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2013 Venture Capital in Spain ENGLISH EDITION 2013 Venture Capital in Spain SPONSORED BY Collaborate - - WEBCAPITALRIESGO Copyright © 2014, Webcaprisk Servicios, S.L. Total or partial reproduction of this document is strictly forbidden, as is its manipulation with software or transmission in any form via any medium, be it electronic, through photo- copying or other means without the previous permission of the Copyright holder. Access to Venture Capital Report is free at www.webcapitalriesgo.com; this may not be ma- de available to the public through any other means, electronic or written, without the written permission of the rights holder. Any infringiment of the above rights will be liable to claims presented before the Madrid Courts (Spain). 2013 Venture Capital in Spain. April 2014. Release 1.0 Webcaprisk Servicios S.L. is the owner of www.webcapitalriesgo.com - 2 - WEBCAPITALRIESGO INTRODUCTION Venture Capital (VC) activity in Spain did not deserve big headlines in 2013. The invest- ment activity showed a similar level to that of previous years, with no exceptional transac- tions or IPOs (one more year). And no mega fund raised. Nevertheless, several issues should be highlighted, such as the all-time-high number of initial investments, the entry of more international investors than ever, or the continuous support from CDTI and Enisa. But, what is missing in the VC scene in Spain (investors and startups) to get to the next level? Surely more time and a firm commitment from all agents involved is required. Time for investors to continue maturing and specializing in this exciting wave of interest in the riskiest stages of development, which are also the ones that generate greater wealth and employment. On the side of entrepreneurs and startup firms, a more ambitious and comprehensive ap- proach from the beginning of the project is still missing in most cases. In this regard, the existence of successful exited transactions in the international scene would be positive. It has already been a while since the success cases of Tuenti or Buyvip. A firm commitment should come from the Government through a more favorable regula- tion (and tax incentives) for the creation and funding of startups by business angels and crowdfunding platforms. The Entrepreneurs Support Act passed in 2012 did not go as far as most agents expected and the regulation of crowdfunding could follow the same path shortly. A solution to complement the private funding between individuals would be the proposal presented by José Martí Pellón, professor at the Complutense University of Madrid, about two decades ago. The proposal suggests the possibility of including a tax reduction of mi- nority investments in SMEs, at the marginal tax rate, in the Personal In-come Tax. This proposal would not have any cost to the Public Administration, because any individual could choose between the current, unique alternative (commit money to a private pension plan) or to SMEs, directly, as proposed. The Entrepreneurs Support Act of 2012 opened this possibility, but only with a flat tax reduction (20 per cent) of the amount invested to invest directly in SMEs. This proposal would allow a massive injection of small amounts of money into many dispersed SMEs. In parallel, this proposal would mean a greater com- petition for pension plans managers, heavily criticized for the historical returns obtained. - 3 - WEBCAPITALRIESGO INTRODUCTION In short, at least a decade is needed to achieve a greater knowledge and training of VC/PE activity, which barely accounts for 0.25% of domestic GDP. With a strong com- mitment, the deadlines would be significantly reduced, and the distance that separates us from the most advanced regions such as Silicon Valley or Israel would also be reduced. The 2013 Venture Capital in Spain includes an Executive summary with aggregate statis- tics1 and index with links to 197 deals2 related to Investments, Divestments, Fundraising and portfolio, and a list of active investors and with portfolio. Webcapitalriesgo.com whishes to express its gratitude to Digital Assets Deployment (DaD), Adara Venture Partners, Repsol New Energy Ventures and ESADE BAN for their financial support in the development of the 2013 Venture Capital in Spain report, as well as Bridgepoint, sponsor of the website. Marcos Salas de la Hera Partner at Webcapitalriesgo.com 1 Data provided by more than 200 investors was obtained by Webcaptialriesgo.com, in conjunction with the Spanish VC/PE Association (ASCRI), to build the official statistics of the VC/PE industry. VC activity was extracted from this information. 2 The data is collected from press releases sent by investors and from news published in the media. - 4 - WEBCAPITALRIESGO INDEX PAGE LIST OF DOMESTIC PRIVATE-PUBLIC AND 6o VC investors and 28 BA, Accelerators/Incubators and 6 INVERNATIONAL VC Other, conducted at least one initial investment in 2013 INVESTORS IN 2013 EXECUTIVE SUMMARY 2013 VC Statistics 9 197 News related to Investment, Divestment and DEALS’ NEWS 20 Fundraising in 2013 - 5 - WEBCAPITALRIESGO LIST OF DOMESTIC PRIVATE-PUBLIC AND INTERNATIONAL VC INVESTORS IN 2013 Investors having conducted at least one initial investment in 2013 DOMESTIC VC PRIVATE INVESTORS DOMESTIC VC PUBLIC INVESTORS INTERNATIONAL VC INVESTORS 1. Activa Ventures, SGECR, SA 1. Seed Capital de Bizkaia, S.A. 2. ACP Active Capital Partners, SL 2. Gestión de Capital Riesgo del País Vasco, SGECR, 1. Avalon Ventures 3. Addquity Growth Capital, S.A. S.A. 2. Bertelsmann 4. Ambar Capital y Expansión 3. Inversión y Gestión de Capital Riesgo de Andalucía, 3. Boehringer Ingelheim VF 5. Axón Capital e Inversiones SGECR, S.A. S.A. - Invercaria 4. Correlation Ventures 6. Business Booster (Sinensis Seed Capital SCR) 4. Extremadura Avante 5. Costanoa Venture Capital 7. BBVA Ventures 5. Sociedad de Desarrollo de Navarra, S.A. (SODENA) 6. Data Collective 8. Cabiedes & Partners SCR, régimen simplificado 6. Sociedad para el Desarrollo Industrial de Aragón, S.A. 7. Elaia Partners 9. Caixa Capital Risc SGECR, SA (SODIAR) 8. GGM Venture Capital 10. Clave Mayor SGECR, S.A. 7. InverCLM (SODICAMAN) 9. GGV Capital 11. CRB Inberbío SGECR 8. Sociedad Regional Promoción del Principado de 10. Greylock Partners 12. Finaves, S.C.R. de Regimen Comun, S.A. Asturias, S.A. (SRP) 11. Horizon Ventures 13. FIT Inversión en Talento SCR Régimen Simplificado 9. Start Up Capital Navarra 12. Idinvest Partners 14. Grupo Perseo (Iberdrola) 10. XesGALICIA, SGECR, S.A. 13. Intel Capital 15. Bankinter Capital Riesgo, SGECR (Intergestora) 14. Javelin Venture Partners 16. Inveready 15. Kurma Life Science Partners 17. Kibo Ventures 16. Oxford Capital 18. Murcia Emprende Sociedad de Capital Riesgo, S.A. 17. QED Investors 19. Nauta Capital VC Partners SGECR, S.A. 18. Top Tier Capital Partners, LLC 20. Next Capital Partners, SGECR, S.A 21. Ona Capital Privat SCR, de régimen simplificado S.A. 22. Torsa Capital SGECR, SA 23. Repsol New Energy Ventures S.A. 24. Ricari, Desarrollo de Inversiones Riojanas S.A. 25. Seaya Ventures 26. SI Capital R&S I SA,SCR de Régimen Simplificado 27. ADE Capital Sodical, SCR 28. Soria Futuro, S.A. 29. Talde Gestión, SGECR, S.A. 30. Telefónica Ventures 31. VitaminaK Venture Capital SCR de régimen común 32. Ysios Capital Partners SGECR, SA Investors having conducted at least one follow-on investment in 2013 DOMESTIC VC PRIVATE INVESTORS 1. ACP Active Capital Partners, SL 19. Torsa Capital SGECR, SA 5. Sociedad de Desarrollo de Navarra, 2. Adara Venture Partners 20. SI Capital R&S I SA,SCR de Régimen S.A. (SODENA) 3. Banesto SEPI Desarrollo F.C.R. Simplificado 6. InverCLM (SODICAMAN) 4. Cabiedes & Partners SCR, de régimen simplificado 21. ADE Capital Sodical, SCR 7. XesGALICIA, SGECR, S.A. 5. Caixa Capital Risc SGECR, SA 22. Soria Futuro, S.A. 6. Clave Mayor SGECR, S.A. 23. Uninvest Fondo I+D INTERNATIONAL 7. Corpfin Capital Asesores, SA, SGECR 24. Venturcap, SCR, S.A. VC INVESTORS 8. CRB Inberbío SGECR 25. VitaminaK Venture Capital SCR de régimen 9. FIT Inversión en Talento SCR Régimen Simplificado común, S.A. 1. Accel Partners 10. Highgrowth Partners SGECR SA 26. Ysios Capital Partners SGECR, SA 2. CCMP Capital Advisors 11. Grupo Perseo (Iberdrola) 3. Demeter Partners 12. Innova 31, SCR, S.A. DOMESTIC VC PUBLIC INVESTORS 4. Kleiner Perkins C&B 13. Grupo Intercom de Capital, SCR, S.A. 5. Maveron 14. Inveready 1. AXIS Participaciones Empresariales, SGECR 6. QED Investors 15. Kibo Ventures 2. Seed Capital de Bizkaia, S.A. 7. Sigma Partners 16. Murcia Emprende Sociedad de Capital Riesgo 3. Gestión de Capital Riesgo del País Vasco, 8. Spark Capital 17. Nauta Capital VC Partners SGECR, S.A. SGECR, S.A. 9. Trident Capital 18. Neotec Capital Riesgo 4. Inversión y Gestión de Capital Riesgo de Anda- lucía, S.A. - Invercaria - 6 - WEBCAPITALRIESGO List of investors with active portfolio at 31/12/2013 DOMESTIC VC PRIVATE INVESTORS INTERNATIONAL VC INVESTORS 1. Activos y Gestión Empresarial, SCR, SA 56. Neotec Capital Riesgo 2. Activa Ventures, SGECR, SA 57. Netaccede, SCR de Régimen Simplificado, S.A. 1. Accel Partners 3. ACP Active Capital Partners, SL 58. Next Capital Partners, SGECR, S.A. 2. Atomico 4. Adara Venture Partners 59. Octapris Private Equity 3. Avalon Ventures 5. Addquity Growth Capital, S.A. 60. Ona Capital Privat SCR, de régimen simplificado 4. Balderton Capital 6. Ambar Capital y Expansión 61. Torsa Capital SGECR, SA 5. Bertelsmann 7. Arico 99 SCR 62. Inversiones Progranada, S.A. 6. Boehringer Ingelheim VF 8. Atitlan Capital, SGECR, SA 63. Repsol New Energy Ventures S.A. 7. Boston Seed Capital 9. Axón Capital e Inversiones SGECR, S.A. 64. Reus Capital de Negocis, SCR,S.A. 8. CCMP Capital Advisors 10. Banesto SEPI Desarrollo F.C.R. 65. Ricari, Desarrollo de Inversiones Riojanas S.A. 9. Coral Group 11. Business Booster (Sinensis Seed Capital SCR) 66.
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