IEQSY raised €10M. Indexa and Wetaca's numbers. Meta's layoffs.
January 2, 2023 • Issue #351
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We have realized that, fundamentally, there are two types of companies: those that trust their data and those that do NOT.
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Startup funding news 💸
- Madrid-based energy efficiency company IEQSY raised €10M from Moira Capital Partners. The company expects to reach €20M in sales in 2023
- Valencia-based biotech company Tetraneuron, a company building a new path for Alzheimer's disease, raised €5M
- Bilbao-based biotech company Innitius raised €3.8M from EIC Accelerator. The company develops medical devices which combines a novel technology (torsional waves) with AI for the diagnosis of pathologies with an associated change in a woman’s cervical tissue consistency
- Other rounds of funding: Aerocamaras, Muppy, Beetested
M&A activity 🎊
- Masmovil acquired the remaining stake it did not have in energy company Lucera. We (K Fund) were an investor in the company and we were still shareholders until this last transaction. Terms of the deal were not disclosed
- Business Insider published a list of the largest M&A transactions in Spain in 2022, featuring Glovo, Clicars and others
Investor & accelerator news 🚀
- Javier de Toro, Investment manager at Angels Capital, published "Private capital will be more demanding"
- Francisco Berlanga, of Big Sur Ventures, wrote about the 10 most relevant measures included in the new Spanish Startup Law
Startup news 💡
- 8wires.io is a studio with +6 years of experience specialized in data engineering for you to build, optimize and scale your business project, without bottlenecks and with the right information. Get in touch with them her e
- Several articles came out last week trying to summarize what happened in 2022 in the Spanish startup ecosystem. The main topic on most of these articles has been the fact that funding raised by startups dropped compared to 2021, contraction in valuations and, later in the year, the first relevant layoffs at high-growing companies
- Unai Asenjo, co-founder of Indexa Capital, talked in an interview about the stock and bond markets in 2022 (which pushed investments to negative territory), Indexa's upcoming IPO and other topics. Indexa will close 2022 with €3.8M in sales and €750k of profit
- Meal planning and food company Wetaca said that it currently serves 7,500 meals per week and orders have grown by 30% YoY. As a consequence of rising food prices, profitability decreased by 15%. The company closed 2022 with €13M in sales and expects to get to €17M in 2023
- According to Foster Swiss, neobanks and digital banks account for 30% of market share in Spain
- Iñaki Arriaga, co-founder of Acumbamail and writer of the weekly newsletter Disaaster, launched a survey about SaaS in Spain. If you operate a SaaS business, take a look at the survey here
- Startup profiles:
- Bcas: edtech and fintech
Big company news 🏦
- According to El Confidencial, Meta (Facebook) plans to lay off 18% of its employees in Spain in early January, or about 30 to 35 people. The company could also stop some of its investments in Spain, which it announced earlier last year
Interesting reads 🤓
- JJ Velaz, founder of last mile logistics infrastructure company Kosmo, published a post about the first year of building Kosmo: "6 things that everyone tells you before starting a business. The same 6 things that no founder ever listens to." Kosmo is a K Fund portfolio co.
- Javi Santana, co-founder of Tinybird, continued with his series of articles about "A la segunda todo va bien", this time to write about "the sword of damocles"
- Aitor Garcia Rey, currently CTO at Devengo and previously at Verkami, shared a series of tweets with the lessons he's learned about software development
- Jose Cortizo, co-founder of Product Hackers, published "The journey of those who've failed"
- Hablando con Lideres interviewed Cristina Aleixendri, founder of Bound4blue
- Novicap interviewed Jose del Barrio, co-founder of VC firm Samaipata
- Product Hackers interviewed Mónica Quintana and David Alayón, of Mindset