This article accompanies our newly launched ranking of Spanish startups and scaleups, which should be monitored for 2022. Members can view it in full here. Not a member? Register now.
Spain, home to celebrities such as Cabify, Glovo and Paack, is not only the technology leader in southern Europe, but also a competitive player across the continent.
The value of the Spanish ecosystem – measured as the overall valuation of its startups – has risen by almost 40% on average every year for the last five years. The country waved goodbye to 2021 $ 500 million E series for the Jobandtalent personnel market and entered EUR 101 million Series 20 for TravelPerk, based in Barcelona, by 2022, contributing to the growing number of unicorns.
The latest from the Spanish startup ecosystem
The Spanish government has taken on the legislative and fiscal needs of its prosperous ecosystem. So much expected starting law was designed at the end of 2021, complemented by fiscal incentives and talent retention initiatives to make Spain an attractive center for operators.
So far, 2022 has kept pace with the record pace of 2021, despite macroeconomic instability. Q1 ended up at $ 1.3 billion in venture capital financing – in line with trends in 2021 and nine times higher than in the first quarter of 2017.
But the slowdown in global markets can affect the size and types of departures. No company has entered the stock exchange in the Bolsa de Madrid so far in 2022, with expected IPOs established by institutions such as Ibercaja postponed due to market volatility.
Realized outputs maintained some traction and generated $ 330 million in flows between acquisitions, mergers and buyouts in the first quarter, compared to $ 240 million in the first quarter of 2021 – so far in line with $ 8 billion for the whole of last year.
Great hopes are then placed in the fleet of exciting startups that lead the way in the country. Sifted was among the most promising among them – including big hits, famous names and fast-growing wonders.
👉 See the full list of Spanish startups and scaleups you can follow
Spanish startups: New items in the Sifted ranking
Headquartered in San Sebastian, Basque Country, Multiverse Computing offers quantum applications for the financial industry – from fraud detection and portfolio optimization to insurance pricing and automated credit assessment – designed to outperform traditional computers. It was chosen as the rising star in Sifted’s briefing on quantum computers.
Barcelona-based Koa Health has raised more than $ 30 million in less than a year to enhance its digital health platform. With a strong focus on employee well-being, it targets companies, healthcare providers and insurance companies to facilitate mental health support.
Founded in 2018, Cobee is a platform for managing employee benefits. It closed the EUR 14 million Series A from Balderton Capital, Speedinvest, Target Global and others and was previously supported by Ruben Ferreiro – the founder of the Amazon aggregator YABA and angel Glovo and Cabify.
Rising startup stars in Spain
Barcelona Factorial is one of the most promising startups in the country. The SME HR platform earned $ 80 million Series B in September last year – the largest in the country – from Tiger Global, Creandum, Point Nine and others, and acquired a digital platform. Codegram shortly after. Serial entrepreneur Jordi Romero launched it in 2016 and has overseen the team’s growth of 590% over the last two years.
Cikalia is a leader in the booming Spanish propty scene, receiving a healthy check for $ 86 million from SoftBank, Luxor Capital, Fifth Wall Ventures and Checkout.com co-founder Guillaume Pousaz, who also supported the Irish unicorn Wayflyer. Clikalia, which operates in Spain, Portugal and Mexico, has major expansion plans to the rest of Europe.
Typeform, a long-running SaaS without a code, has won a fresh $ 135 million Series C, led by Sofina, along with existing investors, since its last position in the Sifted rankings. At $ 985 million, Typeform is a small reflection of the unicorn’s position and can leverage its decades of market experience to strengthen its European presence.
Other notable names include the Colvin Co flower market, Tiko props, the Carto data platform and many more.
For an in-depth analysis of companies at an earlier stage across all sectors, visit our intelligence catalog here.
Federico Scolari is a junior intelligence analyst at Sifted.