Spain’s high seed and Sequence A VC traders

2021 was a bumper 12 months for Spanish tech funding, with startups drawing in report funding and a number of new unicorns being minted within the course of. Because the nation goes from being seen as a European backwater for ecommerce marketplaces, to southern Europe’s pure chief in scaleable worldwide companies, funds from exterior at the moment are more and more attempting to get in on the act [link All Iron fund of funds].

So that are the highest funds to know in Spain, the place are they focusing their investments and… have they got any girls on their funding groups? 

In the present day, utilizing knowledge from Dealroom, Sifted is spotlighting the nation’s high early stage funds. You will discover Dealroom’s full methodology right here, however the rankings are based mostly on the next knowledge factors:

• Variety of unicorns in portfolio
• Variety of “future” unicorns in portfolio
• Variety of rounds within the final 12 months

Dealroom has additionally weighted the rankings by a “dilution rating”, so funds that invested in unicorns at seed stage are scored extra extremely than those who bought in at a later stage.

The rankings are divided into seed and Sequence A funds, which must be taken with a pinch of salt as some funds listed are investing at each of these phases. 

So, which areSpain’s most lively and profitable early stage traders?

Sequence A

1. Seaya Ventures

Newest fund: Seaya lately launched Seaya Andromeda, a €300m fund to handle world sustainability challenges.

Focus: Seaya Andromeda invests in tech corporations specializing in local weather tech, round economic system and agritech. The agency has one other generalist fund, Seaya III, which focuses on excessive development tech-enabled corporations at Sequence A and B (writing cheques of €2m-€15m).

Deal rely in Europe in 2021: 18

Gender cut up of funding group: Companions: 75% males. The broader funding group: 53% males and 47% girls.

Notable investments: 

• Fast commerce and meals supply app Glovo (unicorn)
• Trip hailing firm Cabify (unicorn)
• Electrical automobile charging firm Wallbox (unicorn)
• Mid-term rental platform Spotahome

The pitch to founders: It’s not a shock to see Seaya high the listing for Sequence A funds, with a few of Spanish tech’s most notable names amongst its portfolio. Based mostly out of Madrid and led by founder and managing associate Beatriz Gonzalez, the agency says it desires to be the primary port of name for founders needing help, and prides itself on its scaling know-how.

2. Kibo Ventures

Newest fund: Kibo introduced the ultimate €120m shut of its third fund in January 2022.

Focus: Investing throughout Europe, in corporations that “have a Spanish angle” or the place the agency can add particular worth by helping with an growth into Spain. The fund invests from late seed stage to Sequence A (writing cheques of €1m-€5m).

Deal rely in 2021: 9

Gender cut up of funding group: Accomplice stage: one lady associate out of six. Wider funding group: two girls traders out of a group of eight.

Notable investments: Kibo is headed up by managing companions Javier Torremocha and Aquilino Peña, with the latter additionally serving because the president of Spain’s Affiliation of Capital, Development, and Funding (ASCRI). The fund has a monitor report of serving to portfolio corporations succeed within the US, and has a community of 20 skilled Spanish entrepreneurs as LPs who lend recommendation to portfolio corporations. 

Notable investments:

• NFT soccer buying and selling recreation Sorare (unicorn)
• Swedish e-scooter firm Tier (unicorn)
• Funds service Flywire (unicorn)
• Final-mile supply service Paack (unicorn)

3. Mundi Ventures

Newest fund: Mundi introduced the primary shut of a brand new €250m insurtech targeted fund in February 2022. 

Focus: Investing globally in insurtech and “insurance-adjacent” corporations, Sequence A and B (writing cheques of €500k-€8m)

Deal rely in Europe in 2021: 19

Gender cut up of funding group: Deal leads: all males. Wider funding group: six males, one lady.

Notable investments: 

• Informal work platform Jobandtalent (unicorn)
• Purchase now, pay later scaleup Klarna (unicorn)
• AI-powered software program for sustainable enterprise working Readability AI
• Worker psychological well being platform Koa Well being

The pitch to founders: Mundi prides itself on having effectively developed networks round Europe and the US, which it says makes it an ideal associate for corporations increasing internationally. The group declare to be hands-on board members, and say they attempt for “American-style velocity and adaptability.”