Iberian Startup Scene | October 2021

I am a VC at Armilar, covering Enterprise Software/B2B SaaS and Blockchain/Fintech.

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!

Feedback is welcome.

• Sword Health just announced a $163M Series D round led by Sapphire Ventures, valuing SWORD Health at $2B
  • In less than 2 years, SWORD Health raised over $280M in 4 rounds, going from Series A (February-2020) to Series D (November-2021). Series B (Feb), C (Jun), and D (Nov) were all in 2021
  • In the Series C round, SWORD health announced a 10x yoy growth in the number of patients…And in this round, SWORD announced an 18x growth in company valuation in 2021! 💪
  • Sword Health is the second investment – the first was Feedzai – from Sapphire Ventures in Portuguese-based companies (and Unicorns)! Previous investors include Faber Ventures and Vesalius
  • As shared in the previous newsletter, Portugal now has 6 unicorns. This year, the accumulated number of unicorns grew 2x vs. the previous year
  • With this round and this year, I estimate that Portugal startups have already raised >€1Bn

• In Spain, Wallbox went public on the NYSE through a SPAC, with a valuation of $1.5 Bn. Wallbox was backed by Seaya Ventures.
• In November, there was news on KKR’s plan to lead Anchorage Series D, valuing Anchorage in $3Bn. Anchorage is a US-based company and with offices in Portugal founded by Diogo Mónica. The previous round was February this year, led by A16z and with the participation of Lux and Indico Capital partners. KKR is also an investor at Outsystem and Feedzai.
• Multiple times in the past months I commented on this newsletter that there is an increasing number of international people moving to Portugal. But as people were mostly working remote, it was hard to have a full picture. Web Summit, at the beginning of November in-person event, made it very clear to me that the number is even higher than I initially thought.
  • It is impressive the number of international founders, but also international investors – from the La Famiglia, Lunar Ventures, etc. – that moved to Portugal in the past months. And also the number of conversations with people thinking about moving. People from the crypto/blockchain space, but also from all other sectors.
  • Aiming to fuel this, Carlos Moedas, the recent elected Lisbon Mayor, announced at Web Summit a “Unicorn factory” to be open next year
  • Also at Web Summit, Europe Startup Alliance, with HQ in Portugal, was announced (know more about it here)

• New funds announcements
  • Nauta Capital announced the final closing of its fifth fund with €190M, focusing on B2B software
  • EASO Ventures launched a new fund, with a €25M target
  • Antai Venture Builder raised €11.8M
  • Core Angel Madrid, an Angel Syndicate, raised ~€1M
  • New Spanish Impact fund, Seven Roots Venture Capital
  • Seaya Ventures and Cathay Innovation announced a $125M Fund to invest in Latin America’s startups
  • Cardumen will launch an €80M Deep tech fund for Israel
  • Talenta raised a €10M fund of funds

PS – I will be in Helsinki for Slush

• 4 weapons and 6 tactics to ignite your network effects by Samaipata
• Fintech Report Portugal 2021 by Fintech Portugal
• Putting your money where your mouth is — impact incentives for fund managers by Mustard Seed Maze
• VC Term Sheet – Market Report 2021 by PWC
• The State of U.S. Early-Stage Venture & Startups: 3Q21 by AngelList
• Funding round calculator by Rows
• Portugal Startup and Ecosystem Report by Startup Portugal and IDC

Click here for additional resources, including

• Term-sheets
• Investors information
• Startup fundraising data

August

Portugal

Spain

Iberian investors, investing abroad

• November 1-4: Web Summit
• November 2: Women in tech Global Awards
• November 2: ESA Business Application Calls deadline
• November 5: BerriUp 14th Acceleration program application deadline
• November 7: La Nave Acceleration program application deadline
• Nobermber 10: Wayra Scale Up Women application deadline
• November 12: Demium Madrid, Malaga, Barcelona, Valencia and Lisbon application deadline
• November 14: Portugal de Startup em Startup application deadline
• Novermber 21: Tech Spirit Barcelona
• November 24: 4YFN application deadline
• November 25: Caixa Research application deadline
• Novermber 29: Wannased application deadline
• November 29: Portugal Ventures Call Açores application deadline
• November 30: Fundo + Plus Casa do Impacto application deadline
• December 3: EntrepreneurXXI Awards application deadline
• December 12: BerriUp application deadline
• December 14: HiSeedTech application deadline
• December 15-16: Valencia Digital Summit
• December 31: Startup Braga accelerator application deadline
• Open: Wayra Blockchain Activation Programme application
• Always open: Made of Lisboa perks – Lisbon Growth program; Startup Lisboa incubation; CTT 1520 startup program; Gohub; Ufounders; Lanzadera Decks and Docks, Nauta Labs

Country | Startup | Type of transaction | Value of the transaction

• ES | WallBox | SPAC | $1.5Bn
• ES | Signaturit | M&A | €25M
• ES | PlaySpace | M&A | Unknown
• ES | Frontity | M&A | Unknown
• ES | Digital Legends Entertainment | M&A | Unknown

Activity report

See also

• Iberian Startup Scene | Q4 2022
• Iberian Startup Scene | November 2022
• Iberian Startup Scene | Q3 2022
• Iberian Startup Scene | Q2 2022
• Iberian Startup Scene | May 2022