Iberian Startup Scene | April 2021

I am a VC at Armilar. In my free time, I write startup-related topics, including this newsletter (Yes, I agree, I am boring!). Content, opinions, and typos are my own!

Subscribe it here. Feedback is welcome.

In the first 4 months of 2021, Portuguese and Spanish startups have raised over €2Bn, more than 2020 full year. 2/3 of the money was invested in 7 rounds, all €100M+ rounds. The number of rounds is also up by +50% and +90% for Spain and Portugal, respectively. April was slightly lower than the Q1 monthly average, mostly due to “smaller” growth rounds and lower investment activity – Portugal Ventures invested in 1 startup in April vs. >10 startups/month during Q1. I expect Q2 to be in line with April and be slightly below Q1, but still significantly above the 2020 average
To further accelerate this momentum, in April, 12 funds were closed, announced, or are raising. All funds together are worth over €400M. Funds cover multiple verticals, including Biotech, Deep tech, and Impact. All funds, excluding 1, are below or equal to €50M. Good times to be an entrepreneur in Iberia!
- Shilling Founders Fund launched a €30M fund (FYI Shilling’s new fund has some interesting “features”, including a profit-sharing model for portfolio companies)
- Junta de Andalucía backed 3 new funds – Quadriga Asset Managers, Axon Partners Group and Alter Capital Desarrollo
- Kibo Ventures announced a €30M opportunity fund to back portfolio companies in later stages
- Antai Venture Builder launched a €50M “media for equity” fund
- Columbus Venture Partners, a Biotech and Health VC, closed its 3rd fund with €120M
- CTT announced a €4M fund, managed by Iberis Capital
- Portugal Ventures announced a new fund for deep tech, in partnership with Casa da Moeda
- Ufounders announced a €10M fund to invest in its portfolio companies
- New angel fund, BAck fund, backed by Inveready
- Think Bigger Capital reached a €50M fund and aims to back 7% of startups in Spain
Tressis Gestion launched a €30M fund of funds. Continuing on fund of funds activity, Axon also announced investments in 6 new funds
Returnly, a Spanish startup backed by Alma Mundi Ventures and Bonsai Ventures, was acquired by €300M by Affirm
For those keen to work in VC, there are 5 new job opportunities. Good luck

Playing Different Games Or why Tiger is eating your lunch (& your deals)
10 tips to turn your startup board into a secret weapon by Samaipata
The B2B Marketplace Funding Napkin 2021 by Point9
When should I raise money?: Key milestones ahead of your Seed round by Samaipata
Taking Your First Steps as a Venture Capitalist by Speedinvest
The great acceleration of seed investing by Angular Ventures
The data: European vs US VCs
2021 1Q Spain Ecosystem report by Bankinter
Spanish Funding Ecosystem by Cardumen Capital
Madrid Startup Radar by Dealroom

Click here for additional resources, including

Portugal

Startup	Amount (‘000€)	Investors
Sensei	5,400	Seaya Ventures, Iberis Capital, 200M, Leadx Capital
Coverflex	5,000	LC Ventures, Breega, 200M
Barkyn	3,000	Five Seasons Ventures
Hunter Boards	570	Shilling Capital, Ideias Glaciares, Olisipo Way, Business Angels PT and International
Planless.io	100	Indico Capital Partners
RUBYnanomed	Unknown	Portugal Ventures
Promptly	Unknown	Shilling Capital
Biocol Labs	Unknown	Shilling Capital
Decipad	Unknown	Shilling Capital

Spain

Startup	Amount (‘000€)	Investors
TravelPerk	132,370	Greyhound Capital, DST, Kinnevik, Target Global, Felix Capital, Spark Capital, Heartcore, LocalGlobe, Amplo
Userzoom	84,041	Owl Rock Capital Partners
Satlantis	14,000	Enagás, SEPIDES, ORZA, AXIS-ICO, Diputación Foral de Bizkaia
Amovens	7,300	Baloise Group
Abacum	5,890	Creandum, YCombinator, PROFounders, KFund, Justin Kan (Twitch), Maximilian Tayenth N26), Thomas Lehrman (GLG) , Avi Meir (Travelperk), Jenny Bloom (Mailchimp), Mike Asher
Atani	5,300	JME Ventures, Conexo Ventures, Encomenda Smart Capital, Lanai Partners
Ritmo	3,000	Sabadell Venture Capital, Inveready, JME Ventures
Zignaly	2,521	Parataxis Capital, Okex’s Block Dream Fund, AscendEX (formerly BitMax.io), Sino Global Capital, LD Capital, LVT Capital, AU21 Capital, Disrupt.com, DAOMaker, GDA Capital, BSCPad, Acheron Trading, Switchain, Kryptos.fund & LedgerPrime
Aortyx	2,400	Capital Cell (Crowdfunding platform), Medex Partners, Vergara Capital
Mediquo	2,300	Encomenda Capital, Dozen
PSquared	2,000	Inn Capital, Intenational Business Angels, Internacional Family office
MagicBell	1,597	Cherry Ventures, Nicolas Dessaigne (Algolia), Marie Outtier (Twitter), Christian Reber (Wunderlist)
Leadartis	1,600	Sodena, Capital Cell
Roka Furadada	1,500	Financial Club, Klinea Enginyeria Farmacèutica, Women Angels for Steam
2eyesvision	1,300	Bullnet Capital, Cdti, Jan Bonel
Mdeibiofarma	1,300	Sodena
STAYmyway	1,200	Travel Tech, Tokavi Activos, ENISA, Business Angels
Agrosingularity	1,070	Clave Capital, Tokavi Activos, Ship2B, Toubkal Partners (SeedRocket), Diego Recondo (All Iron), Javier López and Emilio Nicolás (Erasmusu), Marc Ferrán (Keiro Partners)
Shapelets	1,000	Inveready
ienai SPACE	1,000	Inveready
Gocleer	930	Antai Venture Builder
DudyFit	700	JME Ventures
Okticket	700	Encomenda Smart Capital, Successful Ventures, SRP
Nova Talent	524	Crowdcube (Crowdfunding)
Bionline	500	Draper B1, Keith Ventures, Seedway Ventures, Verne Group
Caelum Labs	500	Unknown
Acqustic	425	Draper B1, Lanai Partners,Tokavi, Business Angels
Full&Fast	375	Fellow Funders (Crowdfunding)
Privacy Cloud	300	Sociedad Regional de Promoción
Kampoah	300	Encomenda Capital
Honest	300	Kfund, Dozen
Triple O Games	250	Adventurees.com (Crowdfunding)
WakeUp and Smile	201	Fundación Edmond de Rothschild., La Bolsa Social (Crowdfunding)
Renty	200	Encomenda Smart Capital, Levels Up Ventures, Successful Ventures
Kream	200	Unknown
Glasskin	183	BeAble Capital
Oasis Hunters	135	Business Angels, Enisa
miResi	100	Unknown
Familiados	100	Sodena
Tueri	100	Think Bigger Capital
Atravo	100	Demium
Naturcode	90	Unknown
Nuubo	Unknown	CRB BIO, CDTI
Uptech Sensing	Unknown	Clave Capital, CDTI
Filmijob	Unknown	Civeta Investment, Catenon, AABAN

Iberian investors, investing abroad

Investor country	Investor	Amount invested (000’€)	Startup
ES	Ysios Capital	51,000	Adcendo
ES	Ysios Capital	21,690	Synendos Therapeutics
ES	Nauta Capital	5,000	InsurQ
ES	Nauta Capital	2,521	Nhost
PT	EDP Ventures	751	Delfos
ES	THCAP	750	BuildBetter
PT	Mustard Seed Maze	Unknown	Nui Care