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Factorial raised $120M. Kantox acquired for €120M. Indexa's IPO plans.

October 17, 2022 • Issue #340

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Startup funding news 💸

  • Barcelona-based HR software company Factorial raised $120M at a $1B valuation, led by Atomico. Since 2019, Factorial’s customer base has grown from 70 to 7,000 with significant traction in Europe and Latam, and the company has seen over 200% annual revenue growth. At K Fund we've had the privilege of having a front row seat for this incredible journey since the company's seed round, and we also participated in this transaction with our growth fund Leadwind
  • Palencia-based company Zunder, developers of charging solutions for electric vehicles, raised €100M from Mirova
  • Madrid-based big data company Stratio BD raised €65M in Series C funding led by Infravia Growth. Spanish firm Adara, already an investor in the company, also participated in the deal.
  • Madrid-based Club Clinico, a managed marketplace for dental clinics, raised €1.2M
  • Barcelona-based fintech startup Banktrack raised €1M, co-led by 4Founders Capital and ourselves at K Fund. The company is the latest project launched by Nacho Gonzalez Barros (Mailtrack, Infojobs, etc)
  • Other rounds of funding: Vadecity, Robopedics, Nuubo, Feending,

M&A activity 🎊

  • Barcelona-based fintech company Kantox was acquired by BNP Paribas for €120M. BNP had previously invested in the company, which had an ARR of €20M. French funds Partech and Eurazeo owned more than 45% of Kantox at the time of the transaction. Co-founder Philippe Gelis appeared on the itnig podcast to talk about the deal. Marek Fodor, chairman of the company, wrote a thread about the combination of effective learning and persistence to get to a great outcome such as Kantox
  • Indexa Capital plans to IPO on the BME Growth in Q2/Q3 of 2023. The last transaction involving shares of the company set a valuation for Indexa of €180M. The entity that would IPO is Indexa Capital Group, which not only includes Indexa Capital the company, but also Bewater Funds
  • Israeli startup MySize acquired Bilbao-based Naiz Fit, a provider of SaaS technology solutions that solve size and fit issues for fashion ecommerce companies. MySize is acquiring Naiz Fit for $500K in cash and 6 million shares of MySize common stock, and up to an additional $1.5M in future cash based on the achievement of performance-based milestones. Naiz Fit expects to reach $400K in revenues in 2022
  • US data security company acquired Barcelona-based counterpart Pridatect

Investor & accelerator news 🚀

  • Seaya's sustainability fund, Andromeda has already received commitments of up to two thirds of the €300M target size
  • 33N Ventures is a new cybersecurity fund with a target size of €150M associated with Spanish investment firm Alantra. The fund will be led by Portuguese investors Carlos Alberto Silva and Carlos Moreira da Silva
  • El Español interviewed Iker Marcaide, founder of Flywire and these days co-founder of Zubi Group, a series of companies and investment vehicles focused on sustainability and health projects
  • Endurance Sport Ventures (ESV) is a new Spanish fund focused on the sports sector
  • Javier Megias, formerly of Fundacion Bankinter and prior to that co-founder of Startupxplore, is joining Plug and Play as managing partner EMEA Fund to make Series A and B investments
  • GoHub Ventures led a €5M round in Colombian AI voice platform Vozy
  • Nauta Capital invested in Swedish sustainability company Datia. In this post they explain why

Startup news 💡

  • Business Insider published an overview of the Spanish tech ecosystem: "Spain's startup scene has gone from a desert crossing to a $4 billion burgeoning industry. Now, it plans to cut red tape to birth a new batch of unicorns."
  • Spain's Startup Law continues to make progress with plans to get final approval before the end of the year. The law will affect, among other things, how stock options are taxed. David Miranda of Osborne Clarke published a thread with the good and the bad of the stock option proposal
  • Tech consulting company Sngular published its financials for the first half of 2022: €43.8M in sales (+56% YoY), €6.8M in EBITDA (+61%) and almost 1,300 employees
  • Plant-based meat producer Heura did €17.5M in sales in 2021, up by 129% compared to the previous year. The company lost €6M
  • ProntoPiso, a company that facilitated the process of buying and selling properties online, is shutting down. The company had raised more than €26M in funding
  • Cabify plans to double down on its B2B logistics vertical. It will compete against Seur, DHL or Correos, with its own fleet and warehouses, in five different countries (Spain, Colombia, Argentina, Chile and Peru). The company plans to invest €20M in the division
  • Swedish nonprofit Norrsken Foundation is opening a new hub in Barcelona that will home 800 entrepreneurs. The space will focus on impact startups and Norrsken is also planning to raise an impact VC fund, similar to those it already has in Stockholm and Kigali
  • More and more startups are using TikTok for marketing purposes. This is something that we also see across our portfolio at K Fund. In Spain, TaxDown relied on TikTok in the last campaign of the "renta", which they talk about here. The issue at the moment, in my opinion, is building strong attribution models on TikTok
  • Gookens, a Swiss real estate investment platform, has launched in Spain. The company is aimed at investors with minimum cheque sizes of €10K

Big company news 🏦

  • Ikea's online sales in Spain surpassed €400M, 22% of all sales
  • Former Barcelona-based startup Verse, the European mobile payments provider owned by Square/Block, has been told by its financial regulator to address concerns about money laundering and checks on the identities of users

Interesting reads 🤓

  • Martin Varsavsky published an op-ed in El Confidencial about the Spanish government's plans to implement a wealth tax on individuals with more than €3M in assets
  • Zaryn Dentzel, co-founder of Tuenti, lost $15M in the collapse of crypto lending platform Celsius
  • Iñaki Arriaga, co-founder of Acumbamail, published "why hiding the price of your product can backfire"
  • "When the city of Tres Cantos was a semiconductor powerhouse ": a history of the microchips plant once opened in the Madrid northern city in the 1980s and shut down in the early 2000s
  • UpBizor published a series of posts and guide on startup fundraising

Podcasts 🎧

  • Product Hackers interviewed Alberto Jiménez, co-founder of Smileat
  • K Fund interviewed Itxaso del Palacio, partner at UK VC firm Notion Capital
  • Itnig interviewed Niklas Adalberth, co-founder of Klarna and now leading Norrsken
  • Novicap interviewed Eloi Noya, managing director of Altria Corpo
  • SeedRocket interviewed Josep Ametller, co-founder of Ametller Origen