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Pedro Castillo launches Signalit. Rakuten trying to sell Cabify? Jeff enters administration.

June 5, 2023 • Issue #373

Si eres inversor, emprendedor, abogado o tienes alguna participada, te interesa conocer Sttok, un SaaS de gestión de socios, ampliaciones de capital y planes de incentivos, que ya utilizan empresas de alto crecimiento y fondos de inversión.

Las principales funciones de Sttok son: 1) Gestión de Libros de Socios, con acceso para los inversores, 2) Planes de Incentivos para tus empleados, 3) Cálculo de ampliaciones, 4) Juntas telemáticas y delegaciones online, etc.

En Sttok, hemos incluido la capacidad de enviar comunicaciones certificadas a socios, beneficiarios e inversores, garantizando la seguridad y el cumplimiento normativo en todas tus convocatorias. Además, hemos integrado una funcionalidad que permite celebrar juntas telemáticas, votaciones online y generar automáticamente actas y documentos, simplificando el proceso y ahorrando tiempo.

Hoy, Sttok gestiona más de €2.5b en activos, demostrando la confianza que clientes y abogados han depositado en nosotros, ya que ahorran tiempo, errores y dan acceso a los socios a su información. Prueba Sttok hoy y descubre lo sencillo que puede ser gestionar el captable de una sociedad.

Startup funding news 💸

  • EV charging company Wallbox announced a few months ago plans to raise $100m. The first €45m of that amount has been committed by Orilla Asset Managment (OAM), the investment company associated with Francisco Riberas, president of Gestamp. The deal was completed at $2.58 per share, a significant discount vs. Wallbox's current share price ($3.16). OAM has acquired these nOAM is also a shareholder of Cabify since March of this year
  • Barcelona-based logistics company Paack is raising a new round of funding, in the "tens of millions" and of less than €50m, according to La Informacion. Paack had raised €200m in early 2022 from Softbank and others
  • Madrid-based Signalit, a new company co-founded by Pedro Castillo (also founder of Devo), announced a €11.6m round of funding from US fund Insight Partners and Kibo Ventures. Signalit is building a real-time data orchestration edge computing platform
  • Barcelona-based Jolt, a company that develops next generation alectrodes for hydrogen, water treatment & anti-corrosion solutions, raised €6m from various funds
  • Murcia-based medtech startup INBENTUS raised €2m from BeAble Capital
  • Other rounds of funding: Epinium, Vinow, Bettermaps.AI, Uphint, Silbat

M&A activity 🎊

  • According to El Confidencial, Rakuten has hired the services of UBS to try to sell its 47% stake in Cabify, for at least €500m. Cabify apparently closed 2022 with €700m in sales (+30% YoY) and reached break even from an operations point of view. It has a market share of 40% in Spain
  • Dog sitting company Gudog announced the acquisition of Denmark competitor Dogley
  • Woflow, a US company that automated merchant data, acquired Sevilla-based startup XtremeAI

Investor & accelerator news 🚀

  • The Spanish Association of Business Angels published its 2022 annual report. You can find it here. The number of investments was down compared to 2021, which shouldn't be a big surprise given the tumultuous funding market we've lived through
  • Mundi Ventures co-led a $18m investment in Brazilian insurtech startup Sami

Startup news 💡

  • Jeff has voluntarily filed for bankruptcy. Its employees haven't been paid for 9 months and this filing takes place after a €90m round of investment announced a few months ago that never materialised. As notes, "the second commercial court of Valencia has appointed specialist law firm PKF Attest to oversee the bankruptcy process. While the entirety of Jeff’s debt is yet to be determined, La Información reports that “from 2020 and October 2022, the company had losses worth close to €65 million.”
  • Sifted published a long article about Typeform, titled "Did US hustle mentality ruin Typeform?". The article details the changes in leadership at Typeform and other apparent growing pains, while reaching almost €80m in ARR. I thought the article was quite negative towards the company. Whether everything included in the article is true or not, it does show that hypergrowth and reaching massive scale (€80m of ARR, 4X since 2019) is not an easy task
  • Here's another story on the troubles of a Spanish startup: Domestika. El Español talked to former employees of the company to try to understand what's happened internally in the past few months. The company raised a big round of funding in 2022 and reached unicorn status, but has gone through two round of layoffs since. When it conducted the first round of layoffs it claimed that it was due to pressure from GPT4 and other generative AI technologies on its core design business
  • LuzIA, the Spanish startup that has built a Whatsapp-based chatbot powered by GPT that can not only answer questions but also transcribe audio, says that it has reached 1m users in less two months
  • PCComponentes is getting ready to launch in France. It would be its second international market, after Portugal
  • Profile of Yaba, the Barcelona-based company specialized in buying and integration Amazon-based and ecommerce businesses. Alejandro Fresneda, co-CEO, says in the interview that so far they've acquired 18 companies that combine for €50m in aggregate sales and €5m of EBITDA
  • El Pais profiled Studentfinance, the fintech and edtech startup that powers income share agreements for students. In the article it says that to date it has managed €15m and generated €3m in sales
  • Salvador Mas, founder of Finametrix and who served as head of digital at Allfunds (the company that acquired Finametrix) announced that he's leaving the company to focus on his advisor role at various fintech companies and also to, perhaps, found a new company
  • Freepik launched on Product Hunt its first AI image generator. Here are more details. Also related, Jotdown published a long interview with Joaquin Cuenca, CEO of the company
  • Quick commerce company Getir announced a round of layoffs that will impact its Spanish operations
  • Startup profiles:
  • Tyrefy: marketplace of car tires

Big company news 🏦

  • Eduardo Cruz, founder of Spanish startup Qustodio, wrote in a tweet about the impact of the Spanish Digital Tax on local business and consumers and what Apple has implemented to counter it. No surprise, it will be consumers who will take the burden of the tax: "Starting today Apple is passing through to app developers the recent Spanish Digital Tax. Essentialy an undercover VAT on digital services delivered to Spanish residents, and another fiscal atrocity that further hides the extent of the Spanish taxation monster."
  • Australian company Canva said in an interview that Spain is its main market in Europe. Canva acquired a few months ago Slides Carnival, a local company

Interesting reads 🤓

  • Iñaki Arriaga, co-founder of Acumbamail, wrote a thread with tips on how to build a SaaS product without programming skills
  • Jacob Eiting, co-founder of RevenueCat, a company he co-founded with Spaniard Miguel Carranza and which has several Spanish employees, wrote what I thought was a very balanced article on remote working: "Remote work sucks. But that doesn't mean it's over"
  • Adam Oldak, senior software engineer at Glovo, published "A tale of microservice extraction, part 1" a post on how "Glovo’s Loyalty team is extracting their Subscriptions domain from a large monolith powering the majority of the company’s backend"

Podcasts 🎧

  • Itnig interviewed Juanjo Mostazo, co-founder of Homa Games and venture partner at Kfund
  • SeedRocket interviewed Lucas Carne, co-founder of Privalia
  • Historias de Crecimiento interviewed Vincent Rosso, co-founder of Consentio