I am a VC at Armilar, covering Enterprise Software/B2B SaaS and Blockchain.
In my free time, I write startup-related topics, including this newsletter. Content, opinions, and typos are my own!
Feedback is welcome.
- What’s happening in Iberia
- If you look at investment data from the first 4 months of the year, it seems that 2022 is in line with 2021
- FYI at Armilar, we recently published a report about the Portugal Startup Scene in 2021
- But data has a lag between starting the fundraising process and the round being announced (~6months)
- Currently, and similarly to other European countries, it is increasingly challenging to raise capital in Iberia, particularly in Series A+ rounds
- Both round sizes and valuations are down significantly
- While the bar to raise is increasing
- The exception is Pre-series A. In my opinion, Pre-series A rounds in Iberia haven’t fully adjusted yet
- While there is still a lot of capital available to deploy in startups, over the upcoming months, I expect challenging times to raise capital in all stages
- If you look at investment data from the first 4 months of the year, it seems that 2022 is in line with 2021
- SaaStr is coming to town
- Next week I will be in Barcelona for SaaStr Europa – one of the largest SaaS events in Europe
- Before the event, I look into SaaS Iberian market data from 2021 and 2022 YTD and thought it was interesting to share with you a few data points – nothing new
- On average and per month, there are ~10 B2B SaaS rounds (might exist more, as I only classify the ones I know that have a SaaS model)
- 7 pre-series A
- 2 Series A
- 1 Series B or beyond
- In total, 5 startups raised over €100M in the last months – OutSystems, Feedzai, Talkdesk, TravelPerk and Typeform
- Several startups are leveraging AI on their products (>20%) and more than half of the rounds are in horizontal SaaS, particularly on HR, developer tools, Finance, and Marketing & Sales
- Round sizes
- Seed
- Median: €1.2M
- Bottom and Top Quartile: €0.75-2M
- Series A
- Median: €7M
- Bottom and Top Quartile: €4-11M
- Seed
- On average and per month, there are ~10 B2B SaaS rounds (might exist more, as I only classify the ones I know that have a SaaS model)
- New funds
- Seaya launched Andromeda, a €300M Venture Capital fund to address the global sustainability challenges through technology
- Bright Pixel Capital announced a €300m budget to invest in Retail Technologies, Digital Infrastructure, Cybersecurity, and Emerging Technologies
- Arcano launched Balboa Ventures II, a fund of funds, with a $150M target
- Navis Capital is launching a $40M fund to back Biotechnology and Medtech startups
- Brain VC announced its first fund with a €30M target, focused on Machine Learning startups
- Med Capital launched a $25M proptech focused fund
- Enzo Ventures announced the first closing of the most recent fund, with a €20M target
- Cocoa announced a €17M fund, aiming to co-invest with other investors in pre-seed and seed stages
- Grow Venture Partners launched a new €5.5M Deep tech fund
- Armilar content
- Iberia related
- Revamped Observatorio de Startups by Bankinter
- The most prominent VC investors in EMEA – 2022 by Dealroom
- The Spanish startups and scaleups to watch in 2022 by Sifted
- Navigating current markets
- 2022 SaaS Crash by Meritech
- A Framework for Navigating Down Markets by A16Z
- Adapting to endure by Sequoia
- The 4 Startup States During a Recession by Tomasz Tunguz
- Hyper-growth is great, but don’t die while trying by Christoph Janz
- VCs hit with ‘fundraising pain’ as LPs deal with venture overexposure by Pitchbook
- Web 3
- Introducing the 2022 State of Crypto Report by A16Z
- Decentralization for Web3 Builders: Principles, Models, How by A16z
- Others
Click here for additional resources, including
Rounds in Portugal (PT) and Spain (ES)
Iberian investors, investing abroad
Activity report
See also