In recent years, Spanish startups have been involved in different rounds of financing alongside a myriad of investors around the world, interested in each of their innovative proposals with a view to further increasing their value and economically reinforcing each of their projects in the medium or long term. Some of them have received so much support that they have managed to achieve the status of startup unicorn.
But what is a unicorn company? Within the venture capital industry, the term “unicorn” is applied to any privately held company that reaches a valuation of $1 billion or more without going public yet.
Top Spanish startups (2022)
These have been the Spanish startups that have exceeded the 1,000 million valuation barrier:
Jobandtalent, a reference in online job searches in Spain. This job search engine was founded by Felipe Navío, Felix Ruiz and Juan Urdiales in 2008, seeking to fill the need of many people to find work from their computers. Currently, in addition to Spain, Jobandtalent has a presence in the United Kingdom, Germany, France, Sweden, Mexico and Colombia. In October 2021, its valuation rose to 2.07 billion euros after a 40 million euro financing round. This has continued to rise to a valuation of 2.35 billion euros.
After a Series E funding round of 250M dollars, Devo became a unicorn, achieving a valuation of 1.5 billion dollars, being the first cybersecurity startup in Spain to reach this status. And in summer 2022 its value increased even further, reaching 2 billion dollars, thanks to a 100 million dollar Series F round.
Wallbox was founded in Barcelona and is dedicated to the automotive sector, specifically in the field of electric cars, creating recharge points for this type of vehicle that are installed in any home, regardless of whether they belong or not to the brand , being already a reference for this type of charger. Its valuation exceeds 1500 million dollars.
Currently valued at $1.4 billion, Cabify was founded in 2011, offering a complete experience for private passengers and drivers in one app where technology and transportation go hand in hand, ensuring customers a safe, geolocated journey with the best drivers duly identified, the most modern cars , the best rates and, above all, the possibility that passengers easily select their travel preferences.
2022 started off with the incorporation of a new unicorn to the Spanish entrepreneurial ecosystem: Spanish startup TravelPerk reached a valuation of $1.3 billion (around €1.1 billion) after closing its latest round of investment in which it obtained $115 million (just over €100 million).
Although it is Spanish, it is based in California and offers around 2,000 courses taught by more than 1,300 teachers. More than 110 new courses are published each month and, to date, users have completed more than 13 million courses. The platform has studies in 12 countries in Europe and America, produces all the content internally and selected to ensure a satisfactory learning experience. Its value reaches 1300 million dollars.
Copado became the new Spanish unicorn in 2021 after closing a financing round of 140 million dollars (120 million euros) in September, thus exceeding 1 billion dollars in valuation.
This startup is a development platform for Salesforce, which allows Salesforce development and administration teams to coordinate their work, implement changes and track progress.
This company bets on circular fashion and its more than 70 years of experience have led them to produce sustainable fibers of the highest quality by combining recycled cotton fibers. It currently has a center in Spain and two in Asia, and plans to open up to 6 more worldwide.
In 2022, Recover announced the closing of an investment round of 95 million euros, with which it will boost its growth and global expansion, as well as its production capacity. Currently, it enjoys unicorn status thanks to its valuation of 1 billion dollars.
The company was founded in Madrid in 2017 by Ignacio Bachiller, Alexandre Pérez and Francisco Hein. It is currently present in more than 60 cities in Europe, America, Asia and Oceania. The US is its largest market.
This Barcelona-based startup has been able to take advantage of a context of change for the human resources sector, which has accelerated its transformation towards digitalization since the beginning of the pandemic. Thus, in 2020 alone, the startup tripled its sales due to the demand from companies that needed to digitalize and optimize HR management.
It achieved a valuation of $1 billion and therefore the status of unicorn after closing a Series C financing round of $120 million in October 2022.
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