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!
Feedback is welcome.
- I am back from summer vacations with highlights from July and August. Hope you had a great summer!
- During the last 2 months, €1Bn was invested in 102 deals. YTD €3.5Bn was invested in Iberian startups, €0.8Bn in Portugal, and €2.7Bn in Spain.
- In case you missed it, Talkdesk raised the largest equity round in August – $230M – and reached Decacorn status ($10Bn valuation)
- Talkdesk, together with OutSystems, was named to the Forbes 2021 Cloud 100, a ranking of the top 100 private cloud companies in the world (Disclaimer: OutSystems is Armilar’s portfolio company)
- 2 of the largest tech/startup events in the region – South Summit Madrid (Oct 5-7) and Web Summit (Nov 1-4) – are happening in person over the next weeks. Given that Portugal and Spain have high levels of vaccination (>77%), I am expecting a good attendance, including from international investors. I will be there and I am excited to meet people in person again. Let me know if you are around
- PS – Is it just me or anyone else is missing the Lisbon Investment Summit? Hope it (or a similar event) comes back next year
- Over the last few months, I have been noticing a growing number of foreigners – investors, entrepreneurs, and blockchain enthusiasts – moving to Portugal. For those that haven’t decided to move yet, you are welcome to come!
- New funds announcement
- I was surprised to read that in 2020, €400M were raised in SIFIDE funds
- For those that aren’t aware and in nutshell, SIFIDE are tax incentives to promote business R&D investments, which includes investments in Private Equity and Venture Capital funds that invest in R&D intensive companies based in Portugal (check here for additional information)
- The state of the Madrid Region startup ecosystem by Dealroom
- Spanish Fintech Map by ElReferente
- “Top startups”
- Hot Startups in Portugal Update by Felipe Costa
- The hottest startups in Lisbon by Wired
- The hottest startups in Barcelona by Wired
- Option plan by Index Ventures
- Startup cities in the Entrepreneurial Age by DealRoom
- Sustainable Angel investors by Sifted
Click here for additional resources, including
August
Portugal
| Startup | Amount (‘000€) | Investors |
|---|---|---|
| TalkDesk https://www.talkdesk.com/ | 194,553 | Whale Rock Capital Management, TI Platform Management, Alpha Square Group, Amity Ventures, Franklin Templeton, Top Tier Capital Partners, Viking Global Investors, Willoughby Capital |
| Exclusible https://exclusible.com/ | 2,200 | Tioga Capital, White Star Capital, Indico Capital Partners, Shilling Capital Partners, António Félix da Costa, Mitch Evans |
| Musiversal https://www.musiversal.com/ | 1,360 | Shilling Capital Partners, LC Ventures, REDangels, Best Horizon |
| Abtrace https://www.abtrace.co/ | 1,300 | Faber, Ganexa Capital |
| ButFashion http://www.butfashion.com/ | 317 | Lisbon Ventures |
| Aeriyadomain, Lda. | 150 | Sment Digital |
| Kult https://kult.pt/login | 100 | Grant for the web |
| UShowMe https://www.ushowme.tv/ | 100 | Think Bigger Capital |
| Doinn https://doinn.co/ | Unknown | 500 Startups |
| Super Agent https://www.super-agent.com/ | Unknown | Shilling Capital Partners |
| Chatterbox https://www.chatterbox.io/ | Unknown | Mustard Seed Maze |
| Pleez https://pleez.pt/ | Unknown | Wisenext, APX |
Spain
| Startup | Amount (‘000€) | Investors |
|---|---|---|
| Biome Makers https://biomemakers.com/ | 12,742 | Prosus Ventures, Seaya Ventures, Viking Global Investors, JME Ventures, Pymwymic |
| Divilo https://www.linkedin.com/company/divilo/ | 4,000 | Unknown |
| UnusuAll https://www.unusuall.com/ | 3,000 | Garena |
| Coinscrap https://coinscrap.com/ | 2,200 | Helvetia Venture Fund, Faraday Venture Partners, Kalonia Venture Partners, Latinia, Bankinter, Xesgalicia, Draper B1, family office Alanzady España |
| Ecoscooting https://www.ecoscooting.com/ | 500 | Unknown |
| Vasquiat https://vasquiat.com/ | 402 | Dozen |
| Biboss https://bibossapp.com/ | 200 | Unknown |
| Worksible https://www.worksible.com/ | 200 | Unknown |
| Wonderfood https://wonderfood.bio/ | 80 | Startupxplore |
| Novaut https://www.novaut.com/es/ | 78 | Ronin Ventures |
| BITSPHI Diagnosis | Unknown | Bullnet Capital |
| Onyx Solar https://www.onyxsolar.es/ | Unknown | Sodical |
| Smartvel https://www.smartvel.com/ | Unknown | Faraday Venture Partners |
| eStrategy https://estragy.com/en/esports-training-gym/ | Unknown | Levels Up Ventures |
| Nester https://www.nestersoftware.com/es/home/ | Unknown | Levels Up Ventures |
| Deale https://www.deale.es/ | Unknown | Levels Up Ventures |
| Bioo https://es.biootech.com/ | Unknown | Levels Up Ventures |
| Ukio https://www.stayukio.com/ | Unknown | Bynd |
| Bildia https://bildia.com/ | Unknown | Encomenda |
Iberian investors, investing abroad
| Country of the investor | Investor | Amount invested (000’€) | Startup |
|---|---|---|---|
| ES | All Iron Ventures | 45,872 | Refurbed |
| ES | Creas | 45,872 | Refurbed |
| ES | Bonsai Partners | 45,872 | Refurbed |
| ES | Bionova Capital | 17,588 | SolasCure |
| PT | Mustard Seed Maze | Unknown | Kianava |
| PT | Bynd | Unknown | Motley London |
| ES | Samaipata | Unknown | Eolas Medical |
July
Portugal
| Startup | Amount invested (000’€) | Investors |
|---|---|---|
| Remote https://remote.com/ | 126,882 | Accel, Sequoia, Index Ventures, Two Sigma, General Catalyst, Day One Ventures |
| Casafari https://pt.casafari.com/ | 12,688 | Armilar Venture Partners, Prudence Holdings, Amavi Capital, HJM Holdings, 1Sharpe, FJ Labs, Lakestar |
| My Lads https://www.mylads.com/ | 7,600 | Riva Technology and Entertainment, António Félix da Costa, Sociedade Albuquerque & Almeida Advogados |
| BiLD Analytics https://bildanalytics.ai/ | 500 | Unknown |
| Art Curator Grid https://www.artcuratorgrid.com/ | 100 | Indico Capital Partners |
| The Bam & Boo Toothbrush https://www.thebamandboo.com/ | 100 | Indico Capital Partners |
| Gorodata https://gorodata.com/ | 100 | Indico Capital Partners |
| Lovys https://www.lovys.com/ | Unknown | Adevinta Ventures, MS&AD Ventures |
| Goclever https://goclever.io/ | Unknown | Ports 4.0 |
Spain
| Startup | Amount invested (000’€) | Investor |
|---|---|---|
| Capchase https://www.capchase.com/ | 236,847 | i80 Group |
| Tiko https://tiko.es/ | 55,000 | btov, Rocket Internet, Cabiedes |
| Colvin https://www.thecolvinco.com/ | 45,000 | Eurazeo, Farfetch, Glovo, ManoMano |
| Psquared (P²) https://www.psquared.es/ | 40,000 | Unknown |
| Lookiero https://lookiero.co.uk/ | 25,376 | Perwyn, MMC Ventures, All Iron Ventures, Bonsai Partners |
| Exoticca https://www.exoticca.com/ | 25,200 | 14W, Mangrove Capital Partners,Aldea Ventures, Milano Investment Partners SGR, K Fund, Bonsai Partners, Kibo Ventures, Sabadell Venture Capital |
| Easycharger https://easycharger.es/ | 25,000 | Unknown |
| Cobee https://cobee.io/ | 14,000 | Balderton |
| IMIDomics http://www.imidomics.com/ | 13,957 | DNS Capital, Bristol Myers Squibb, The Pritzker Organization, TAO Capital |
| Ritmo https://www.getritmo.com/ | 13,800 | JME Ventures, Inveready, Sabadell Venture Capital, Bynd Venture Capital, Wayra, Lanai Partners |
| Venvirotech https://www.venvirotech.com/ | 11,000 | Gassó family office, Unknown Business Angels, Giribets 2000 |
| Microverse https://www.microverse.org/ | 10,500 | Northzone, General Catalyst, All Iron Ventures |
| Cella Medical Sollutions https://www.cellams.com/en/ | 10,000 | Moira |
| Asistensi https://asistensi.com/ | 8,628 | Mundi Ventures, 468 Capital, Nazca |
| Toqio https://toqio.co/ | 8,000 | Seaya Ventures, Speedinvest, SIX FinTech Ventures |
| Zeleros https://zeleros.com/ | 7,000 | ACCIONA, CAF, EIT InnoEnergy, Altran, Red Eléctrica de España. |
| Trucksters https://www.trucksters.io/ | 6,300 | Kibo Ventures, Amplifier, Bonsai Partners, Axel Springer & Porsche, Big Sur Ventures, Metavallon VC, The Valley VC, Sacha Michaud |
| Councilbox https://www.councilbox.com/ | 5,000 | Adara Ventures, Wayra, Abanca |
| TherapyChat https://therapychat.com/ | 5,000 | Next Chance Group |
| bound4blue https://bound4blue.com/es/ | 5,000 | CDTI, Aciturri Aeronáutica, EIT Climate KIC, Ocean Born Foundation |
| Simplr https://www.simplr.io/ | 4,500 | Levels Up Ventures |
| Mecwins https://mecwins.com/ | 4,000 | CRB Inverbío SGECR, Masela Inversiones, Progenika-Grifols |
| Meep https://meep.app/ | 3,000 | Globalvia |
| Voovio https://www.voovio.com/ | 2,600 | CDTI |
| Tinybird https://www.tinybird.co/ | 2,538 | Crane Venture Partners, Nat Friedman (GitHub), Nicolas Dessaigne (Algolia), Guillermo Rauch (Vercel), Jason Warner (GitHub), Adam Gross (Heroku), Stijn Christiaens (Collibra), Matias Woloski (Auth0), Carsten Thoma (Hybris) |
| Bit2Me https://bit2me.com/ | 2,500 | Inveready |
| Tetraneuron https://tetraneuron.com/en/ | 2,500 | Unknown |
| Transparent https://seetransparent.com/es/ | 2,300 | JetBlue Technology Ventures, KFund |
| Corify Care https://corify.es/ | 2,350 | Clave Capital, Corporación Mondragón, Bexen Cardio, CDTI, Capital Cell |
| Velca https://velcamotor.com/ | 2,100 | Crowdcube, René de Jong, Tom Horsey, Hugo Arévalo, Jesús Alonso Gallo |
| Tropicfeel https://shop.tropicfeel.com/ | 2,000 | Fondo Bolsa Social, Crowdcube |
| Ludus Global https://ludusglobal.com/ | 2,000 | Inveready |
| Olivia https://www.oliva.health/ | 1,861 | Moonfire Ventures |
| Remove Group https://www.removegroup.com/ | 1,500 | IESE Ban |
| Fundeen https://www.fundeen.com/en | 1,200 | Instituto para la Diversificación y el Ahorro de Energía (IDAE), Grupo Enhol |
| MainRail http://www.mainrailsolutions.com/ | 1,100 | Clave Capital, CDTI |
| Ketonico https://ketonico.com/ | 1,100 | Synarchy Ventures, 183 INVEST AB, Andrea Pereira, Luís De Val (YouPlanet), Dr. Santos Martín, Carlos Domingo (Securitize) Álvaro Bravo (Aki Technogies), Ferran González |
| BioCross http://biocross.es/ | 950 | CDTI, Cross Road Biotech |
| Freeverse https://www.freeverse.io/ | 843 | Adara Ventures, 4Founders Capital, Seedway Ventures, Key Wolf, Luis Fernández(PlayGiga), David Xicota |
| Promos https://www.promosapp.es/ | 846 | Change Ventures, Martin Villig (Bolt), Andrius Šlimas (Oberlo) |
| Finteca https://www.finteca.es/ | 750 | Archipelago Next, SociosInversores.com |
| Solum https://www.solumpv.com/ | 750 | Fondo Bolsa Social, Capital Energy Quantum, Wayra |
| Cafler https://cafler.com/ | 800 | Banc Sabadell, Encomenda, Dídac Lee, René de Jong, Jacky Abitbol |
| Gstock https://www.g-stock.es/en/ | 600 | Unknown |
| Reental https://www.reental.co/ | 420 | Unknown |
| Plexigrid https://plexigrid.com/ | 300 | EDP Ventures, Sociedad Regional de Promoción del Principado de Asturias |
| MissCar https://www.misscar.es/ | 300 | Sauci Asesores S.L., Levante Premium Real State S.L. |
| Inhala App https://www.inhalapp.es/ | 200 | Unknown |
| Lovelybikes https://www.lovelybikes.com/ | 200 | Sociedad Regional de Promoción |
| Hobeen https://www.hobeen.com/ | 130 | The Holding Group, Other Business Angels |
| SEOcrawl https://seocrawl.com/ | 125 | Erik Allebest |
| Fisiocampus https://www.fisiocampus.com/ | 113 | Crowdfunding Bizkaia |
| Trialing https://www.trialing.org/ | 150 | Think Bigger Capital |
| Podder https://www.podderapp.com/ | 100 | Think Bigger Capital |
| Corgee https://www.corgee.co/ | 100 | Think Bigger Capital |
| Plant on Demand https://pod.coop/ | 100 | Dacsa Group |
| Bioherent | Unknown | Bullnet Capital |
| icloudCompliance https://icloudcompliance.com/ | Unknown | Angels Capital |
| Mateprincs https://mateprincs.com/ | Unknown | Clave Capital |
| Nadetech https://nadetech.com/ | Unknown | Clave Capital |
| Telum Therapeutics https://telumtherapeutics.com/ | Unknown | Clave Capital |
| Zetta Genomics https://zettagenomics.com/ | Unknown | Nina Capital |
| AlgaEnergy https://www.algaenergy.es/ | Unknown | Caixa Capital Risc, CDTI |
Iberian investors, investing abroad
| Country of the investor | Investor | Amount invested (000’€) | Startup |
|---|---|---|---|
| ES | Alma Mundi Ventures | 11,430 | Agentero |
| ES | Wayra | 10,151 | Vu |
| PT | EDP Ventures | 5,100 | Energyworx |
| ES | Nina Capital | 1,900 | Cardiomatics |
| ES | GoHub Ventures | 1,600 | Auravant |
| ES | Nauta Capital | 1,200 | Treblle |
| ES | Nina Capital | Unknown | The Lowdown |
| ES | Nina Capital | Unknown | Lena |
- September 4: Road to Web Summit application deadline
- September 10: Portuguese Fintech report open call
- September 15: Awesome Lab application deadline
- September 17: Demium Madrid, Malaga, Barcelona, Valencia & Lisboa application deadline
- September 17: BCN Health Booster application deadline
- September 19: Portugal Virtual 2021
- September 20: SeedRocket 26th Entrepreneur Campus application deadline
- September 23: Altice Innovation Award application deadline
- September 30: Startup Lisboa’s Day
- September 30: BStartup Health Application deadline
- October 3: From Start-to-Table application deadline
- October 3: DataChallenge application deadline
- October 5-7: South Summit Madrid
- October 8: Portugal Ventures Call Fostering Innovation in Tourism application deadline
- October 14: Telefonica Open Future application deadline
- October 15-16: Future.Works Tech Conference
- October 17: Las Rozas Incubation program application deadline
- 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
- November 12: Demium Madrid, Malaga, Barcelona, Valencia and Lisbon application deadline
- Novermber 29: Wannased application deadline
- November 29: Portugal Ventures Call Açores application deadline
- November 30: Fundo + Plus Casa do Impacto 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 | Bipi | M&A | €100M
- PT | GoContact | M&A | €21M
- PT | Cleverly | M&A | Unknown
- ES | Revelock | M&A | Unknown
- ES | BlueLiv | M&A | Unknown
- ES | BLOK | M&A | Unknown
- ES | BNC10 | M&A | Unknown
- ES | Frontity | M&A | Unknown
- ES | Clicfunds | M&A | Unknown
Activity report
See also