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Trucksters raised €33m. Arengu acquired by Okta. BBVA's fund investment strategy.

June 19, 2023 • Issue #375

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Startup funding news 💸

  • Madrid-based transportation and logistics startup Trucksters raised €33m, led by Volvo Group Venture Capital. The Trucksters service reduces long-distance road transit time by allowing trucks to be continuously on the move through relays. Trucksters transported more than 600 fully loaded trucks and carried out almost 2,000 relays in 2022
  • Elche-based crypto startup Bit2me raised €14m from Investcorp, Telefonica and others. The company did €13m in revenue last year and expects to match or surpass that this year
  • Madrid-based fintech startup Fintonic raised €5m, led by SquareOne Capital and with the participation of existing investor ING. As a result of the transaction, the co-founders and co-CEOs have been relieved of their duties. Both founders will remain on the board. Months ago it was rumoured that ING was trying to sell its 22% stake in Fintonic
  • Madrid-based Graphext raised $4.6m to create the best exploratory data analysis platform for building explainable AI models. The round was led by UK firm Hoxton Ventures. At Kfund we've been investors in Graphext since 2017. The company also wrote about the investment here

M&A activity 🎊

  • A Coruña-based Arengu was acquired by Okta, a leading player in the online identity space. Arengu was a portfolio company of ours at Kfund and we wrote about the acquisition here. Congrats to co-founders Jacobo, Pablo and Sergio! Pablo wrote a thread about the company's history, and advisor Paulo Rodriguez also published a thread here
  • Talenom, a Finnish startup that specializes in accounting and financial services, has been quite active in Spain in the past couple of years. To date, the company has acquired at least 6 businesses in Spain to increase its presence here and serve local SMEs
  • Acciona acquired a majority stake in Solideo, a Catalan company that specializes in the installation of PV panels

Investor & accelerator news 🚀

  • Capital Energy Quantum, the investment arm of Capital Energy, to increase its allocation to startup investing to €50m over the next few years
  • Ship2B Ventures to launch a fund focused on companies building pediatrician products and services. First close is expected towards the end of the year, with a target size of €30m
  • Aena, the state-owned company that is the world's number one airport operator by passenger volume, is looking for more startups to join its accelerator. It will invest €50k in each of the participating companies
  • Suma Capital and Enion announced the final closing of ENION I Energy Fund, at €30m. The fund will invest in energy and sustainability startups

Startup news 💡

  • Armando Baquero, co-founder and CEO of health insurance company Asistensi, published a long and detailed article about his journey starting and scaling the company, which unfortunately had to shut down recently
  • Crescenta is a new fintech company co-founded by Eduardo Navarro (Sherpa Capital) and Ramiro Iglesias that will allow anyone to invest in alternative assets such as PE funds, VC funds and other vehicles
  • Profile of travel company Exoticca, which expects to surpass €200m in sales this year
  • Profile of chat bot builder hr bot factory, that focuses on recruitment processes. The company says that it expects to reach €1.2m in sales this year
  • Profile of Apolo Kids, the company that we highlighted last week that's a result of the merger of Kokoro Kids and Nannyfy
  • Interview with Carlos Abellán, CEO of Quside, a company that designs and manufactures innovative quantum technologies for all connected devices: "We live in a cryptographic revolution, all companies have to know how it will affect them"

Big company news 🏦

  • BBVA to invest $20m in a sustainability fund launched by former US politician Al Gore. This is the third investment by BBVA in a climate and/or sustainability fund, following a $20m investment in Lowercarbon and additional investments in Fifth Wall and Hy24. More info on BBVA's investment strategy here
  • Mouro Capital, one of the investment arms of Santander, invested in Uruguayan startup nocnoc, which facilitates in cross-border e-commerce
  • Amadeus invested in German company Caphenia, a producer of sustainable fuel for planes
  • According to the CNMC, in late 2021 there were 24 million video on demand subscribers in Spain. Netflix is the market leader with a share of 45%

Interesting reads 🤓

  • Luigi Mallardo, former CRO of Whisbi and Woffu, published a post with a series of things that worked in B2B sales and marketing in 2015-2020, but that no longer work in the current environment
  • Jose Ramon Perez Aguera, CTO of Mercadona Tech, published an interesting post on organisation structure and how companies can adopt a more "product oriented mindset" not just in technology departments, but across the organisation
  • Hackernoon published a list of "The 40 Under 40 Fueling Spain's Startup Economy"

Podcasts 🎧

  • Itnig interviewed David Backstrom, CEO and founder of fintech company SeQura
  • Product Hackers interviewed Azahara Espejo of HearstLab
  • Kfund interviewed Edson Rigonatti of Brazilian VC firm Astella

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