based cybersecurity company IriusRisk raised a $28.7M round, led by US firm Paladin Capital. The company has built a threat modelling platform that allows companies to improve the security of their products by identifying potential threats in software and system design, and then suggesting countermeasures to those threats
  • Madrid-based energy startup Energy Solar Tech raised €7.5M. The company plans to IPO on the BME later this year. In 2022 it expects to reach €12M in sales and positive EBITDA of more than €3M
  • Sydney-based real estate investment platform PropHero raised €5M co-led by Samaipata and Fifth Wall. The company is headquartered in Australia, but one of its co-founders is Spanish, several of its employees are also based here and also offers its services in Spain
  • Madrid-based marketing analytics platform Metricool raised €5M from Axon. Co-founder Juan Pablo Tejela was a guest in our podKast a couple of years ago and he then talked about how the company had grown to more than €100K in MRR without external funding
  • Valencia-based nutrition tracking app maker INDYA raised €1M, led by DraperB1. The round also featured professional athletes Pau Gasol, Iker Casillas and others
  • Madrid and Portugal-based edtech company Networkme raised €1M, led by Big Sur Ventures
  • Madrid-based restaurant booking and curation service Velada raised €1M
  • Madrid-based telco comparison site Ysi raised €1M from various business angels. The company is led by Norwegian Chris Nyborg, also co-founder of MasMovil
  • Canadian pension fund PSP invested in Madrid-based real estate company Clikalia
  • Other rounds of funding: Rimbarlat, Dawako Medtech, Minicoders, Stone Cooker

M&A activity 🎊

  • Freepik acquired Denmark-founded Iconfinder and Colombia-based Original Mockups. According to the company, one of the primary drivers of these acquisitions is to expand the team into new international markets as well as strengthen its position in existing markets. Freepik has acquired 4 companies so far this year

Investor & accelerator news 🚀

  • Kibo Ventures led a $11M round in London-based Acurable, a medtech company that produces a wearable medical device that's able to accurately diagnose and manage respiratory conditions at home. Mundi Ventures also participated in the deal. The company is led by Spaniard Esther Rodriguez-Villegas
  • Banco Santander invested in Andalusian biotech and agritech investment firm Kimitec. As a result of the transaction, Santander owns a 5% stake in the firm
  • ElEconomista interviewed Josep María Echarri, founder and managing partner of Inveready, to talk about the past and future of the firm, which has €1B in AUM
  • Here's another interview with Ramon Blanco, co-founder of Bewater Funds and Indexa Capital to mostly talk about the startup investment activity they do at Bewater
  • And one more interview, this time with Pablo Pedrejón, Managing Partner of Seaya Andromeda, Seaya's €300M fund focused on sustainability and energy transition
  • Here's a list of the international VC firms that have opened an office in Spain, featuring Breega Capital, Target Global, Antler and others

Startup news 💡

  • Cybersecurity company CounterCraft was awarded a sole-source contract from the U.S. government, with a ceiling of more than $26M, allowing the entire US Department of Defense and federal government access to our innovative deception technology for active cyber defense
  • Latitude is a new company co-founded by César Migueláñez and Gerard Clos, both former employees of Factorial, among other companies. Latitude is a platform where teams collaborate on data projects. They launched on Product Hunt last week. More details here
  • Megan Murphy, an American based in Barcelona who previously was VP of Product at Hotjar and N26, announced the launch of her new startup: Ourspace, a collaborative team design canvas for leaders to do right by their people and their business. More details in her blog post
  • Jorge Izquierdo announced the launch of his new company Firm. He said the goal is to build the backbone of internet-native companies: companies that run on smart contracts, instead of stacks of legal docs. Jorge previously co-founded Aragon, among other projects
  • Energy company HolaLuz to stop selling gas to consumers due to steep price increases
  • Cabify wants to double down on the B2B sector
  • Andalusia's Cybersecurity Centre plans to open in three months. The building will house not only the Junta's cybersecurity office, but also startups and corporates that operate in the sector
  • EPE published a profile of online furniture company Hannun. The article focuses on Hannun's losses to date, as well as the situation that some of its crowdfunding investors are facing of not being able to sell their shares in the company following its IPO on the BME Growth
  • Wired published a list of who they believe are the hottest startups in Barcelona. Also related to Barcelona, several students of the University of Barcelona published an op-ed titled "How Barcelona can become the world’s leading blockchain hub"
  • Startup profiles:
  • Recovo: resale platform where brands buy & sell deadstock fabrics from past collections

Big company news 🏦

  • According to The Objective, Amazon's sales in Spain in the first six months of this year have dropped by 35%
  • Neon, a Brazilian neobank in which BBVA has almost a 30% stake, posted a loss of €88M in the first six months of 2022
  • Worker's unions want Telefonica to increase salaries by 7% to combat inflation
  • Dapper Labs and LaLiga announced the launch of NFTs for highlights and other football content

Interesting reads 🤓

  • Two articles about the transition towards electric vehicle cars in Spain: one that focuses on the lack of chargers in the country, and another one that highlights that EV sales are not growing as much as expected (or as much as they should)
  • Martin Varsavsky and other high profile investors are worried about Spain's proposal to impose a tax on high net worth individuals
  • Manfred published its Developer Career Report, which contains a lot of interesting insights and numbers on the current state of the Spanish tech jobs sector
  • Àlex Rodríguez Bacardit, co-founder of MarsBased and who also runs Startup Grind Barcelona, wrote a post about how he distributes his days to run two companies
  • Victor Rodado, co-founder of Minimalism and Upplication, published a post on the 9 main mistakes he's made when launching new companies
  • Iñaki Arriaga, co-founder of Acumbamail, published a breakdown of SaaS's most important metrics and how to analyse them

Podcasts 🎧

  • K Fund interviewed Pablo Hoffman, co-founder of Zyte (Scrapinghub), a bootstrapped startup that has reached $20M in annual revenues
  • Historias de Crecimiento published two interviews in recent weeks. Ignacio Arriaga, co-founder of Acumbamail, and Xavier Capellades, co-founder of Nomo
  • Itnig interviewed Alejandro Artacho, co-founder of Spotahome
  • Novicap interviewed Arsenio Otero, COO in German startup Celonis
  • Product Hackers interviewed Javier Lopez to chat about generative AI