Glovo could pay €400m fine. Volava's assets acquired. CDTI's worries.
September 4, 2023 • Issue #383
As your business grows, data questions get more complicated. "How much do I sell?" becomes "What are my sales by region and product line?" or "What are my profit margins?". Simple questions turn complex. Data systems that worked well early on begin to fracture under new demands. Suddenly, leaving your data unable to tell you what you need to know. Or worse, you start second-guessing it.
We feel your pain. At zenital, we specialize in preparing businesses for growth. We optimize data systems to maintain quality at scale.
zenital has been the key ally for teams like yours in Spain, the UK, Switzerland, and the US, helping them grow and understand the most difficult and complex issues about their data.
If you're ready to tackle your company's data challenges, contact us today to discuss how we can help you.
Startup funding news 💸
- Nude Project, the fashion and lifestyle brand (not exactly a startup), has been approached by several investors but its founders are apparently not interested in outside capital. Those interested in investing are Thomas Meyer, owner of Desigual, and Álex Moreno, co-founder de Hawkers
M&A activity 🎊
- Volava, the fitness startup that manufactured and sold 'Peloton-like bikes', got its assets acquired by Mad Dogg Athletics for an enterprise value of €250k. Volava went into voluntary administration in June. The company had raised more than €5m from various investors
Investor & accelerator news 🚀
- Expansion published a profile of us at Kfund: "Quién es quién en Kanoar Ventures, la gestora de inversión alternativa en tecnología"
- Qualitas Funds announced the successful sale of two of its portfolio companies, Infobric and Kiona, achieving a return of 3.7x and 1.9x on its investment, respectively
- Atresmedia paid €1.3m to acquire a 35% stake in Spanish company Ac2ality, one of the larger news channels on TikTok, with more than 4.3m followers
Startup news 💡
- zenital has been the key ally for companies in Spain, the UK, Switzerland, and the US, helping them grow and understand the most difficult and complex issues about their data. If you're ready to tackle your company's data challenges, contact them today to discuss how we can help you.
- Glovo could have to pay €400m in costs due to legal status of riders. That’s the estimate of its parent company Delivery Hero, included in this report. Spanish authorities are investigating how Glovo classifies delivery riders, which could lead to an order for the company to pay fines and retrospective taxes and social security contributions “in an overall range between approx €200 million and €400 million". More details here
- Interview with Jesus Mostazo (Homa Games, business angel and venture partner at Kfund), Jesus Alonso (business angel) and José Luis Martínez (of Zubi Group) about the Malaga startup ecosystem and where it currently stands: "Estamos a años luz de Madrid o Barcelona, pero la tendencia es buena"
- Alfonso de la Nuez, co-founder of US/Spanish company Userzoom, stepped down from the company's management after more than 16 years. In this post, he talks about everything that they've accomplished and what's next. Congrats!
- Javier Ponce, general director of CDTI, spoke in a conference about the lack of big enough corporates in Spain with an appetite to acquire or collaborate with Spanish startups, besides those in regulated markets (financial services, insurance) and consumer giants such as Inditex and Mercadona. He says that this, among other things, contributes to the fact that when startups grow they decide (or need) to move headquarters and/or expand abroad
- Urban mobility startup Reby to go into liquidation with debt of €15m. As a reminder from July, a Delaware judge then ruled that SOL Global Fund can back out of a $100m deal for Reby. The judge justified the decision because it said that Reby's representations about its capital structure and financial statements were untrue. Months ago, the founders of Reby sued the buyers because they claimed they had not paid the agreed price. Here's also a Linkedin post about the situation
- Long interview with Timo Buetefisch, co-founder and CEO of mobility startup Cooltra. Timo has been at the helm for more than 17 years. We also recently had Timo in our podKast at Kfund to talk about his career
- LuzIA, the startup that offers a ChatGPT wrap within messaging apps as well as audio transcription, announced an improvement in its image generation capabilities
- El Mundo published a list of Spanish startups operating in the sustainability sector, under the title "Las 10 'startups' españolas que quieren cambiar el mundo"
- Startup profiles:
- Psquared: proptech
Big company news 🏦
- Facebook tripled the size of its Spanish division in 2022, reaching 280 employees. This happened in the same year that Facebook executed an RIF (ERE)
Interesting reads 🤓
- Pablo Giner, Global Director of Data at Glovo, published "Transforming Data Organizations: Measuring Value and Fostering Impact"
- Iñaki Arriaga, co-founder of Acumbamail, published "Crecer ofreciendo herramientas gratuitas"
Look at your application process and tools used, try and test – would you apply for your own company or can you make that process even neater? Download our report and get to know what real candidates think about your selection processes!
- Kfund published an interview with Staffan Helgesson and Peter Specht of Creandum, the VC firm that has backed companies such as Factorial and Abacum
- Vicent Marti, co-founder of Streamloots, published a video with his thoughts on who should be the first marketing hire of a startup
- Historias de Crecimiento interviewed Ricard Puigdemont, of GrinGrin Foods