Denodo raised €313m. Revel picked up €115m. Cabify and Rakuten.
September 18, 2023 • Issue #385
La formación en finanzas por la que pasan los mejores profesionales de startups a nivel europeo, saca una nueva edición con plazas limitadas
VII EDICIÓN DE STARTUP FINANCE: Empieza el 28 de septiembre
⚠️ Plazas limitadas. 🎓 Más de 350 alumnos, de más de 10 nacionalidades. 🏅Comunidad de C-Level y departamentos finance de startups, VC, PE, aceleradores e incubadoras. 🤓 Impartida por profesionales con experiencia trabajando en más de 200 proyectos. 💻 Contenidos prácticos y análisis de casos reales (actuales). 🔝 Charlas con profesionales de empresas y fondos como Glovo, Nauta, Kibo, Cobee, Kfund, o Graphext.
Tras haber trabajado con 200+ proyectos europeos Startup FInance es una formación es fundamental para cualquier founder, CEO, CFO, BA, VC o persona que se dedique a las finanzas en una startup. No te quedes fuera, no pierdas la oportunidad de pertenecer a una comunidad de este nivel.
⚠️ Plazas limitadas. Apúntate ya!
Startup funding news 💸
- A Coruña and Palo Alto-based data virtualization company Denodo announced a €313m round, led by PE firm TPG. The transaction includes both primary capital and a secondary sale of shares. More info here
- Madrid-based car subscription company Revel raised €15m in equity and €100m in debt, from KKR, Santander Consumer finance and others
- Barcelona-based biotech company IOMED raised €10m, led by Philips Ventures. The company says that its Healthcare Data Activation tech unlocks healthcare data from hospitals' data sources
- Barcelona-based travel tech company Caravelo raised €3.5m, led by Samaipata. Adara, also an investor, wrote about the deal here
- Madrid-based eSave, developers of OCR technology and process automation, raised €1m from ENION Partners
- Sevilla-based Build to Zero raised capital from Axon Partners. The company develops technology to decarbonize the production of thermal energy. The size of the round was not disclosed
- Open Cosmos, an Oxford-based satellite company that also has significant presence in Spain and an office in Barcelona, announced a $50m round
- Universae, a Madrid online edtech platform, hired the services of EY to raise a €30m round
- La Informacion wrote about the current startup investing climate in Spain: "Las startups encaran el final de año con la inversión de los fondos aún por despegar". According to data from Bankinter, so far this year Spanish startups have raised 252 rounds for a combined €1.2b, down significantly compared to 2022 and 2021. However, it definitely looks like 2023 numbers will be higher than those of 2019 and 2020
- Caroline Lagergren put together a list of Spanish early-stage impact startups that are currently fundraising, including the tech sectors green tech, deep tech, clean tech, ag tech, biotech and ocean tech
- Other rounds of funding: Storimake, Wabi Home, Bemyvega,
Investor & accelerator news 🚀
- Iris Ventures co-led a €14m investment in Mammaly, a German pet supplement brand
- Kiatt Earth Ventures is a new €50m fund to invest in climate tech companies
- Profile of Mundi Ventures, the Madrid-based firm with €500m in AUM
- Just six months after joining Samaipata as Senior Principal, Luis Garay was promoted to partner and socio at the VC firm
- Emprendedores put together a list of 166 Spanish investors. Here's another tool that could be interesting for those looking for funding: an ebook by Finanziaconnect on how to build a startup deck
Startup news 💡
- Rakuten, Cabify's largest shareholder, has sold to Francisco Riberas (president of Gestamp) convertible notes worth €40m for €24m. It's been reported for a while that Rakuten is apparently interested in decreasing its position in Cabify, in which at some point had a 47% stake. Rakuten did not want to convert these notes into shares in order to not increase its position in Cabify, to the point that it has sold the convertible notes for a €17m loss
- Long article about quantum computing in Spain: "Inside Spain’s burgeoning quantum tech landscape". The article features numerous local startups, as well as government-supported initiatives from research centres
- EV charging company Zunder to receive a €22m grant from an EU program to deploy at least 125 charging stations throughout Spain
- British neobank Revolut said that it has 2m customers in Spain and that growth is accelerating. Since August, the company also offers customers in Spain a local IBAN. In June, N26 said that it had 950k customers in Spain
- Profile of Vikika Costa and her startup Entrena Virtual, an online training platform that has more than 30k subscribers and that did €4m in sales last year
- Devengo, a startup that sells an API to enable instant payments, wrote a couple of blog posts explaining "the journey of a SEPA instant payment" and how "traditional vs. instant money transfers work"
- Sprinque, a Dutch cross-border B2B payments platform, announced that it has launched in Spain
Big company news 🏦
- In July, the CNMC, Spain's antitrust watchdog, imposed fines worth €194m on Amazon and Apple for colluding to limit the online sale of devices from Apple and competitors in Spain. Now it's also been revealed that the fine means that Spanish public entities won't be able to buy products and services from either company. It's still not clear for how long this veto will stand
- Malaga gets ready to welcome two of its most awaited buildings: Google's cybersecurity campus and Vodafone's R&D centre
- Beatriz Sanz, managing partner EY Spain, to lead the firm's AI global department
- Pedro Sanchez says that the fact that large groups are interested in investing in Spanish companies (referring to the STC and Telefonica case) is good news because it means that local companies are attractive and performing well
- According to Expansion, two of Propel Ventures' most recent investments show BBVA's interest in the field of AI. Propel, which is the venture arm of BBVA, has recently invested in US AI companies Safebooks and Parcha
- According to Bloomberg, Inditex races to fix bugs in Zara's new anti-shoplifting system, based on RFID, to replace plastic tags. Some staff worry over theft becoming easier
Interesting reads 🤓
- Miguel Arias, colleague of mine at Kfund, wrote "Fundraising as a VC vs fundraising as an entrepreneur"
- Iñaki Arriaga, co-founder of Acumbamail, published "Is it better to sell or rent software?"
- VC10X interviewed Alvaro Alvarez, founder of Boost Capital Partners
- Kfund interviewed Omar Pera, currently at Meta and previously co-founder of Reply.ai (acquired by Kustomer)
- Itnig interviewed Alex Marti, co-founder of Mitiga Solutions
- Seedrocket interviewed Jesus Monleon to talk about the 15 year anniversary of the accelerator program