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Startup funding news 💸

• Slow week in terms of new funding announcements:
• Basque and Madrid-based transportation company Begas Motor raised “several million” from various investors to boost their business of autogas-powered heavy vehicle engines. The investment from CDTI is €1m, and Easo Ventures, Repsol, and Ekarpen also participated
• Barcelona-based Multiply, a startup that offers B2B services to help companies increase their sales, raised €500k
• Dondever, a platform to help consumers know where to find audiovisual content, raised €100k in pre-seed funding

M&A activity 🎊

• Sngular completed the acquisition of Navandu Technologies, a Madrid-based company that specializes in the development of tech products and services for the health industry. The founder of Navandu becomes the new director of Sngular Health

Investor & accelerator news 🚀

• Two deals announced by Inverady:
• Inveready led a $8m round in Danish startup Scaleup Finance, with the participation of other investors such as PROfounders (investors in Spanish companies Abacum, Bloobirds and others). Scaleup Finance offers financial management solutions for startups and expanding companies, enabling automated financial reporting and data analysis
• In conjunction with Stellum Capital, Inveready also acquired a 25% stake in Navarra-based biotech company Lev2050

Startup news 💡

• Fitnech company Indexa Capital Group published its 2023 results: €4.8m in revenue (+23% YoY) and €0.4m in net income (+3% YoY). The company said that “revenues are exceptionally growing more than net income in 2023, because of corporate income taxes and BME Growth listing one-off costs”. Indexa Capital, the roboadvisor and the company’s main product, had at the end of 2023 more than €2b in AUM, up 38% YoY, and 69k customers
• Wallbox, the company that manufactures chargers for electric vehicles, warned that a victory by Donald Trump in the 2024 US elections could create unfavorable conditions for its business model due to possible legal, tax, and regulatory changes
• Sifted published a long profile of agritech company Ekonoke. The startup is innovating in the field of indoor farming by focusing on growing hops hydroponically under LED lights. This approach is intended to make beer production more resilient to climate change. The company has established a partnership with Corporación Hijos de Rivera, producers of Estrella Galicia beer, and is exploring long-term contracts with brewers to ensure a steady supply of hops
• Profile of Mundimoto, the company that specializes in renting and buying and selling used motorcycles. The company claims to generate €70m in annual sales
• Satlantis, which develops space micro-cameras, earned €2m in 2023 and increased its turnover by 55% to €18m
• Pablo Gil, CEO and co-founder of PropHero, shares his journey from living on the verge of poverty to founding a project that generates €40m in sales. After leaving his position as CEO of GrowPro, Gil embarked on a new venture with PropHero, a proptech company that aims to achieve profitability by leveraging data analysis in the real estate market
• Expansion published a piece on the circular economy, highlighting various Spanish startups that operate in the field: Nantek, Recomotor, Humara, Sheedo, and Pack2Earth. These startups are engaged in various initiatives aimed at promoting sustainability and the circular economy, from transforming plastic waste into fuel and optimizing waste treatment processes to creating plantable paper and developing sustainable packaging materials
• Andrea Oliver, the CEO and founder of Emjoy, a startup that focused on sexual education, announced the sale of the company's assets and her transition to an investor role at Nauta Capital. Prior to founding Emjoy, Andrea was also at Nauta
• El Referente published two lists:
• One focused on the main startups in Madrid
• And another one highlighting scaleups based in Andalucia

Big company news 🏦

• Ignacio Arriaga, co-founder of Acumbamail, published “¿Para toda la vida?”. The article discusses the evolving landscape of software consumption, highlighting a shift from traditional one-time license purchases to subscription models, and now, for some, a return to one-time payments due to subscription fatigue

Podcasts 🎧

• Itnig published a deep dive on PC Componentes
• SeedRocket interviewed the founders of UrbanRooster
• Historias de Crecimiento interviewed Beatriz Lizarraga, Head of Digital Projects and Innovation at the ABC newspaper