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€1b fund in Spain. Unprofitable last mile. Aistech raised €5m

April 29, 2024 • Issue #415

El próximo 25 de Abril en Espacio Itnig Barcelona, únete a los equipos de DoiT International y AWS España en un viaje para descubrir la Inteligencia Artificial Generativa con AWS.

Aprenderemos los fundamentos básicos, como elegir el servicio GenAI correcto en AWS y descubriremos juntos algunos casos prácticos, que podréis adaptar a la realidad de vuestro negocio. También abordaremos temas importantes como la soberanía y confidencialidad de los datos y su adaptación en un entorno tecnológico tan cambiante.

Tras la finalización de la charla, estaréis invitados a una exclusiva cena cóctel en el Hotel Pere IV (a solo 2 minutos de Espacio Itnig), en una de las terrazas con mejores vistas de Barcelona.

Startup funding news 💸

  • Madrid-based Aistech, a company that provides geospatial intelligence, raised €5m led by Global Portfolio Investments
  • Murcia-based Intelia, a sales tech startup, closed a €1m round of funding from FI Group, Eoniq, FFOO, and business angels
  • Barcelona-based Ealyx, a startup that offers consumers the option to pay for new purchases with money or used products, raised €1m from Demium, Archipélago Next y Plug and Play Ventures
  • Other rounds of funding:
  • €480k, medical oxygen therapy
  • Sol de Ibiza: €370k, ecommerce for sunscreens
  • Jubenial: €100k, marketplace specialized in real estate services for the elderly
  • Miin Cosmetics: ecommerce cosmetics
  • Darwin Biomed: medtech

M&A activity 🎊

  • The European Investment Bank (EIB) is set to support a new VC fund in Spain with an investment target of €1b, aimed at funding growth-stage technology startups. This initiative is part of the 2023 European Technology Champions Initiative, which includes a total pledge of €3.75b from the EU and five member states. The name of the fund that will receive support from the EIB has not been revealed yet
  • Alantra’s Energy Transition Fund led a €52m Series C round in Irish startup Gridbeyond, an analytics and asset management provider for the energy sector. More info here
  • According to Pitchbook, Sabadell Venture Capital is among the most active corporate venture capital firms in Europe, ranking second. It is the only Spanish representative in the top ten, with 85 transactions in the last five years

Startup news 💡

  • Just Eat is scaling back investments in Southern Europe due to profitability challenges, including in Spain. Once again the company emphasized its compliance with local laws, in contrast to some competitors (Glovo). This strategic shift is part of broader operational changes, including exiting less profitable markets like New Zealand
  • Also last week, French company Stuart said that it is withdrawing from the Spanish market due to unprofitability and will implement a workforce reduction (ERE) affecting all its centers in the country. Despite the downsizing, Stuart will maintain a tech center in Barcelona
  • Two Spanish startups launched on Product Hunt:
  • Latitude introduced its last iteration, an open-source framework for embedded analytics that allows you to create API endpoints using SQL and embed interactive visualizations
  • Pullpo, a startup that accelerates code reviews with AI-powered Slack Channels synchronized in real-time with GitHub
  • Shared mobility startup Cooltra experienced a 4% decrease in revenue last year, totaling €45m, but saw a significant 35% increase in EBITDA, to €7m. Cooltra’s B2C business expanded by 19%, to €31m, while its B2B division saw a decrease in revenues of 32%
  • Telemedicine platform Top Doctors reported revenues of $22.5m in 2023, a 37% increase from the previous year. The company aims to grow by 35% this year and reach $33m in revenue. The company has also pursued aggressive inorganic growth through acquisitions and has recently acquired the UK-based firm I Want Great Care
  • Amazon signed a long-term strategic agreement with Embention, a Spanish startup backed by Axon Partners, to use their autopilot software in Amazon Prime Air's drone division. The agreement includes a payment of between €10m and €20m by Amazon
  • Interview with Alejandro Pons, CEO of Tuvalum, where he talks about the evolution and current state of the second-hand bicycle market and his company's strategy. Tuvalum, initially a marketplace, transformed into a full e-commerce platform in 2023, focusing on refurbishing and certifying bicycles for sale
  • Profile of Cicerai, a startup that has developed an AI software that aims to increase the productivity of lawyers and the legal sector in general. The software promises to increase legal task productivity by 10x, allowing professionals to focus on strategic advice.
  • Marcos Sorribas, co-founder of Tacter, published a long post explaining the company’s vision of creating a vertical gaming community. Tacter is a Kfund portfolio company

Big company news 🏦

  • Apple will make its first direct investment in solar energy in Spain through a partnership with ib vogt. The Castaño Solar plant in Segovia will generate 105 megawatts of solar energy and is expected to be operational by December 2024
  • Ismael Clemente, CEO of Merlin Properties, believes that data centers will compensate for the decline in the value of offices in the future. While the value of offices is expected to continue to decline, Clemente sees data centers as the company's "secret weapon" that will offset this decline
  • Amazon will open a new logistics station in Cambre, A Coruña, in September of this year, creating 40 direct jobs
  • The Spanish Supreme Court is considering whether Amazon should be classified as a postal operator under national postal law. This follows a challenge from Amazon against a National Markets and Competition Commission (CNMC) decision that classified it as such due to its package delivery activities. Previously, the National Court sided with Amazon
  • Telefonica had its 100th birthday. Video here. Two good articles published about the history of the company here and here.

Interesting reads 🤓

  • El Pais published “Un reto brutal: cómo cuatro adolescentes españoles revolucionaron el mundo del videojuego deportivo”: The article tells the story of the Ruiz brothers, who founded the company Dinamic Software in 1984 and revolutionized the world of video games in Spain. Their first release, "Yenght", was followed by the iconic game "PC Fútbol", which became an unprecedented success
  • Simon Muñoz, platform PM at Voicemod, published “Malos tiempos para los mánagers”
  • Jose Ramon Perez Agüera, CTO of Mercadona Tech, published “La caza del unicornio: Cómo montar tu proceso para contratar Product Managers“
  • Pablo Reboiro, managing director of N26 in Spain and Portugal, published “Abrazando la IA desde la banca”

Podcasts 🎧

  • Interview Julio Pernia, founder of Bdeo
  • Interview with Diego Bestard, co-founder and CEO of Urbanitae
  • Interview with Pau Sabria, co-founder of Remotely Works and previously of Olapic
  • Interview with Pablo Kurt, co-founder of FilmAffinity
  • Interview with Jaime Navarro, of Gus Chat - Blip
  • Interview with Carlos Gomez, co-founder of Vivla