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.
- The rise of Deep tech in Spain?
- Despite B2B startups representing ~60% of the rounds and money raised in Spain, there is a general understanding, particularly among international VCs, that the Spanish startup ecosystem is mostly a B2C market
- I guess the early success of Glovo and Cabify largely contributed to that
- But now that I have been covering Spain for some months in this newsletter, I don’t truly agree with that perspective. I am noticing a relevant number of high-quality B2B startups, particularly on the deep tech side. Perhaps lower than European markets, but quickly catching up
- To fuel this increasing deep tech deal flow, and since the beginning of the year, 7+ Spanish VC funds announced/launched deep tech funds targetting €400M+ in total (these numbers don’t include Biotech funds)
- Exciting times ahead for deep tech in Spain
- Despite B2B startups representing ~60% of the rounds and money raised in Spain, there is a general understanding, particularly among international VCs, that the Spanish startup ecosystem is mostly a B2C market
- New funds
- Bonsai Partners announced new early-stage funds with a target size of €165M
- Additio Ventures announced a new fund with a €60M target, to invest in deep tech startups
- Big Sur Ventures launched a €40M new fund to invest in deep tech startups
- Inveready launched Full Global Investments, a €40M fund to co-invest with leading European and American VC funds
- Faraday announced the commitment of Fond ICO to invest up to 49% of its new €40M fund
- Faber Ventures ocean/climate-focused deep tech VC fund reached €32M
- Nara Capital is preparing a €25M fund to invest in biotech
- Barlon Capital launched a €20M fund
- Eoniq launched a €20M fund
- Demium launched a €5M fund to invest in Sports-related startups
- Wagami venture studio raised €3M to build web3 startups
- Redit Ventures announced a €1.5M fund to invest in spin-offs from Red de Institutos Tecnológicos de la Comunitat Valenciana
- Breega, a french VC, opened a new office in Barcelona
- All Iron Ventures announced a €30M fund of funds
- Iberia related
- Navigating current markets
- All-In Summit: Bill Gurley & Brad Gerstner on markets, downturns & investment cycles
- Q2 SaaS multiples have collapsed by Blossom Street Ventures
- The Most Popular Financing Round in 2022 by Tomasz Tunguz
- IPOs Stall and Valuations May Fall as Bullish Decade Closes by Pitchbook
- The state of VC in 2022 by Dealroom
- Others
- Do VCs add value? 4 years later, the answer remains: sometimes by Peter (Creandum)
Click here for additional resources, including
Rounds in Portugal (PT) and Spain (ES)
Iberian investors, investing abroad
Activity report
See also