SaaS

SaaS Startups in Spain

Updated 15/6. Thanks everyone who spotted who was missing

At a first glance, just taking into account the portfolios of the largest venture capitals, there are more than 50 post seed SaaS startups in Spain. This might seem like a lot, but the ecosystem is still very young compared to other markets. There are also a limited number of exits and many of the startups are not Spain-based. At the same time, the last months have shown increasingly positive results and are creating a cadre of executives that know how to make SaaS work. Given the depth of technical talent and of enterprises in Spain we can expect a bright future for SaaS.

Exits

The only large 100M€+ exit has been Olapic‘s sale to Monotype. Olapic is a visual commerce and marketing SaaS focused on earned content. It was created by three Spaniards in New York, so it doesn’t belong to the Spanish ecosystem even if its founders do. According to a recent interview with one of the founders, they are now looking to invest in SaaS startups in Spain. A boon to the ecosystem.

Fizzback was a Nauta-backed UK-based SaaS company offering Voice of Customer solutions. It was acquired by NICE systems for approximately 80 million USD. Again, not a true Spanish ecosystem exit, but at least a Spanish fund involved.

Reviewpro is an Active Venture Partner-backed SaaS solution focused on social reputation for hotels. It was sold in early 2017 to Shiji for 33 million euro.

Other SaaS sales in Spain have been undisclosed but probably smaller. Restaurantes.com was sold to Michelin after significant capital investment by Seaya. Although it could be classified as a marketplace, its core offering is a SaaS product for restaurants. Upplication, a mobile app builder for SME SaaS, was recently sold to Mobusi. Ducksboard,  an analytics SaaS company invested by Cabiedes, was sold to New Relic, one of the leaders in IT SaaS, for equity that is worth several tens of millions today. Lucierna was an Application Performance Management company with an A round by Inveready that was sold to Smartbear which was recently acquired by Francisco Partners, one of the world’s largest technology focused Private Equities funds. 3scale was an API management platform with a seed investment of Inveready that was sold to Redhat. iJento is a SaaS Analytics company based in the US and invested by Nauta, that was acquired by Blenheim Chalcot, a UK venture builder. nLocal was part of Plenumedia, a Seaya investment, and was sold to Grupo Publicar for more than 10 million euros.

Rounds B and Cs

Only six SaaS startups that are or were based in Spain have got close or surpassed the 10 MM USD mark:

  • Userzoom is a user experience optimization SaaS startup that has received a 34 million USD investment round from TC Growth Partners after the first investment by AVP. With the round it also moved its headquarters to Silicon Valley.
  • Zyncro is a social business SaaS that was sold to Desarrolladora Parana to further develop it for 30MM USD. Zyncro had Cabiedes and AVP investments.
  • Carto is a location analytics SaaS platform that has raised more than  30MM USD. It now has offices in New York and Madrid. Carto had an initial investment by Kibo and Vitamina K (the previous incarnation of K Fund).
  • OpenBravo provides open source business management solutions and had a 12MM USD round with Adara nearly 10 years ago.
  • Anfix is an accounting solution for SMBs that has raised nearly 10 million USD with private investors
  • Packlink is a shipping SaaS with more than 20 million USD in funding with investors like Active Venture Partners and Accel

Another five SaaS businesses have had rounds in the tens of millions and have Spanish investors and/or some Spanish team members although they are based outside of Spain

  • Brandwatch is a social media listening SaaS for corporates that has raised two growth rounds, a 22 and a 33 MM USD round with Highland and Partech. It has always been based in the UK, and had an initial investment by Nauta.
  • Basekit is a website builder based on London and invested by Nauta
  • Redbooth makes project management SaaS. It was created in Barcelona, accelerated by Seedrocket. It is now based in Redwood City after several investment rounds in the US. Redbooth was invested by Kibo and JME.
  • Jetlore is a content personalization SaaS. Again, based in the US even if invested by Kibo and having some Spanish management
  • Visure is an requirements engineering SaaS based in the US invested for an undisclosed ammount by Bullnet and other investors.

Rounds A and large seeds

There are another 28 SaaS companies in Spain (or with Spanish presence and founders in the case of Miora) that have had large seed or A rounds. Taken it based on the VC that has invested they are distributed in the following one:

Three each by:

  • Sabadell Captio another expense management SaaS (shared with Bankinter and Kibo), Trappit a travel expense optimization solution and Billage an SME focused CRM.
  • K-Fund (and its previous encarnation Vitamina K) shares Billin with Kibo, has invested in Beonprice (pricing SaaS for hotels) and has Ludei, an IT SaaS company by Eneko Knorr
  • JME Caravelo , a travel expense optimization solution, Sentisis, a social listening SaaS, and Dexma , a electric utility SaaS platform, with Inveready

Two each by:

  •  Seaya, one SME focused SaaS platform based in Mexico but with Spain presence and CEO (Miora) and another is Plenummedia.
  • JME Caravelo , a travel expense optimization solution, and Dexma , a electric utility SaaS platform, with Inveready
  • Bankinter has Captio with Sabadell and Kibo, and Mailtrack with Caixa
  • Kibo shares Captio with Sabadell and Bankinter, and has Billin, a fast growing SME electronic billing company, with K-Fund

Finally one each by:

  • Bullnet has Codice Software, another IT-related SaaS
  • AVP has Whisbi, a conversational commerce SaaS to improve website conversion through multichannel
  • Adara has Kompyte a competitive intelligence SaaS to analyze in real time competitor digital marketing
  • Axon with Sentisis a social listening software, together with JME

I am sure there are at least a hundred SaaS preseed and small seed startups. I know many of them and they are looking good. So be prepared for a lot more SaaS activity in Spanish startups

Please let me know any other relevant SaaS companies which are missing from the list. I am sure there are at least a handful

 

 

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