Home to the likes of Cabify, Glovo and Paack, Spain is not only the leader of the tech scene in southern Europe, but it is also a competitive player across the continent.
The value of the Spanish ecosystem – measured by the overall valuation of startups – has grown by nearly 40%. On average every year for the past five years. The country waved goodbye to 2021 with fire $500 million Series E. for recruitment into the Jobandtalent market, and entered 2022 with a €101 million Series E acquisition for Barcelona-based TravelPerk, fueling unicorn’s growing revenue.
The latest from the Spanish startup ecosystem
The Spanish government has picked up on the legislative and financial needs of its thriving ecosystem. much awaited startup law It was drafted at the end of 2021, complete with financial incentives and talent retention initiatives to make Spain an attractive center for operators.
The year 2022 has so far remained at the record pace of 2021 despite the macroeconomic instability. First quarter closed at $1.3 billion in venture capital financing – In line with 2021 trends, nine times higher than in the first quarter in 2017.
But the slowdown in global markets may affect the volumes and types of exits. No company has been put up for public subscription In Bolsa de Madrid so far in 2022, with expected initial public offerings of established institutions such as Ibercaja being postponed due to market fluctuations.
Realized exits maintained some momentum, generating $330 million in M&A flows in the first quarter compared to $240 million in the first quarter of 2021 — so far in line with $8 billion for the whole of last year.
High hopes are then placed on the fleet of exciting startups that are leading the way in the country. Sift has been ranked as the most promising among them – including big hits, family names and fast-growing wonders.
Spanish Startups: New Entries in the Sifted Ranking
Headquartered in the Basque city of San Sebastian, multiverse computing offers quantitative applications for the financial industry — from fraud detection and wallet optimization to insurance pricing and automated credit scoring — designed to outperform classical computers. Chosen as a rising star in Sifted’s Quantum computing briefing.
Barcelona-based Koa Health has raised more than $30 million in less than a year to strengthen its digital health platform. With a strong focus on employee mental health, it targets businesses, health care providers, and insurance companies to facilitate support for mental health issues.
Founded in 2018, Cobee is an employee benefits management platform. Series A closed with €14 million from Balderton Capital, Speedinvest, Target Global and others, and was previously backed by Ruben Ferreiro – founder of Amazon YABA pool and owners of Glovo and Cabify.
Spain’s Rising Stars
Barcelona-based Factorial is one of the most promising startups in the country. The HR platform focused on small and medium-sized businesses raised $80 million in Series B – the largest in the country – from Tiger Global, Creandum, Point Nine and others in September last year, and acquired a digital platform Codegram After a brief period. Launched by serial entrepreneur Jordi Romero in 2016, he has overseen the team’s growth of 590% over the past two years.
Cikalia is a leader in Spain’s burgeoning proptech scene, having raised an $86 million health check from SoftBank, Luxor Capital, Fifth Wall Ventures and Checkout.com co-founder Guillaume Pousaz – who also backed the Irish unicorn Wayflyer. Active in Spain, Portugal, and Mexico, Clikalia has major expansion plans to the rest of Europe.
Long-time no-token SaaS startup Typeform has raised $135 million in new Series C since its last Sifted rating feature, led by Sofina along with existing investors. With a valuation of $985 million, Typeform is a small push away from unicorn status, and it can leverage a decade of market experience to bolster its European presence.
Other notable names include the flower market Colvin Co, proptech Tiko, data platform Carto, and many more.
For an in-depth analysis of early stage companies across all sectors, visit our Intelligence Briefing catalog here.
Federico Scolari is a junior intelligence analyst at Sifted.