Barcelona's Weekly Tech Update

Hello and happy Monday,

This week’s main headlines:

• Big funding for Factorial & Exoticca 💰

• Revolut opens BCN innovation hub 💡

• Spain ends golden visa 🚫

BCN Q1 startup funding nearly triples 🚀

In Q1 2024, we tracked that Barcelona startups raised €618.4M over 38 rounds. Compared to last year, they raised €220.8M across 35 rounds–nearly triple for around the same number of rounds.

This hefty increase, along with a stable number of rounds, suggests:

✅ Increased investor confidence in BCN and its position as a tech hub (two hub-related reports in just this week)

⬆️ Larger deal sizes: Could be that companies reaching the funding stage are more mature, have a clearer path to profitability, or are operating in high-growth sectors that demand significant capital infusion for scaling

💪 Ecosystem strength: The data reflects well not only on our startups but also on the support system, e.g. accelerators, incubators, and local government policies favoring innovation and entrepreneurship

📈 Potential for future high-value exits: Larger rounds often prepare startups for significant growth phases, which could lead to IPOs, acquisitions, or further fundraising at higher valuations

🌊 General global tech wave: Global investment trends that favor tech-heavy sectors like fintech, healthtech, and green/cleantech are well-represented by BCN startups. The two largest rounds in Q1 were by fintechs (Nebeus: €250M & ID Finance: €140M).

With BCN funding reports this week totaling around €90M (and with large deal sizes) hopefully, this movement will continue for the rest of the year.

Have a great week!

Startup & Investment News

Barcelona investment news

• Factorial secures $80M (~€75M) of Go-To-Market investment from General Catalyst to accelerate growth

• Aticco gets €10M to boost its expansion

• Exoticca closes €4M debt financing with BBVA Spark to expand into Latin America

Barcelona startup news

• Women’s business angel network WA4STEAM accumulates 3 million investments in 31 startups since its founding in 2018

• Tech Tourism Cluster plans to grow 25% in 2024, with a firm commitment to advanced technologies

• Wallbox triples interest expense on loans due to debt increase; it also just appointed a new CFO

Spanish investment news

• Data management firm Onum raises €26M

• Madrid fintech TaxDown closes €5M round

• Bilbao-based gen AI cybersecurity startup Nymiz gets €2.8M

• Valencian AI video generation startup Vidext closes €2M

• Car-sharing platform Hoop Carpool joins Mango’s StartUp Studio, diversifying from the fashion accelerator’s usual projects

VC, investment & crowdfunding news

• Ship2B Ventures invests €9M in 10 health startups

• All Iron launches a venture capital company to raise €30M and complement its third fund

• The EIB (European Investment Bank)’s VC arm to back new fund in Spain, aiming to invest €1B in growth-stage tech startups

Open calls, accelerator news & incubator stories

• Circular Economy Open Challenge: MWCapital & CCEP seek startups & students to improve their sustainability goals; until Apr 21

• Travelsoft Group launches its second StartUp Contest, offering up to €250K in prizes; until Apr 30

• Barcelona Activa has organized a series of workshops for under 30’s to acquire knowledge and skills to start a business; Apr 15–June 5

• Sign up for the 7th edition of the Innovative Ideas Award promoted by the Caja Ingenieros Foundation, which transforms business ideas into companies; until May 10

Barcelona startup & entrepreneur profiles & interviews

• Interview with Iñaki Uriz, CEO & Co-founder of ‘Netflix for travel’ subscription Caravelo 

• PYKRS: New app or remote-controlled smart jackets for urban commuters

Tech News

Tech news in Barcelona

• Revolut opens innovation center for southwestern Europe in Barcelona

• MediaMarkt promotes its BCN international financial hub, opening a call for 25 more staff

• America’s Cup launches first official videogame and e-sports championship in Barcelona

• Renfe eyes French market as Barcelona-Paris train line stalls

Tech & big company news in Spain

• Repsol partners with US startup Harvey to incorporate AI into its legal advisory team, the first in Spain

• Telefónica Tech and AEC create the ‘CISO Club’ to advance in cybersecurity

• Used book marketplace Hamelyn incorporates OK Ventures as a new shareholder to promote its expansion

Politics, legal & economics

• Spain plans to end its Golden Visa scheme for wealthy non-EU citizens

Good Reads

• From J1 visa to Blue Passport: A startup founder's immigration journey

• Humane AI Pin review: not even close

• The 15 most common branding mistakes of early-stage startups

Good Videos & Podcasts

• VC deep dive with German-UK VC firm Project A (Kfund, EN)

• PcComponentes: Turning over €650M in 2023 (Itnig PlayBook, ES)

Great Events

This week:

• Mon, 15 Apr @18:30: Industrial Tech Heroes #4: with Keybotic CEO & Co-founder Irene Gómez

• Wed, 17 Apr @18:30: Startup Grind BCN hosts Open mic networking party + Special guest → 40% discount already applied 😄 

• Wed, 17 Apr @18:30: Aticco Talks: Boost your brand's presence on TikTok

Upcoming:

• Mon, 22 April: E3 Initiative: The first-ever Career Fair for Startups

• Wed, 24 Apr @18:30: BCN FinTech X Barcinno #014: Payment Technology → 50% off code applied 🔥

• Sat, 27 Apr @10:30: 4Voices Public Speaking for teens: The Digital Jungle: navigating the online world

• Thu, 16 May–Sat, 18 May: Esade Entrepreneurship Summit 2024

• Wed, 29 May @18:30: Fuckup Nights Barcelona 6th Anniversary

See the full event calendar here & add your event here.

Startup Jobs:

• Bourbon Creative is looking for a French Writer (100% remote)

• Honest Greens needs an Expansion Manager

• Piper is hiring a Customer Success Specialist

• +583 Barcelona-based job openings in the fintech sector