The tech industry in Spain is not immune to the overall market slowdown this year, but things could certainly get worse.
Spanish startups look to raise a bit less than in 2021, but the drop in funding volumes in the second half of the year was not as dramatic as seen across Europe. Dealroom data shows that overall funding for European startups will fall from $62.3 billion in the first half of 2022 to $32.1 billion in the second half (as of December 20), while Spain has raised 20 billion in the same period. billion to $1.5 billion.
This was helped by some big pay raises later this year, like the HR software builder. Factorial’s $120 million Series C, We saw the company achieve unicorn status. We also procured so-called “Soonikorn”, which includes redpoints for fraud prevention scale-up.announced the fresh €20 million funding round In November, it declined to share its valuation, but it could be a sign of a wider range. downward pressure About startup prices in Europe.
However, while the economy is always in cycles and currently in a difficult situation, Spain’s tech startup sector continues to move in the right direction.
Here are some key moments from Sifted’s Spanish coverage in 2022.
sounicorn and the new unicorn
Aside from Factorial and Red Points, a lesser-recognized name also raised big money: a cybersecurity startup IriusRisk Earns $28.7M Expanding the team in Spain, UK and USA. The round is evidence of Spain’s growing reputation as a technology exporter, with founder Stephen de Vries telling his Sifted that the majority of the company’s clients are based in the United States. says.Also his TravelPerk, a business trip startup based in Barcelona Reached unicorn status, After raising a top of $115 million, A $160 million Series D.
Deep tech renaissance
Spain is starting to produce deep tech success stories like Red Points and IriusRisk. Quantum computing startup Multiverse Computing is one of them. The fastest growing startups in Spain this year are While photonics wake iPronics Raised 3.7 million euros Develop and extend technology for building ultra-fast microprocessors.
Other cutting-edge technology companies Investor attention This year, they include “edge computing” startup Nearby Computing, AI-powered voice modulation technology company Voicemod, and radiographic image analysis tool Quibim.
Success outside Madrid and Barcelona
Another notable (and encouraging) trend for Spanish tech in 2022 is the increasing success of startups outside of the two main hubs of Madrid and Barcelona. The aforementioned iPronics, Multiverse Computing and IriusRisk, with headquarters in Valencia, San Sebastian and Huesca (Aragon) respectively, are not the only ones making waves across Spain.
Another is Odilo, an e-learning platform from Cartagena (Murcia). Raised €60 million in June, VR training startup Seabery from Huelva (Andalusia), raised an undisclosed amount in July.
other fast growing startup From abroad and from the Catalan capital, industrial 3D printing company Triditive from Mieles (Asturias), electric vehicle charging platform Zunder from Palencia (Castile and Leon) and Sesame HR from Valencia.
Big year for Glovo
2022 is also an eventful year for Spain’s most famous technology company, Glovo, and the year started off with a bang. Just before midnight on New Year’s Eve, Delivery hero announcement Acquires Barcelona-based food delivery scale-up.
It was an amazing start to the year for many.co-founder Oscar Pierre previously told Sifted He was going to take Glovo to an IPO
Given what happened to public market tech stocks in this downturn, Ripple effect of IPO, The timing of this deal can be interpreted as a stroke of genius (Glovo shareholders would certainly have gotten a better price than they do now).
But that doesn’t mean all was smooth sailing for the company. In March, former and current Glovo employees described the company’s ruthless “hire and fire” culture, while staff at Foodpanda, which Glovo acquired in May 2021, also complained that layoffs had been processed. leaked. “ruthlessly”.
Then came the news that the European Union was investigating Glovo and Delivery Hero for allegedly running “cartels” and insiders. Document and testimony sharing Sifted suggests that Pierre “didn’t take antitrust rules seriously.”
Digital nomad visa finally approved
Those outside the EU have watched certain parts of Spanish policymaking with bated breath over the past few years. start-up method. This is due to specific measures in the law, including taxation of startups and stock options. It’s a new visa for digital nomads to enter the country.
visa will be operational from March 2023, giving people the right to live and work in Spain and pay reduced tax rates while there. It is hoped that the move will draw a wealthy and skilled workforce to Spain, who will contribute to the economy through purchasing power and potentially by incorporating start-ups into Spain.
Tim Smith is Sifted’s Iberia correspondent.he tweets from @timmpsmith.