Payflow Joins Itnig Startup Portfolio

First of all, we’re excited to announce a new startup joining the Itnig Fund portfolio: Payflow, a new fintech that allows employees to collect the fraction of their salary that they have already worked instantly and through a mobile application whenever they want. The startup was founded in February 2020 and has already closed a €1.6M round with the participation of Rocket Internet, Lanai Partners, Itnig, Abac Nest, Michael Benabou, and Clement Benoit, among others.
– Curious about why and how Itnig invests in new startups? 

Let’s also talk about TravelPerk’s acquisition of Albatross, an early-stage API startup that offers information on post-COVID travel restrictions and local guidelines to travel applications. Travelperk visited Itnig podcast back in March 2019, Bernat and Jordi interview Javier Suárez, founder and CPO to learn about the company’s first 3 years. Albatross’s technology and data will be incorporated into TravelCare, TravelPerk’s existing travel risk management offering.  

Barcelona-based fintech Goin has closed a €5 million round led by Anthemis, recognized British fintech-specialized fund, K Fund, and  Encomenda Smart Capital. Goin allows users to save and invest, making it easier for people to achieve their financial goals. Check out our podcast episode with CEO and cofounder David Riudor!

📈Speaking of powerful teams, EU-Startups posted a list of 10 Barcelona-based startups that continue to grow fast despite the current crisis and we’re proud and want to congratulate our friends from Factorial and Payflow for being included!👏🏻

In the startup world, it seems that the goal is to have a unicorn, a company whose valuation has exceeded $1 billion. The pandemic crisis has made the entrepreneurial ecosystem begin to focus on another animal: the camel. Why? It’s simple: camels are able to survive droughts. Camels are resilient startups that can overcome extreme situations.

Startup Inside Stories Podcast

This month, we had very interesting guests and topics on Itnig’s weekly podcast.

  • 147: Technology and patents valued at more than €60M, Lleida.net and Sisco Sapena

Bernat Farrero and Juan Rodríguez interview Sisco Sapena, an Internet pioneer in Spain and founder and president of Lleida.Net, a 25-year-old technology startup, offering solutions and services for the certification and security of electronic mail, SMS and electronic documents. Sisco also explains what it means to be a publicly-traded company and is valued at close to 60 million.

  • 148: Product makers and their mysteries

Bernat Farrero talks to three digital product leaders, Ignasi Buch (Typeform), Kike Alonso (Tuenti, Carto, Microsoft and Factorial) and César Miguelañez (Factorial). Product people adopt all kinds of names, and it is a role that has gradually become a key role in any digital company.

They talk about how to identify a good or bad person in a product. Where do product people come from? What studies do they have? What does their day-to-day consist of? Where do they get ideas from? How do they measure their productivity? How are product teams structured? What is Product-led growth?

  • 149: Project Lobster with Oscar Valledor

Oscar Valledor, the young founder and CEO of Project Lobster, visits the podcast. Project Lobster is a local, independent brand of sunglasses and prescription glasses with the goal to revolutionize the optics industry and improve the consumer experience when. Oscar started the project in his last year of college, and now is an up and running business with 3 physical stores in Spain and a large volume of online consumers.

  •  150: Payflow And The Liquid Salary

We invited Payflow, the last startup in which Itnig has invested,  to tell their story on our podcast. This new fintech allows employees to collect the fraction of their salary that they have already worked instantly through the app whenever they want. The startup, born in the middle of the pandemic, has recently closed a €1.6M round

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July Startup News & Updates

In other news, Karma Kitchen, the London-based kitchen space startup, has raised more than €277M in a Series A funding round. Cofounder Eccie Newton, who currently operates one kitchen site, has a five-person team and had initially set out to raise £3m. Wait… what?!  “People think it’s a typo,” laughs Newton, “It’s not a typo.”  Within five years, Karma Kitchen hopes to be providing thousands of food businesses — from restaurants to caterers to meal kit companies — with flexible kitchen space.

Online marketplaces have played a central role in our modern economy, as seen by the rise of companies such as Airbnb, Amazon, or DeliveryHero. Nowadays, anyone can get access to almost anything in just a few clicks. Take a look at the European B2B Marketplace Landscape

After GrubHub being acquired by JustEat-Takeaway, the food delivery sector continues with its consolidation process. Another big negotiation between Uber and food delivery app Postmates is in the oven. The agreement, yet to be confirmed to be official, contemplates a disbursement of 2,320 million euros. The operation would boost the activity of Uber Eats, the group’s delivery branch, and thus offset the collapse suffered by the pandemic crisis.

⚠️Another acquisition alert: Asian e-commerce giant Alibaba negotiating the acquisition of Glovo, the Catalan delivery startup. Both companies have already maintained the first approach in this regard. It wouldn’t be the first time that Glovo, valued at more than $ 1 billion is targeted for sale. Just a year ago, Uber and Deliveroo were in contact with the Barcelona-based company with the aim of taking over. Although Glovo’s valuation exceeded those 1,000 million in 2019, becoming the second Spanish unicorn, the startup has been dragging losses for several years: it closed 2018 with a negative result of 45.7 million euros and a turnover of 52.3 million. Is this worth it for Amazon’s competitor Alibaba?

💰Nauta Capital, one of Europe’s largest B2B-focused VCs, investing in startups at seed and Series A, is launching its fifth fund with €120 million to back early-stage European B2B startups. With offices in London, Barcelona, and Munich, the firm has led investments in more than 50 companies, which include Brandwatch, digital consumer intelligence company with $100 million ARR; Onna, a knowledge integration platform that just raised €25M; and PromoteIQ, which was acquired by Microsoft in 2019, among others. 
 

K Fund has also launched a new €70 million fund. The firm looks for Spanish startups with an international outlook, as the plan is to invest from €200,000 to €2 million, writing first checks in 25-30 companies. A portion of the fund will also be set aside for follow-on funding for the most promising of its portfolio, with a mix of B2B and B2C companies across a wide variety of sectors, including travel, fintech, insurtech, and others.

SaaStr founder, Jason Lemkin, wrote about how these unprecedented times are the best of times for SaaS VCs. Why? He finds two related reasons: 

1. The stock market for public SaaS and Cloud companies is at an all-time high. 2. In many categories of SaaS, usage is way way up since March 15.  Work from Home has been accelerated by a decade.  Digital transformation by 5 years. Read the full post.
Sifted also took the opportunity to give more perspectives on the subject asking: Are SaaS startups kings of the coronavirus crisis?

💰 Early-stage venture capital firm CRV has closed a $600 million new fund. According to CRV, the fund was completely raised over 19 days of virtual meetings during the pandemic. The company has most recently invested in companies likeFactorialFauna, and Postman. Some of its most notable exits are Twitter and Zendesk’s IPOs.

New funding for startups 

Random tech news Satellite Antenna on Twitter Twemoji 12.0


This is a compilation of all the weekly newsletters we sent during July. We keep our community updated on everything related to startups, tech news, fundings, and we share our weekly podcast!

Subscribe and keep up with the startup universe, or feel free to come back for more startup news of the month here.

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