This article is a companion to our recently released ranking of Spanish startups and scaleups to watch for 2022. Members can view the full ranking here. Not a member? Register now.
Home to companies such as Cabify, Glovo and Paack, Spain is not only the leader of the technology scene in southern Europe, but also a competitive player across the continent.
The value of the Spanish ecosystem —measured as the total valuation of its startups— has grown by almost 40% on average each year for the past five years. The country said goodbye to 2021 with a glow $500 million Series E for the Jobandtalent staffing market, and entered 2022 with a €101m Series E for Barcelona-based TravelPerk, adding to its growing unicorn tally.
The Spanish government has become aware of the legislative and fiscal needs of its booming ecosystem. the long awaited start law It was drafted at the end of 2021, with tax incentives and talent retention initiatives to make Spain an attractive hub for operators.
So far, 2022 has held at the record pace of 2021 despite macroeconomic instability. The first quarter closed with $1.3 billion in venture capital funding — consistent with 2021 trends and nine times the amount in the first quarter of 2017.
But the slowdown in global markets may affect the sizes and types of exits. No company has gone public on the Madrid Stock Exchange so far in 2022, with expected IPOs of consolidated entities such as Ibercaja being postponed due to market volatility.
Realized exits have maintained some traction, generating flows of $330 million between acquisitions, mergers and acquisitions in the first quarter compared to $240 million in the first quarter of 2021, so far consistent with $8 billion for the full year. last.
So, high hopes are pinned on the fleet of exciting startups leading the way in the country. Sifted ranked the most promising among them, including big hits, household names, and fast-rising wonders.
👉 Check the complete ranking of Spanish startups and scaleups to follow
Headquartered in the Basque city of San Sebastián, Multiverse Computing offers quantum applications for the financial industry, from fraud detection and portfolio optimization to insurance pricing and automated credit scoring, designed to outperform classical computers. . He was selected as a rising star on Sifted’s quantum computing report.
Barcelona-based Koa Health has raised more than $30 million in less than a year to power its digital health platform. With a strong focus on employee mental wellbeing, it reaches out to employers, health care providers and insurers to make it easier to support mental health issues.
Founded in 2018, Cobee is an employee benefits management platform. It closed a €14 million Series A from Balderton Capital, Speedinvest, Target Global and others, and was previously backed by Ruben Ferreiro, founder of Amazon aggregator YABA and angel of Glovo and Cabify.
Barcelona-based Factorial is one of the most promising startups in the country. The SME-focused human resources platform raised an $80 million Series B, the largest in the country, from Tiger Global, Creandum, Point Nine and others in September last year, and acquired the digital platform. codegram shortly after. Serial entrepreneur Jordi Romero launched it in 2016 and has overseen a team growth of 590% in the last two years.
Cikalia is a leader in Spain’s burgeoning proptech scene, having raised a healthy $86 million check from SoftBank, Luxor Capital, Fifth Wall Ventures and Checkout.com co-founder Guillaume Pousaz, who also backed Irish unicorn Wayflyer. With a presence in Spain, Portugal and Mexico, Clikalia has major expansion plans for the rest of Europe.
Typeform, a long-standing no-code SaaS startup, has raised a new $135 million Series C since its last feature in a Sifted ranking, led by Sofina along with existing investors. With a valuation of $985 million, Typeform is one step away from unicorn status and can use its decade of experience in the market to consolidate its presence in Europe.
Other notable names include flower market Colvin Co, proptech Tiko, data platform Carto, and many others.
For in-depth analysis of early-stage companies across all sectors, visit our catalog of intelligence reports here.
Federico Scolari is a junior intelligence analyst at Sifted.