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Freepik to be sold again? Innovamat raised €20m. Inditex online sales.

March 20, 2023 • Issue #362

Somos lean finance, y estamos aquí para ayudaros. Tramitamos solicitudes de préstamo ENISA, tenemos un porcentaje de éxito del 88%, y estamos buscando proyectos top que estén en ronda.

Preparar tu solicitud de 2023 lo antes posible es indispensable para obtener éxito, ya que el orden de llegada importa. ¿No lo sabías? Pues pasa, que te contamos más.

En lean finance tenemos un 88% de éxito en las solicitudes presentadas en 2022, por lo que podemos asegurar que somos especialistas en conseguir tu préstamo sin avales con las mayores garantías posibles. Gestionamos todo el proceso, desde la fase de admisión hasta el momento del cobro, ahorrándote trabajo y quebraderos de cabeza.

Si has llegado hasta aquí, es el momento de que nos contactes para que te ayudemos. ¡Te estamos esperando!

Startup funding news 💸

  • Barcelona-based edtech company Innovamat raised €20m, co-led by US fund Reach Capital and Spanish funds Kibo Ventures and Bonsai. The company did more than €10m
  • Madrid-based Cocoon Bioscience raised €15m, led by Cleon Capital. The company innovates by leveraging a natural system to produce complex recombinant proteins and enzymes for new food and healthcare applications
  • Barcelona-based Sunhero raised €10m to scale its residential solar energy business in Spain. The round was co-led by Planet A and Vorwerk Ventures
  • Madrid-based foodtech startup Burger Index raised $1.3m, led by Flat6Labs
  • Barcelona-based fintech company Payflow raised an undisclosed sum from GED Capital

M&A activity 🎊

Investor & accelerator news 🚀

  • Pere Hospital, who previously built Cloudways and sold it to Digital Ocean, launched Secways, a new investment vehicle with a target size of €20m to back early stage startups
  • Lanzadera has a new managing director: Marta Nogueras, who had been at the firm since 2015
  • Profile of Plug and Play Spain, the investment firm now led by Javier Megias
  • In January and February, CDTI invested €11m in 6 companies
  • Novobrief put together a list of 15 of Spain’s most promising startup investors to follow in 2023

Startup news 💡

  • According to Expansion, Freepik's majority owner has hired Morgan Stanley to explore a sale of the company. The asking price, according to sources, is €700m to €1b. In 2020, PE firm EQT acquired a 53% stake in Freepik, valuing the company at €225m. Freepik's business appears to continue to grow nicely, with €56m in sales in 2021 and €28m in EBITDA. That's an amazing 50% EBITDA margin. As it's been covered in the past few months, Freepik is in the process of diversifying its portfolio of products making inroads into video and AI
  • Several employees of Jeff spoke about the fact that they haven't been paid their salary for more than seven months. Jeff announced about a month ago an €83m round, but apparently that money has yet to get to the company's bank account
  • Profile of Top Doctors, a company that started as a booking platform for doctors but has found success by selling software to hospitals and private clinics for the management of its operations. The company closed 2022 with €18.5m in sales
  • Jordi Romero, CEO of Factorial, said in an interview that the company is looking into three companies for M&A purposes and that the goal for this year is to once again triple sales, from €30m in 2022 to €90m.. Factorial is a portfolio company of Kfund
  • Fintech company Novicap said that in 2022 it multiplied by 4 its business volume and that it has reached an agreement with Fasanara to provide an additional €200m to loan to its customers
  • Softonic did €26m in sales last year, up by 34% YoY. The company was once a Spanish juggernaut whose business got punished by Google and its own internal malpractice
  • José Bayón, CEO of Enisa, talked in an interview about what criteria will be used to consider startups as "emerging companies". Companies that fall under that consideration will be eligible to receive the benefits associated with the new Spanish Startup Law
  • Consulting and tech firm Kantar announced the launch of a consumer research tool developed through its open innovation ecosystem iLab in partnership with Spanish startup Audiense and The Coca-Cola Company
  • Barcelona gaming startup Games for a Living raised €200k through a token offering launched in partnership with Bit2me
  • Jorge Sancha, co-founder of Tinybird, did a talk at the event Data Driven NYC about how Tinybird allows developers and companies to "build fast APIs faster over data at scale"
  • Boxmotions to go into administration and shut down
  • Startup profiles:
  • Sin Comision: comparison site of financial services
  • Gravity Wave: sustainability
  • Sycai Medical: medical imaging for cancer detection

Big company news 🏦

  • Inditex's online sales reached €7.8b in its last fiscal year, up by 4% compared to the previous year. Ecommerce represents 24% of all of Inditex sales
  • US consultancy and digital transformation company Neoris said in an interview that its Spanish sales amounted to €50m in 2022 and that it has made three offers to date to acquire Spanish businesses
  • Fashion brand Mango to offer the possibility of renting companies thanks to an agreement with startup La Mas Mona
  • Banco de España has a €221m public tender for companies to provide various technology services to the financial institution. More details here

Interesting reads 🤓

  • Cinco Dias wrote an article about the challenges of taxing crypto and NFTs in Spain. According to the article, 1 out of 4 Spaniards own crypto but its taxation is far from a done deal and a lot of questions remain about how to do it well
  • Iñaki Arriaga, co-founder of Acumbamail, published "Advantages and disadvantages of freemium models"
  • Samuel Gil, partner at JME, published "Los más listos de la clase", about the relationship between valuation multiples in private companies and the economic reality that those multiples imply
  • There were multiple articles published last week about the Silicon Valley Bank meltdown and the impact that it might have (or not) in the Spanish startup ecosystem. Here's a selection of four:
  • - La vida de las 'start up' tras la caída de Silicon Valley Bank (link )
  • - El efecto de la caída de Silicon Valley Bank en ‘startups’ y fondos españoles (link )
  • - Las startups se enfrentan a más dudas en la financiación tras la crisis de SVB (link )
  • - Las 'tech' españolas salpicadas por la caída del Silicon Valley Bank: "Ha sido una pesadilla" (link )

Podcasts 🎧

  • Historias de Crecimiento interviewed Ivan Rodriguez Alvarez, co-founder of Okticket.es
  • Itnig interviewed Jordi Barri of food brand Flax & Kale
  • Minimalism interviewed Pablo Postigo, co-founder of Frontity
  • Product Hackers interviewed Ivan Navas, co-founder of Doofinder, a boostrapped company that has reached €14m in sales
  • Upbizor did a roundtable about SVB with Jordi Safont (Extension Fund), Samuel Gil (JME) and Philippe Gelis
  • Life on Mars interviewed Oriol Vila, co-founder and CEO of HolaLuz

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