The evolution of Spain´s Startup Ecosystem

Liz FlemingSpain Startup

www.southsummit.co

Capital

• Enisa €113m, Junta de Andalucia €40m

• EIF BAF €30m• FundICO €1bn• VC up 40% last year €270m

(Ascri) - €320m (Venture.Watch)

• 50% international VC• €109m already invested in

2015

• Larger rounds; Job & Talent (€10m), PeerTransfer (€17m), Digital Origins (€15m), BQ (€15m) CartoDB (€8m), Fever (€6m)

• Crowd funding; El Español (€3.6m)

• Media4EquityAreas for improvement:• Risk adverse• Value add• Series B/C• X8 smaller UK, x4 smaller

France

Source: ASCRI, Web Capital Riesgo

Total investment per segment in Spain (in MM €)

2012 2013 20140

50

100

150

200

250

300

7889

205

81 54

37

33

33

29

Life Sciences

Manufacturing

Digital + HiTech

+40%

Source: Venture Watch

Source: Venture Watch

Source: Venture Watch

Source: ASCRI

International VCs

Source: Gil Dibner, yankeesabralimey.tumblr.com

Talent

• IE Business School, IESE, Esade

• UPM, UC3M, UPC, Fabra Pompea

• R&D• Telefonica, Ferriovial

• Earlier exposure to entrepreneurship

• Cutting edge methodologies & technologies

Government

• Ley de emprendedores• Stock options• Capital gains tax• Exit tax• Hiring/Firing• Procurement• Elections

• Crowd funding• Business Angels• SME/Freelancers

Culture

Culture

Culture

Culture

Culture

Culture

Culture

Corporates

• Telefonica; Amerigo, Wayra, Open Future

• BBVA; Open Talent, €100m Fund

• Santander Innovation Fund

• Iberdrola• Amadeus

• Procurement• M&A• Internationalisation

Exits

• IPO; MAB• M&A

• Arsys - €140m 2013• Endosense - €250m 2013• Milanuncios - €100m 2014• Social Point - €100m 2014 (mc)• Trovit - €80m 2015• Nevera Roja - €80m 2015• Tienda Animal - €80m 2015 (mc)

• Infojobs - €517m 2006• eDreams - €150m 2006• Tuenti - €70m 2010• BuyVIP - €70m 2010• Privalia – est. €300m 2010 (mc)• Softtonic - €275m 2013 (mc)

The Opportunity

To do

• Stock options• Continue capital injection• Highlight role models• Exit options• Spain Startup Manifesto -

www.spainstartupmanifesto.com

thank you!

@ldflemingliz@spain-startup.com