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.
- 🇺🇦 This month, I want to call your attention and contribution to an important initiative! Casafari created a group to help the Ukrainian Tech community find jobs in companies willing to sponsor them. You can find more details and contribute here
- For those that don’t know, Casafari is a Portuguese startup that employs a significant number of people in Ukraine
- Stay safe Casafari team ❤️ My thoughts and prayers are with all Ukrainians!! 🇺🇦
- It is too early to say, but I fear that recent events might also negatively impact the startup ecosystem and end the booming environment that we experienced in the last year
- At the beginning of the year, public markets valuation multiples were already showing a negative trend, and have further declined in the last few days. SaaS ARR valuation multiples are now -5% and 45% down vs. end of January 2022 and February 2021
- For now, I have no recommendation besides being more prudent on cash burn and keeping an eye on how the situation evolves, as the market can quickly change – Corporates, Investors, … hate uncertainty. But I will return to this topic in the upcoming newsletters
- Spain already counts with 4 new Unicorns in 2022 (TravelPerk, Domestika and Fever), the same number as 2021 full-year (Spain is winning to Portugal, Spain 3 – Portugal 0)
- In the next 5 years, European Innovation Academy will be organized in Porto
- New funds
- Asabys Partners increased its first fund and reached €117M to invest in Health Care and Life sciences startups
- Clave announced a technology transfer fund, with an €80M target
- Shilling announced the final closing of the Founders fund at €52M
- Indico launched a new fund with a 50M target. The new fund focus on “Blue Economy” startups and SMEs, including coastal tourism, sustainable aquaculture, and services companies
- Global Social Impact Investments is raising a new impact fund, with a €50M target
- Nina Capital closed its second fund with over €40M. The fund will target pre-seed to series A health startups
- Decelera partnered with Sancus Capital to launch a €30M fund
- Enzo Ventures announced a €20M fund, aiming to invest €100-500k in 30-35 startups
- Nekko launched a €10M fund to invest €50-150k in Nuclio startups
- I will be attending 4YFN in Barcelona, let me know if you are around
- Our take on (Deep) Tech Investing by Armilar Venture Partners
- Informe anual de tendencias de inversión en España 2021 by Fundación innovación Bankinter
- Anuario 2022 – Directory Private Equity & Venture Capital by ASCRI
- 2021 Iberian market report by TTR
- Q4/EOY ’21 European VC fundraising note by EuroVC
- How Much Money is Flowing into Crypto? by Tomasz Tunguz
- The Future of Work is Not Corporate — It’s DAOs and Crypto Networks by A16z
- A VC-fostered community of Founders by Armilar Venture Partners
- European VC Valuations report by pitchbook
Click here for additional resources, including
Portugal
| Startup | Amount (‘000€) | Investors |
|---|---|---|
| Tekever | 20,000 | Ventura Capital, Iberis Capital |
| Kenko | 8,846 | Siddhi Capital, Indico Capital Partners, Next View Ventures, Riverside Ventures, Silas Capital, Cheyenne Ventures, Shilling Capital, Mission Point, Gather Ventures, Nextblue Ventures |
| ImpactMarket | 1,880 | Celo Foundation, Davoa Capital, Flori Ventures, Eutopia Foundation, Valora, Diogo Mónica (Anchorage), Marek Olszewski (Celo), Albert Wenger (USV) |
| Meigh | 1,300 | Faber Ventures, Lusiaves SGPS, Superlyst, European Institute of Innovation and Technology (EIT), Ryan Petersen, Dispatch Ventures |
| Relive | 1,000 | Techstars, Shilling Capital Partners, Accel, Bynd, Indico Capital Partners, Portugal Ventures, Diogo Mónica (Anchorage), Pedro Bizarro (Feedzai) |
| Checkfirst | Unknown | Olisipo Way |
Spain
| Startup | Amount (‘000€) | Investors |
|---|---|---|
| Fever | 200,000 | Goldman Sachs, Atresmedia, Goodwater Capital, Smash Capital, Alignment Growth |
| Paack | 200,000 | SoftBank Vision Fund, Infravia Capital Partners, First Bridge Ventures, Endeavor Catalyst, Unbound, Kibo Ventures, Big Sur Ventures, RPS Ventures, Fuse Partners, Rider Global, Castel Capital, Iñaki Berenguer |
| TravelPerk | 101,000 | General Catalyst, Kinnevik AB, Gillian Tans, Joel Cutler |
| Domestika | 96,700 | Zeev Ventures, GSV Ventures |
| Capchase | 48,000 | Unknown |
| Submer | 30,000 | Planet First Partners, Mundi Ventures |
| MyInvestor | 20,000 | Andbank España, El Corte Inglés Seguros, Axa España, Unknown family offices |
| Peptomyc | 8,600 | Alta Life Science, HealthEquity, Aurora Biosciences, Unknown business angels, CDTI |
| Payflow | 8,000 | Seaya Ventures, Cathay Innovation, YCombinator, Rebel Fund |
| ClimateTrade | 7,000 | Conexo Ventures, ClearSky, Borderless Capital Algorand, SIX Group, Wayra, Omron Ventures, Amasia, Zubi Capital |
| Last.app | 2,200 | All Iron Ventures, Bynd, Hugo Arévalo (ThePowerMBA), Iñaki Ecenarro (Trovit), Albert Armengol (Doctoralia), Gonzalo Manrique (Ironhack) |
| Vytrus Biotech | 2,400 | Zamit Capital,Perfumerías Julia’s family office, Institut Català de Finances (ICF) |
| Plexigrid | 2,000 | SRP, TheVentureCity |
| Nware | 1,100 | Draper B1, Archipelago Next, COREangels, Tokavi, Grupo Villar, Secal Venture Investors, Jorge Desormeaux, Andreas Mihalovits |
| Haddock | 1,000 | Y Combinator, Zone2Boost, JME Ventures, Levels Up Ventures, Extension Fund, Unknown Business angels |
| V2C | 1,000 | Clave Capital, Easo Ventures |
| Kanguro | 1,000 | Sociosinversores (Crowdfunding) |
| Nymiz | 850 | Kalonia Venture Partners, Archipelago Next, ESADE BAN, ENISA |
| Revoolt | 850 | Global Social Impact Investments (GSIF) |
| Poly Cashback | 820 | Draper B1, EOS Investimentos, Other business Angels |
| SimpleCloud | 675 | CDTI, Caixa Capital Risc, Easo Ventures, Neocapital, Conexo Ventures |
| HR Bot Factory | 650 | Dozen, Draper B1, Juan José Mostazo |
| Livetopic | 600 | Grupo MED, ENISA |
| Nubentos | 500 | Ops Capital, Startupxplore |
| Opground | 500 | FI Group, Enisa, Neotec, Startup Capital de Acció |
| GuruCall | 500 | Unknown Family Office |
| FuelYourBrands | 500 | Startupxplore |
| Soof | 500 | Enion Venture Partners |
| Oncovision | 450 | Bullnet Capital, CDTI |
| Calíope | 293 | StartupXplore, Enisa |
| Subbliminal | 290 | Ramon Artigas Mas, Miguel Seco, Daniel Táboas, Diego Castilla |
| Libera Bio | 290 | XesGalicia |
| Hobeen | 261 | The Holding Group, Metxa, Carlos Blanco, Unknown Business Angels |
| UNION AVATARS: Linking Realities | 260 | FI Group |
| Berrly | 250 | Easo Ventures, Manent Ventures, GPM, Oceanflow Ventures |
| Wattio | 170 | CDTI, Repsol |
| Bitstartups | 170 | Seedway Ventures, Successful Ventures |
| Kupay | 150 | Think Bigger Capital |
| Impulsyn | 145 | |
| Aritium | 140 | Unknown Business Angels |
| Veris Behavior | 88 | Grupo Análisis e Investigación, Fernando Alonso-Cortés Rodríguez |
| Trackingplan | Unknown | YCombinator |
| Bluemarble | Unknown | Conexo Ventures |
| Gocleer | Unknown | Faraday Venture Partners |
| Bcas | Unknown | Lanai Partners |
| Hellotickets | Unknown | Faraday Venture Partners |
| Rice | Unknown | Bynd, JME Ventures |
Iberian investors, investing abroad
| Investor participating | Total round size (‘000€) | Startup |
|---|---|---|
| Seaya Ventures | 106,157 | Descartes |
| Mundi Ventures | 106,157 | Descartes |
| Seaya Ventures | 40,000 | Resilience |
| Kibo Ventures | 13,000 | Evernest |
| Big Start Ventures | 6,192 | Wealthkernel |
| Armilar Venture Partners | 5,308 | Cintoo |
| Samaipata | 3,096 | Karmen |
| HelloWorld.VC | 2,875 | Clearword |
| Faraday Ventures Partners | 1,500 | AiVidens |
| Mustard Seed Maze | Unknown | Learney |
| Mustard Seed Maze | Unknown | Thrift+ |
| Mustard Seed Maze | Unknown | Mindstone |
| Shilling Capital Partners | Unknown | Gira |
| Draper B1 | Unknown | Klosure |
Activity report
See also