Home to companies such as Cabify, Glovo and Paack, Spain is not only a leader in the tech sector in southern Europe, but a competitor across the continent.
The value of the Spanish ecosystem – measured by the total valuation of its startups – increased by almost 40% Average annual over the past five years.The country waves goodbye to 2021 in fiery gesture $500M Series E Worked for the HR marketplace Jobandtalent and added a €101 million Series E to Barcelona-based TravelPerk in 2022, adding to its growing number of unicorns.
The latest in the Spanish startup ecosystem
The Spanish government is aware of the legislative and financial needs of its thriving ecosystem.much-anticipated start method Drafted at the end of 2021, the plan includes financial incentives and a talent retention plan to make Spain an attractive hub for operators.
Despite macroeconomic instability, 2022 has so far kept up with the record pace of 2021.Received $1.3 billion in venture capital funding in the first quarter — In line with 2021 trends, 9 times higher than in Q1 2017.
But a global market slowdown could affect the size and type of exits. No company listed In Madrid Bolsa until 2022, IPOs of established institutions such as Ibercaja are expected delayed due to market volatility.
Realized exits remain somewhat attractive, generating $330 million in flows between acquisitions, mergers and acquisitions in Q1, compared to $240 million in Q1 2021 – year-to-date versus all of last year $8 billion was flat.
Then, have high hopes for exciting startups leading the way in the country. Sifted is the most promising of them all — including hits, household names, and fast-growing wonders.
Spanish startups: a new entry in the Sifted ranking
Based in the Basque city of San Sebastian, Multiverse Computing provides quantum applications to the financial industry – from fraud detection and portfolio optimization to insurance pricing and automatic credit scoring – designed to outperform traditional computers.It was selected as Sifted’s rising star Quantum Computing Briefing.
Barcelona-based Koa Health has raised more than $30 million in less than a year to enhance its digital health platform. It has a high focus on employee mental health, targeting companies, healthcare providers and insurance companies to promote support for mental health issues.
Founded in 2018, Cobee is an employee benefits management platform. It closed a €14 million Series A round from Balderton Capital, Speedinvest, Target Global and others, and was previously backed by Ruben Ferreiro, the founder of Amazon aggregator YABA and an angel for Glovo and Cabify.
Rising startup stars in Spain
Barcelona-based Factorial is one of the most promising startups in the country.The SME-focused HR platform raised an $80 million Series B round — the largest in the nation — from Tiger Global, Creandum, Point Nine and others last September and acquired the digital platform code map Soon after. Serial entrepreneur Jordi Romero launched it in 2016 and has overseen a 590% team growth over the past two years.
Cikalia, a leader in Spain’s booming real estate tech sector, has raised $86 million in health checks from SoftBank, Luxor Capital, Fifth Wall Ventures and Guillaume Pousaz, co-founder of Checkout.com, which also backs Irish Unicorn Beast Wayflyer. Active in Spain, Portugal and Mexico, Clikalia has big expansion plans for the rest of Europe.
Typeform, a long-established no-code SaaS startup, has raised a new $135 million Series C round since its last screening ranking by Sofina and existing investors. With a valuation of $985 million, Typeform is one step away from unicorn status and could leverage its decade of market experience to cement its European presence.
Other well-known brands include flower market Colvin Co, proptech Tiko, data platform Carto and more.
For in-depth analysis of early-stage companies across industries, visit our directory of intelligence briefings here.
Federico Scolari is a Junior Intelligence Analyst at Sifted.