March closes with €10.7 million invested in Spanish startups, the worst figure in the last four years

March closed with the worst figure in the last four years, but with a similar amount to previous years (2020 closed with €10.7M invested in startups compared to the €11.32M in 2019; €15M in 2018 and €55.6M in 2017). Figures that are very similar to previous years and that do not seem to be greatly affected by the coronavirus crisis, something that could cause damage in April, a very good month in terms of accumulated public investment in Spain (2019 closed with €280M invested in startups while 2018 closed with €30M).

In total there were 18 public operations, all of them in initial phases and with less than €1.5 million per operation. In addition, seven of them were carried out through the main crowdfunding equity platforms in Spain.

The most outstanding rounds in March were the Lince Works round, led by Game Seer Venture Partners and ICF, which raised €1.5 million, and the Sateliot round, which raised €1.4 million and involved the Capitana Venture fund and business angels Jaume Sanpera; Marco Guadalupi, Albert Pujol and Alessandro Cirenei.


LinceWorks: The company has obtained €1.5 million in a round led by Game Seer Venture Partners and the venture capital entity ICF. The funds will go towards the commercial launch of its second 3D game. The Government of Catalonia has provided €500,000 through a working capital loan from the Catalan Institute of Finance (ICF) and a repayable grant from the Catalan Institute of Cultural Enterprise (Icec).

Sateliot: the first satellite telecommunications operator to provide global connectivity has closed a capital increase of €1.4 million. The operation is an extension of the initial investment of one million from its founders. In this operation they were backed by Capitana Venture Partners.

Qrem: the Barcelona-based startup has carried out a capital increase of €1 million led by Inveready. The company specializes in the development and commercialization of Lab-in-a-Box medical technologies for performing autologous regenerative medicine treatments alongside the patient in the doctor’s surgery, enabling these therapies to be offered to as many people as possible in an effective, simple and economic way.

Volava: the startup has raised a round of €800,000 in the second phase of an operation begun in 2019. The company sells exercise bikes and telematic training classes. On this occasion, the venture capital manager Inveready, a private investor and 79 small investors through The Crowd Angel, participated.

Aortyx: the company has started 2020 by closing a seed investment round worth €650,000. The operation was led by Genesis Ventures, which has invested along with the other 71 investors that Aortyx currently has. The company is a spin-off of IQS, which is developing a minimally invasive endovascular device to reduce the mortality rate in aortic dissections. “Achieving a round of €650,000 is recognition of the confidence our investors have in the work we are doing. This investment will allow us to continue to meet our deadlines and maintain our goal of launching the best possible product to the market,” said Dr. Jordi Martorell, CEO and co-founder of Aortyx.

EasyCharger: has reached 125% of financing through the Spanish equity crowdfunding platform Fellow Funders; the maximum allowed by the Spanish National Securities Market Commission. Specifically, the Palencia-based company dedicated to recharging electric cars and which has the largest fast charging network for electric vehicles in Spain, has collected €624,979 through 150 investors. 

Fiction Express: has closed an investment round of more than €600,000, led by Equity4Good, a vehicle managed by Ship2B which has the co-investment of the European Investment Fund, and two business angels from Barcelona who are experts in B2B business and internationalization. The platform connects children and teenagers with professional authors to encourage and improve reading skills through co-creation mechanisms and creative dialog. This new investment will allow Fiction Express to launch the first phase of its five-year strategic plan, which “aims to strengthen the company’s commercial structure in Spain and promote the tool in the country,” as explained by its co-founder and CEO, Sven Huber.

Dental Residency: the Spanish company specialized in providing dental services with home care methodology, aimed at the dependent population, has raised €500,000 through the platform La Bolsa Social. The resources obtained are in addition to the 300,000 obtained in 2018. The operation was led by the businessman and investor Pau Mariné, with a contribution of €150,000; and the Seligrat family, owners of a business group dedicated to car distribution, which contributed €130,000.

BIOO: the company dedicated to the generation of electricity from nature, has closed a round of €500,000 through The round was started to reinforce two of its business areas and reached 100% of its goal a day later, and just one week later, it had already reached this €500,000, which marked 125% of the goal. Among the investors are the Archipiélago Next fund, which brings together some of the main companies in the Canary Islands such as the energy company Binter, business angels and family offices, as well as some of the current partners of the company.

BDiR Calvet: the company that introduced the gym concept as it is now known in Barcelona has closed an investment round of €425,100 through Crowdcube. The goal was to raise €340,080, so it has been exceeded to reach 125%. A total of 47 investors participated, and the largest contribution was €20,040.

La Más Mona: the women’s fashion rental service has closed a financing round of €404,339 through Fellow Funders. The operation was supported by 42 investors, including many of its clients and the investors of the financing platform itself. Its lead investor, Oscar Ocaña, also participated.

Wetaca: the online prepared meal delivery service has closed an investment round worth €275,000 with the support of Bewater Funds, Cabiedes and Turtle. The company intends to continue with its expansion and operate its own delivery service in nine more cities this year.

Internxt: the startup has closed a round of more than €200,000 through the equity crowdfunding platform The investors include ESADE BAN, Delwik Group, and former executives from Telefónica and Vodafone, and several foreign investors who are experts in blockchain technology. Internxt has completed this operation in a period of a few weeks. With these funds, Internxt will increase its marketing spending aimed at customer acquisition and continue to improve X Cloud continuously. All these actions will be aimed at significantly increasing its growth and its already significant turnover.

Wefish: the mobile app dedicated to recreational fishing, in collaboration with Startupxplore, has closed a round of €150,000 in just one week. Thus, the startup exceeds its own expectations and reaches 125% of the initial budget, the maximum amount available in a funding round of this kind. With this boost, WeFish intends to invest in Machine Learning, Big Data and Artificial Intelligence technologies that will improve the product. They will also finance their marketing campaigns in order to expand their sport fishing-based project worldwide, especially in the US market.

ABANZA Tecnomed: has closed an investment round of €180,000 with the support of the venture capital firm Clave. This is its second investment in the startup specializing in the innovation and development of medical devices and surgical instruments in the field of Sports Medicine. In this way, and through its fund UN I+D+i Tech Transfer, it has carried out this new capital injection together with the management entity ORZA, with which it is increasing its first investment in the company in 2018.

Enjoyers: the brand whose star product is maps and posters designed with scratchable ink, has closed an investment round of €100,000, with which it intends to increase its community, create new products, and promote its internationalization towards Europe. The operation was led by a group of business angels “with a lot of experience in different areas that will help us make a significant leap in quality,” as assessed by Carlos Martinez, founder and CEO of the startup.