2013 Venture Capital in Spain

ENGLISH EDITION

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2013 Venture Capital in Spain.

April 2014. Release 1.0 Webcaprisk Servicios S.L. is the owner of www.webcapitalriesgo.com

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INTRODUCTION

Venture Capital (VC) activity in Spain did not deserve big headlines in 2013. The investment activity showed a similar level to that of previous years, with no exceptional transactions 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 regulation (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.

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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 commitment, 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.

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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

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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

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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. Seaya Ventures 10. Correlation Ventures 12. BBVA Ventures 67. Sevilla Seed Capital, SCR, SA 11. Costanoa Venture Capital 13. BS Capital 68. SI Capital R&S I SA,SCR de Régimen Simplificado 12. Crédit Agricole Private Equity 14. Bullnet Gestión, SGECR, SA 69. ADE Capital Sodical, SCR 13. Data Collective 15. Cabiedes & Partners SCR, de régimen simpli- 70. Soria Futuro, S.A. 14. Demeter Partners ficado, S.A. 71. Suanfarma Biotech SGECR 15. Elaia Partners 16. Anexa Capital SCR 72. Taiga Mistral de Inversiones 16. General Atlantic 17. Caixa Capital Risc SGECR, SA 73. Talde Gestión, SGECR, S.A. 17. GGM Venture Capital 18. Cantabria Capital, SGECR, S.A. 74. Telefónica Ventures 18. GGV Capital 19. Catalana de Iniciatives CR, S.A. 75. Uninvest Fondo I+D 19. Greylock Partners 20. Clave Mayor SGECR, S.A. 76. Unirisco Galicia, SCR, S.A. 20. Highland Capital Partners 21. CMC XXI SA, SCR Sociedad de Régimen 77. Univen Capital, SA, SCR de Régimen Común 21. Horizon Ventures Simplificado 78. Up Capital 22. Idinvest Partners 22. Compas Private Equity 79. Valmenta Inversiones, S.C.R., S.A. 23. Index Ventures 23. Corporación Empresarial de Extremadura, SA 80. Venturcap, SCR, S.A. 24. Insight Venture Partners 24. Corpfin Capital Asesores, SA, SGECR 81. Vigo Activo, S.C.R. de Régimen Simplificado, S.A. 25. Intel Capital 25. Corporación Sant Bernat, S.A. (CORSABE) 82. VitaminaK Venture Capital SCR régimen común 26. Javelin Venture Partners 26. CRB Inberbío SGECR 83. Ysios Capital Partners SGECR, SA 27. Kennet Partners 27. CrossCheck Capital Partners 28. Kleiner Perkins C&B 28. Debaeque Venture Capital 29. Kurma Life Science Partners 29. Fides Capital, S.C.R., S.A. DOMESTIC VC PUBLIC INVESTORS 30. Maveron 30. Finaves, S.C.R. de Regimen Comun, S.A. 31. Open Ocean 31. FIT Inversión en Talento SCR de Régimen 1. AXIS Participaciones Empresariales, SGECR, 32. Oxford Capital Simplificado S.A.U. 33. QED Investors 32. Gala Capital Partners Equity SCR S.A 2. Seed Capital de Bizkaia, S.A. 34. Scope Capital Advisory 33. Gamesa Venture Capital 3. Gestión de Capital Riesgo del País Vasco, SGECR 35. Sequoia Capital 34. GED Iberian Private Equity, SGECR, SA 4. Inversión y Gestión de Capital Riesgo de Andalucía, 36. Sigma Partners 35. Navarra Iniciativas Empresariales, S.A. S.A. - Invercaria 37. Smart Ventures (GENERA) 5. INVERTEC (Societat Catalana d'Inversió en Empre- 38. Spark Capital 36. Gescaixa Galicia, SGECR, S.A. ses de Base Tecnològica, S.A.) 39. Tiger Global 37. Going Investment Gestión SGECR 6. Sadim Inversiones 40. Top Tier Capital Partners, LLC 38. Highgrowth Partners SGECR SA 7. SEPI Desarrollo Empresarial, S.A. (SEPIDES) 41. Trident Capital 39. Grupo Perseo (Iberdrola) 8. Extremadura Avante 40. Institut Català de Finances Capital SGECR 9. Sociedad para el Desarrollo Económico de Canarias, (ICF) S.A. (SODECAN) 41. Infu-Capital SCR de Régimen Simplificado 10. Sociedad para el Desarrollo de las Comarcas Mine- 42. Innotarget ras, S.A. (SODECO) 43. Innova 31, SCR, S.A. 11. Sociedad de Desarrollo de Navarra, S.A. 44. iNova Capital Management, SGECR, S.A. (SODENA) 45. Grupo Intercom de Capital, SCR, S.A. 12. Sociedad para el Desarrollo Regional de Cantabria, 46. Bankinter Capital Riesgo, SGECR S.A. (SODERCAN) (Intergestora) 13. Sociedad para el Desarrollo Industrial de Aragón, 47. Inveready S.A. (SODIAR) 48. Inverpyme SCR de Régimen Común, S.A. 14. InverCLM (SODICAMAN) 49. Inversiones Valencia Capital Riesgo SCR, 15. Sociedad para el Desarrollo Industrial de Extrema- S.A. dura, S.A. (SODIEX) 50. Investing Profit Wisely 16. Sociedad Regional Promoción del Principado de 51. Kibo Ventures Asturias, S.A. (SRP) 52. Möbius Corporate Venture Capital, SGECR 17. Start Up Capital Navarra 53. Murcia Emprende Sociedad de Capital Ries- 18. XesGALICIA, SGECR, S.A. go, S.A. 54. Najeti Capital SCR SA 55. Nauta Capital VC Partners SGECR, S.A.

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LIST OF BUSINESS ANGELS, ACCELERATORS/INCUBATORS, OTHER IN 2013

Investors having conducted at leat one Investors having conducted at least initial investment in 2013 one follow-on investment in 2013

1. 101 Startups 2. Alantis Seed Capital 1. 101 Startups 3. Business Angels Network Catalunya 2. Bonsai Venture Capital 4. BCN Business Angels 3. Digital Assets Deployment S.L. 5. Big Sur Ventures-Necotium 4. ESADE BAN 6. Bonsai Venture Capital 5. Faraday Venture Partners 7. Cube Investments 6. Fundación José Manuel Entrecanales (FJME) 8. Comunitat Valenciana Business Angels Network 7. Plug and Play España 9. Digital Assets Deployment S.L. 8. Realiza Business Angels, S.A. 10. eGauss Business Holding I+T 9. Wayra 11. EIX Technova 12. ESADE BAN 13. Faraday Venture Partners 14. Fundación José Manuel Entrecanales (FJME) 15. Grupo ITNET 16. Grupo Mola 17. IESE Business School 18. Keiretsu Forum 19. Lanta Digital Ventures 20. MicroWave Ventures 21. Plug and Play España 22. Realiza Business Angels, S.A. 23. SeedRocket 24. Sitka Capital 25. Sonar Ventures 26. StartCaps Ventures 27. The Crowd Angel 28. Wayra

List of investors with active portfolio at 31/12/2013

1. 101 Startups 17. Grupo ITNET 2. Abra Invest 18. Grupo Mola 3. Alantis Seed Capital 19. IESE Business School 4. Business Angels Network Catalunya 20. Keiretsu Forum 5. BCN Business Angels 21. Lanta Digital Ventures 6. Big Sur Ventures-Necotium 22. MicroWave Ventures 7. Bonsai Venture Capital 23. People Fund 8. Cube Investments 24. Plug and Play España 9. Comunitat Valenciana Business Angels Network 25. Primmera Inversiones en Desarrollo S.A. I, II y III 10. Digital Assets Deployment S.L. 26. Realiza Business Angels, S.A. 11. eGauss Business Holding I+T 27. SeedRocket 12. EIX Technova 28. Sitka Capital 13. ESADE BAN 29. Sonar Ventures 14. Faraday Venture Partners 30. StartCaps Ventures 15. FDI Internet & Mobile 31. The Crowd Angel 16. Fundación José Manuel Entrecanales (FJME) 32. Wayra

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EXECUTIVE SUMMARY

Investment activity

The overall Venture Capital3 (VC) activity, including domestic and international VC firms operating in Spain, CDTI and Enisa public funds and Business Angels (BA) groups, accelerators and incubators, amounted to 291.3 million Euros in 1,275 deals in 2013. This amount represents a slightly 1.6 per cent fall in the amount invested in 2012 (296 million Euros), and 9.6 per cent increase in the number of deals (1,153).

Table 1 Amount by investor

€ Million) %

Type of investor 2011 2012 2013 2011 2012 2013

Domestic and International VC 300.9 220.8 208.5 79.8% 74.6% 71.6% CDTI and Enisa 70.5 63.3 61.6 18.7% 21.4% 21.1% BA Groups, Accelerators, Other 5.5 11.9 21.2 1.5% 4.0% 7.3% Total 376.9 296.0 291.3 100.0% 100.0% 100.0%

Source: ASCRI/www.webcapitalriesgo.com.

Table 2 Number of operations by investor

Number %

Type of investor 2011 2012 2013 2011 2012 2013 Domestic and International VC 376 408 377 32.1% 35.4% 29.6% CDTI and Enisa 710 540 584 60.6% 46.8% 45.8% BA Groups, Accelerators, Other 86 205 314 7.3% 17.8% 24.6% Total 1,172 1,153 1,275 100.0% 100.0% 100.0%

Source: ASCRI/www.webcapitalriesgo.com.

176 investors at least held in their portfolios one company in the seed or startup stages at the end of 2013. 142 investors were classified as domestic and international VC firms, 32 as Business Angels groups and accelerators-incubators, also adding complementary public-sector funding provided by CDTI and Enisa. From the 142 firms usually4 involved in VC-type transactions, 83 were managed by private-sector- related domestic VC firms, 18 by public-sector-related, and 41 were international funds involved in VC deals carried out in Spanish firms.

3 Venture Capital is defined as the investment in companies at the seed and startup stages, also including further rounds in the same companies. 4 You can check the complete list of investors included by clicking on this link

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Chart 1 Number of Investors - Amount - Number of Operations in 2013

VC investment activity accounted for 9 per cent of the whole Spanish VC/PE5 investment figure and 69 per cent of the number of deals in 2013.

5 VC/PE activity includes Venture Capital, expansion and Private Equity (buyouts, replacement, turnaround and others) investments.

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Investment activity of Domestic and International VC funds

Domestic and international VC funds operating in Spain invested 208.5 million Euros in 2013, representing a 5.5 per cent fall compared with 220.8 million Euros committed a year earlier. Conversely, initial investments increased by 8.1 per cent with the total amount committed amounting to 136.8 million Eu- ros, representing the largest absolute amount since 2008 (174 million Euros). Moreover, the investment in existing investees fell by 24 per cent to 71.7 million Euros in 2013.

Something similar happened to number of investments6 (including both initial and follow-on), which fell by 7.6 per cent last year to 408 (down from 377 in 2012), due to the reduction in the number of follow-on investments (-14,7 per cent). 209 initial investments were recorded, compared to 211 a year earlier and 198 in 2011. In short, a large number of deals involving very small amounts were computed in 2013.

The average amount of initial investments was 654,000 Euros, compared to 600,000 Euros in 2012.

Table 3 Amount and number of operations

€ Million Number Type of investment 2011 2012 2013 2011 2012 2013

New Investments 130,9 126,5 136,8 198 211 209 Follow-up investments 170,1 94,3 71,7 178 197 168 Total 300,9 220,8 208,5 376 408 377

Source: ASCRI/www.webcapitalriesgo.com.

Only international VC institutions increased their commitments to Spanish firms in 2013, increasing the amount invested to 55 million Euros (30 per cent more that in 2012) and multiplying by three the number of deals (30). In contrast, domestic private and public-sector-related institutions reduced the amount invested by 16 per cent (122 million Euros) and 40 per cent (31.4 million Euros), respectively. Regarding the number of deals, both groups of investors reduced them by 13 per cent (285) and 23 per cent (62), respectively.

This finding is confirmed when we analyze the number of investors which carried out initial investments (Table 4). 60 investors7 closed at least one initial investment in 2013, 11 more than in 2012. 32 corresponded to private-sector-related and 10 to public-sector-related funds, virtually the same as in the previous two years. In the last year the number of international VC funds involved in initial investments tripled to 18, a new record high of foreign investors investing in Spain, and the first transaction in Spain for 14 of them. 3Scale, Abiquo, AlienVault, Marfeel, Optimitive, Peer Transfer, Social Point, Stat Diag- nostics, Teambox and Traity received funding from international and from domestic co-investors funds.

6 If for example two funds from the same management company participate in the same investment, two deals are recorded. In the same manner, if investments by a company are structured in two tranches in the same year, we also count two deals. 7 You can check the complete list of investors that at least carried out a new investment in the year

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Private-sector-related VC firms, such as Caixa Capital Risc with 42 initial investments, Sinensis Seed Capital (12) and Cabiedes & Partners (10), and Inveready and Kibo Ventures with 8, were the most active investors in the period analyzed. Among public-sector-related VC firms, the activity of Extremadura Avante which completed 13 deals, Xesgalicia (7) and Seed Capital Bizkaia (6), should be highlighted. No international fund carried out more than one deal.

Table 4 Number of investors with new deals by type

Number %

Type of investor 2011 2012 2013 2011 2012 2013 Domestic private-related VC 34 34 32 63.0% 69.4% 53.3% Domestic public-related VC 10 9 10 18.5% 18.4% 16.7% International VC 10 6 18 18.5% 12.2% 30.0% Total 54 49 60 100.0% 100.0% 100.0%

Source: ASCRI/www.webcapitalriesgo.com.

The main deal of the year, according the size, number of rounds and investors involved was Alienvault, as it had happened in 2012. The unified IT security management company based in Silicon valley and Madrid has grown thanks to Adara VC and Neotec CR since 2009, with an around $70 million in investments received since then. Among the new investors we should highlight the highly-reputed American firm Kleiner Perkins. This transaction would become a great success case in Spain’s ecosystem if a successful divestment follows in the near future. Other notable transactions were the medical diagnostic systems company Stat Diagnostica; the Volotea airline; the payment solutions provider peerTransfer; the online digital advice company Plenummedia; the cloud storage company BOX; the medical device company CVRX; and the management software startup 3Scale, among others.

The average amount invested per deal was 553,000 Euros, compared to 541,000 Euros in 2012.

Slightly more than half of the number of deals focused in second and subsequent rounds in early stage firms, compared to 36.9 per cent and 12.7 per cent of initial investments carried out in companies at the startup and seed stages, respectively.

By activity sector (Graph 1), the leading category was Computer-related, which includes the segments Hardware, Software, Internet, Semiconductors and Services, with 97.6 million Euros (46.8 per cent) in 198 deals (52.5 per cent), representing an average amount of 493,000 Euros. The Biotechnology category ranks second, with 21.6 million Euros (10.4 per cent) and 47 deals (12.5 per cent), followed by Medici- ne/Health care, with 16 million Euros (7.7 per cent) and 28 deals (7.4 per cent).

Technology-based companies represented 81.5 per cent of the total amount invested in 2013 (170 million Euros), representing 85.7 per cent of the number of deals (323).

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Chart 2 Amount and Number of Operations by Sector

Private-sector-related investors (domestic and international) invested 85 per cent of the total VC amount in 2013, compared with 15 per cent invested by public-sector-related firms (this percentage does not include the activity of CDTI and Enisa), and completed 83.6 per cent of the deals. On average, those VC firms allocated 562,000 Euros per deal, compared to 506.000 Euros in the case of public-sector-related investors (not including CDTI and Enisa).

Investee companies in Catalonia received 59.2 million Euros (35 per cent) in VC funding in 2013, spread over 123 deals (35.9 per cent), while companies located in Madrid received 49.2 million Euros (29.2 per cent) in 61 deals (17.8 per cent). Navarre and Basque Country accounted for €12.6 and €12.4 million Euros (7.4 per cent), respectively, while Valencia ranked third by number of deals with 34 VC transactions (10 per cent).

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Chart 3 Chart 4 Amount and number of operations in Spain Amount and number of by Region operations in Spain and abroad

Size really matters?

58.4 per cent of the deals (220) represented commitments below the 250,000 Euros threshold, amounting to 10.5 million Euros, whereas 26.5 per cent of the deals (100) ranged between 250,000 and 1 million Euros. 33 deals ranged in the 1 and 2.5 million Euros tranche, 10 less than in 2012. Conversely, the number of deals in the 2.5 and 5 million Euros tranche doubled and reached the historical maximum (18). 6 deals were recorded in the 5 and 10 million Euros tranche, compared to 8 a year earlier. As in 2012, no deal exceeded 10 million Euros8.

60.2 per cent of the transactions were conducted in companies with less than 10 employees, which reflect that Spain is a country in which small businesses predominate. The percentage rises to 79.6 per cent if companies with up to 20 employees are considered.

33 investors completed at least one round of over 1 million Euros in 2013, of which 13 were domestic (4 public-sector-related) and 16 international funds. In 2012 the number of investors committing more than one million was 30, of which 15 were private-sector-related, 8 public-sector-related and 7 were international funds.

8 In 2012 one deal amounting to 14.4 million Euros was recorded but not accounted for due to the split of the amount in two tranches of the second half, amounting to 8,4 million Euros and €6 million Euros

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Table 5

Amount and number of operations by size

€ Million Number

Investment Tranche 2011 2012 2013 2011 2012 2013 0 - 0,25 € million 15.2 19.3 17.5 210 256 220 0,25 – 0,5 € million 16.8 16.7 16.4 59 51 49 0,5 - 1 € million 26.8 22.5 25.6 40 41 51 1 - 2,5 € million 64.7 55.8 56.0 45 43 33 2,5 - 5 € million 38.0 39.2 53.5 13 9 18 5 -10 € million 32.2 52.8 39.5 5 8 6 10- 25 € million 37.2 14.4 0.0 2 0 0 25 – 100 € million 70.0 0.0 0.0 2 0 0 More than 100 € million 0.0 0.0 0.0 0 0 0 Total 300.9 220.8 208.5 376 408 377

Source: ASCRI/www.webcapitalriesgo.com.

The portfolio of domestic and international VC funds operating in Spain amounted to 1,598.8 million Euros at the end of 2013, spread over 1,325 companies. The average investment per company amounted to 1.21 million Euros. The most representative categories in the VC portfolio at the end of 2013 were: Computer-related with 485 companies (36.6 per cent), Biotechnology with 165 companies (12.1 per cent) and Industrial products and services with 113 companies (8.5 per cent).

Divestment activity of Domestic and International VC funds

Divestments valued at cost amounted to 138 million Euros in 2013, which is 11.7 per cent below the amount divested in 2012 (156.3 million Euros). Similarly, the number of divestments fell to 206, compared with 245 in 2012. These exits include 159 final divestments and 47 partial divestments, 12 and 27 less than in 2012, respectively.

Table 6

Amount and number of divestments

€ Million Number

Concept 2011 2012 2013 2011 2012 2013 Final divestments 142.2 141.2 121.0 158 171 159 Partial divestments 17.8 15.1 17.0 107 74 47 Total 160.0 156.3 138.0 265 245 206

Source: ASCRI/www.webcapitalriesgo.com.

The average holding period stood at 6.5 years in the period, the same as in final divestments.

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Regarding the exit mechanism in final divestments, the Write-offs category represented 54.6 per cent of the amount divested, followed by Trade Sales with 24.7 per cent. As for the number of final divestments, more than half (82 divestments) reported a total loss of the investment (54.1 per cent), compared to 86 in 2012. Conversely, a record high was reached in Trade Sales (30 divestments, representing 18.9 per cent), five more than in 2012. Finally, 29 buyback transactions were carried out in 2013, compared with 25 recorded in 2012.

Among Trade Sales, the sale of the intelligent dialogue systems company Indisys to Intel, the sale of En- dosense (Ysios) to St. Jude Medical, and the sale in Telemedicine Clinic to Salina Internacional, both in Medicine/Health care category, should be highlighted. In the online travel industry, the sale of Niumba and Blink to U.S. giants Tripadvisor and Groupon, respectively, and the partial divestment of Carbures, the manufacturer of carbon fiber parts, in the Alternative Investment Market, should also be highlighted. Carbures was the most revalued company in the Spanish stock market in 2013.

Fundraising

Fundraising remains extremely challenging for VC firms operating in Spain. In this sense, the fund of funds FOND-ICO Global will play a positive role as catalyst of fundraising efforts in the period from 2014 to 2018.

The VC fundraising was estimated9 at 411.3 million Euros in 2013, representing a 24 per cent increase over the same period in 2012 (313.3 million Euros). If only the participation of domestic and international VC firms is considered, the increase was 27.5 per cent to 328.5 million Euros, representing 14 per cent of the global funds raised by Spanish VC/PE institutions in 2013. Out of this amount, 83 per cent corresponded to domestic funds (almost all of them managed by private-sector-related firms), whereas the remaining 17 per cent was related to money committed by pan-European funds to Spanish firms.

Table 7 New funds raised by type of investor

Number % Type of investor 2011 2012 2013 2011 2012 2013

International VC 130.1 38.8 55.0 36.3% 12.4% 13.4%

42.5% 63.6% 66.5% Domestic VC 152.3 199.4 273.5 19.7% 20.2% 15.0% CDTI and ENISA 70.5 63.3 61.6 BA Groups, Accelerators 5.5 11.9 21.2 1.5% 3.8% 5.2% Total Investors 358.4 313.3 411.3 100.0% 100.0% 100.0% Source: ASCRI/www.webcapitalriesgo.com.

Among the private-sector-related funds, the new vehicles of Adara Venture Partners, Seaya Capital, Axon Amérigo Ventures and Grupo Perseo (Iberdrola), totaling nearly 200 million Euros, should be highlighted in 2013. These new funds will allow them to participate in follow on rounds with individual tickets exceeding 2.5 million Euros, which were unusual in Spain.

9 The study includes funds raised by domestic investors in which more than a half of their portfolio companies are VC deals, as well as money committed by pan-European funds to Spanish firms, CDTI and Enisa loans, and funds allocated by BA groups, accelerators/incubators to their VC investments in Spanish and foreign companies

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Activity of organized Business angels and accelerators/incubators

Several business angel groups emerged in the last part of 2012 and, especially, in 2013. Firms such as 101 Startups, Alantis, Cube Investments, Lanta Digital, Microwave, Startcaps or The Crowd Angel, ini- tially established as private limited companies or corporations that consider in some cases their transfor- mation into VC/PE institutions in the short/medium term. This new wave of investors replaced the accelerator-incubators phenomenon that was especially remarkable in 2011 and 2012.

The investment activity conducted by Business Angels (BA, henceforth) operating with organized and identifiable vehicles and accelerators/incubators amounted to 21.2 million Euros in 2013, which is nearly twice the amount recorded in the previous year (11.9 million Euros). 91.3 per cent of this amount focused on initial investments.

According to the number of deals, a remarkable growth was recorded, with 314 deals (34.7 per cent) in the period analyzed, compared with 205 recorded in 2012. Of that amount, 279 were classified as initial investments and 35 as follow-on investments. The average amount invested per deal was 69,400 Euros.

Spanish venture capital statistics show a realistic picture of the real activity carried out by formal VC institutions, as that developed by CDTI and Enisa. In contrast, this is not the case of the activity of Busi- ness angels and accelerator-incubator groups. Their investments, most of them confidential, could be estimated between 60-70 million Euros in 2013 (1,000 deals), and about 40-50 million Euros in 2012 (750 deals), which is well above what is included in the statistics.

Table 8 Amount invested and number of operations

Amount (€ Million) Number Type of investment 2011 2012 2013 2011 2012 2013 New Investments 5.4 10.7 19.4 84 186 279 Follow-up investments 0.1 1.1 1.8 2 19 35 Total 5.5 11.9 21.2 86 205 314

Source: ASCRI/www.webcapitalriesgo.com.

28 of these investors completed at least one new transaction in 2013, 7 more than in 2012. Investors re- porting high activity in the period analyzed are Wayra (117 initial investments), Mola (20), Plug & Play España (17), Esade BAN (16), StartCaps Ventures (11) and 101 Startups (10).

Regarding the stage of development, 49 per cent of deals were devoted to seed stage companies, 37 per cent to startups and the remaining 14 per cent were second of following rounds in portfolio firms. Some relevant examples of seed deals are Nautal, Otogami, Reclamador or Sentisis. Similarly, among the startups supported we could mention Biddus, Funidelia, Traity or PeerTransfer. Akamon or The Mad Video, among others, should be mentioned in the later stages category.

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Almost all the available data belong to BA groups or accelerators/incubators specialized in Internet companies. This explains the 86.6 per cent weight of the Computer-related category in 2013. Far from them are other categories as Other Services (2.5 per cent), Medicine/Health care (2.2 per cent), or Financial Services and Hotel Industry/Leisure with 1.6 per cent each.

According to the investment range, 95 per cent of the investments did not exceed the 250,000 Euros threshold. More precisely, 81 per cent of the number of deals carried out by these investors did not even exceed 75,000 Euros. Only 4 deals were recorded between 500,000 and 1 million Euros, and only one deal exceeded one million Euros.

Table 9 Amount and number of operations by size

Amount (€ Million) Number Investment Tranche 2011 2012 2013 2011 2012 2013

0 - 0,25 (€ Million) 3.5 9.3 14.1 79 202 298

0,25 - 0,5 (€ Million) 2.0 0.0 3.5 7 0 11

0,5 - 1 (€ Million) 0.0 1.3 1.3 0 2 4

1 - 2,5 (€ Million) 0.0 1.3 2.3 0 1 1

Total 5.5 11.9 21.2 86 205 314

Source: ASCRI/www.webcapitalriesgo.com.

Regarding the geographical distribution, 134 deals (42.7 per cent) took place in companies headquartered abroad, most of them carried out by Wayra. Regarding companies located in Spain, 66 deals were carried out in Madrid (36.7 per cent), 61 in Catalonia (34 per cent) and 32 in Valencia (17.8 per cent). Andalusia, Aragon, Asturias, Balearic Islands, Cantabria, Castile Leon, Murcia, Navarra and Basque Country also reported at least one transaction.

Only 10 final divestments amounting to 495,000 Euros were recorded in 2013, with 9 of them classsified as Owners buyback and the rest as Write-offs.

The portfolio of organized BA, accelerators-incubators and others amounted to 48.7 million Euros. The average investment per company in the 584 existing portfolio firms was 83.400 Euros. 90 per cent of the portfolio at cost was related to the Computer-related category, followed by Other Services (2.2 per cent) and Medicine/Health care (1.5 per cent).

Madrid accounted for 121 companies (38.8 per cent), followed by Catalonia (29.2 per cent), Valencia (11.5 per cent) and Balearic Islands (11.2 per cent).

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Activity carried out by CDTI and ENISA

The activity of public-sector funds CDTI and Enisa remains as the main support for innovative SMEs, especially in recent years, due to the lack of funding. Many private VC firms and business angels took advantage of this financing facility to double the amounts raised by investee firms.

584 total loans (amounting to 61.6 million Euros) were granted by CDTI and Enisa in 2013 to seed and startup companies. In 2012, both institutions had granted 540 loans (amounting to 63.3 million Euros). 333 total loans amounting to 17.3 million Euros (57 per cent) corresponded to the line Préstamos Joven of Enisa, compared to 316 loans granted by an almost identical amount in 2012.

The average amount per loan rose to 106,000 Euros. 91 per cent of the loans granted by CDTI and Enisa did not reach the 250,000 Euros threshold. 62 per cent did not even exceed 75,000 Euros, and only 1 exceeded 1 million Euros.

47.1 per cent of the loans granted by CDTI and Enisa went to companies at the seed stage, 32.2 per cent to startups and 20.7 per cent to follow-on investments in seed and startup stage companies. By activity sector, the leading category was Computer-related with 52.6 per cent, followed by Other services and Consumer-related with 11 per cent and 8.2 per cent, respectively.

Regarding the geographical distribution, 34.4 per cent were committed to companies located in Madrid, 27.9 per cent in Catalonia and 6.2 per cent in Valencia.

The portfolio of loans granted by CDTI and Enisa in companies at the seed stage amounted to 329.7 million Euros in 2,211 companies at the end of 2013. 42 per cent of portfolio companies belong to Com- puter-related category (928), followed by Other Services with 13 per cent (290) and Consumer related with 9 per cent (189). Madrid accounted for 32 per cent of the portfolio companies (707), followed by Catalonia with 25 per cent (559).

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DEALS’ NEWS (LINKS)

INVESTMENTS DIVESTMENTS FUNDRAISING

INVESTMENTS

January Tocardo and Repsol enter partnership to develop offshore tidal energy

Oonair raises €600k from current shareholders, Venturcap, Telegraph Hillgroup and CDTI

February CRB Inverbío and Inveready assist Amadix €2M capital increase

The Crowd Angel leads a €290k first round in Brand Rain

Saluspot closes a €1M round backed by Cabiedes, VitaminaK and FJME

Greylock Partners invests $2.9 million in Social Point

Mola invests in Minderest

Fons Enginyers invests in ForceManager

Gijón Invierte I and II invest €618,000 in Hielos de Asturias and two other companies

Enisa finances the startup Oleiolive

Cabiedes and several business angels invest €380,000 in Percentil

Hermeneus reinforced with the entry of Seed Capital Bizkaia and several private investors

March Sodena, Caixa Capital Risc and an American BA invest €150,000 in BidAway

Beebrite raises €200,000 from Mola, Enisa and a business angel

Captio closes a €300k round backed by Venturcap and renowned business angels

Gamisfaction raises €179k from Akola Capital, Wayra, Enisa and Business angels

Grupo ITnet and several business angels invest in Reclamador

Sentisis raises €140,000 from Enisa, Startcaps and partners

April La Caixa and Inveready invest in Minoryx

Mola invests €255,000 in 7 new companies Packlink raises €1.5 million from Active Venture Partners Sodena and Jofemar drive the industrial future of Futura Acorp Oxford Capital leads a $5 million round in Abiquo Casiopea ESM2M, owned by Ámbar VC, buys 100% of AT Biotech Study2gether raises €250,000 from Mola and Extremadura Avante

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Jugo raises €150k from RealizaBA, Plug and Play, Bankinter CR, 50TresDigital and 3 private

investors Tallerator raises €50,000 from Enisa Novaventus raises €1,5M from Kibo Ventures and VitaminaK in 2nd round 3scale, owned by Inveready, raises $4.2M from Javelin VP and Costanoa VC Nauta, BDMI, Wayra and Elaia invest €1.6M in Marfeel Latest Kibo Ventures investments: Promociones Farma, Ludei, Mimub and Nonabox Cofides finances New York expansión of Gandía Blasco Caixa Capital Risc leads a €1.1 million investment in iMICROQ, also backed by a group of May BA Stat-Diagnostica closes a €17M round and integrates reference international investors Casiopea ESM2M, owned by Ámbar VC, acquires 51% of Farsens Sodena grants €150,000 to Intelligent System Vitale and Iden Biotechnology Cabiedes, Y. Arbeloa and F. Derbaix invest €150,000 in We Are Knitters Cabiedes and Mola invest €200,000 in Geniuzz BBVA Ventures invest in the U.S. startup Radius Seaya Ventures invests $4 million in Ticketea Venturcap, Caixa Capital Risc and several Business angels invest €500k in Hotelerum Mola, Faraday VP and Starcaps Ventures invest €450,000 in etece.com Akamon closes 1st round at €2.8 million backed by Axon and Bonsai Cabiedes & Partners acquires a 10% stake in Derecho.com and elAbogado.com June Grupo Intercom, several Family offices and Business angels invest €1.5M in Solostocks Sodena invests €450,000 in TedCas Medical Systems, accelerated by Wayra Perseo (Iberdrola VC) and CDTI invest €500k in Arbórea Intellbird Gijón Invierte II approves five new investments amounting to €320,000 Cabiedes and a group of Business angels invest €500k in first round of Medprivé Atresmedia, Attitude and Bonsai invest €9 million in El Armario de la Tele Big Sur Ventures-Necotium and Cabiedes invest €300,000 in Funidelia

Palobiofarma closes third round for €4.5 million backed by Inveready, Fitalent and Sodena

Plug and Play invests €2.7 million last year and open new call

Soysuper starts with €400,000 from founders and an Enisa loan

peerTransfer raises $6.4 million from QED, FIDES-FJME, Kibo, Spark and Maveron Lanta Digital Ventures conducts 1st investment in Traity in conjunction with reference inter-

national investors Ludei raises $1.5M from Kibo Ventures and VitaminaK July Smadex raises €1M from Cabiedes, Trovit, 101 Startups, several BA and public funds BBVA invests in SumUp, Europe's leader in mobile credit card payments - 21 -

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Active Venture Partners invests €3m to support ReviewPro’s expansion

Caixa Capital Risc and current partners invest €300,000 in ByHours.com 2nd round

Seaya Ventures invests in Sindelantal México

Ohlalapps raises €1 million from private investors and CDTI in 1st round

Jobsandtalent raises €2.5M from Kibo Ventures, Félix Ruiz and Alfonso Villanueva

Axon Invests $5 million in Ampere Electric Vehicles

Dinamia invests €610,000 in Xanit and €1.9 million in Electra Partners FCR

Fons D'Enginyers invests €300,000 in ByHours.com in 3rd round

Cofides finances the expansion in Peru of Conservas El Cidacos

August Business Booster selects 6 new startups for its 5th acceleration program

Icinetic raises €655,000 from La Caixa and a group of investors

Social&Loyal raises €120,000 from Caixa Capital Risc and known business angels

CRB Inverbío and Ade Sodical invest in the biotech firm Raman Laser Technologies

September Caixa Capital Risc invests €2 million in Forest Chemical Group

Sodena invests €225,000 in Plastic Repair System through Start Up Capital Navarra The Mad Video closes 2nd round backed by FJME, VitaminaK, Innovación Bankinter Foun-

dation and BA 101startups, private investors and family offices invest €400.000 in Social and Beyond

Tabmob raises €100,000 from Caixa Capital Risc and other investors

AlienVault completes a $26.5 million round led by GGV Capital

Comval Emprende and IPROMA takes part in a capital increase in Biótica Active Venture and Partech Ventures invest €4.6 million in YD Percentil closes a €400,000 round backed by Cabiedes and several business angels

Restalo.es raises $10 million from Active Venture and Seaya Ventures

Ona Capital invests in the technology firm Quopiam Inveready leads a €700k round in Mobincube, also backed by The Crowd Angel and Bankinter Mola invests €400.000 in 13 new startups La Nevera Roja closes a €2 million round led by Nicolás Luca de Tena Ricari invests in WAF Estructuras Digitales

Seaya Ventures invests €5 million in Plenummedia

October Clave Mayor, ADE Sodical, la Caixa and management team invest €3.5M in Fast Drinks

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Aprendum closes a €300,000 second round backed by Mola

Mola, OJIT Ventures, 2 BA and founding partners invest €130,000 in Bookitit

Plug and Play adds 6 new startups to the 3rd acceleration program

Bankinter VC/PE subsidiary takes 20% stake in Going Green

Tiendeo raises €505,000 from Cabiedes and existing and new business angels Reclamador.es closes a €500k round backed by Cabiedes, Faraday, MIB, Tegsa, Semilla Expi-

ga and BA La Caixa together with a group of business angels invest €230,000 in Spotbros

Inveready and Cube Investments lead a €1 million round in Sweetspot

Teambox closes a $5 million round led by Avalon Ventures

Ysios Capital invests $6 million in the U.S. company CVRx

Volotea, owned by CCMP, Axis and Corpfin, expands capital in €10.5 million Otogami closes a €330k round led by VitaminaK and backed by Plug&Play, Civeta, Faraday, November Danka, Autentia and BA Faraday VP joins The Mad Video closing the 2nd round by €743,000

Axon Partners and Just Eat co-invest up to $5 million in Just Eat India

Mymoid raises €2.4 million from Ámbar Venture in first round

Colingo closes a €1.55M round led by Atlas Venture and also backed by 500Startups and Kibo

VC/PE fund of Gijón city council approves two new investments by €1 million

From the Bench closes a €1M round backed by Caixa Capital Risc and Bonsai

Socialdiabetes closes a €150,000 round backed by business angels and Caixa Capital Risc Nubelo closes a €1M round backed by Caixa Capital Risc, Finaves, South Ventures and cu-

rrent shareholders GGM Venture Capital invests $1.4 million in Basque startup Optimitive

December Kronomav closes a €900,000 round backed by Clave Mayor, Inveready and Enisa Uninvest renews and increases presence in Vóptica 33 investors from The Crowd Angel invest €300,000 in Mobincube

Perseo (Iberdrola VC), GE and Angeleno fund invest $15 million in Stem

Origo starts with the support of Wayra and Plug and Play España

Repsol and CDTI invest €1 million in Graphenea Addquity completes its third investment with the entry in EzzingSolar Telefónica Ventures takes part in a $100 million round in Box

Onyx Solar expands capital backed by Grupo Fides iSegurosdeSalud closes a €800k round led by Inveready and current partners

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Minube closes a €1 million round backed by Bonsai, Kibo and Sputnik

Gigoing raises €145,000 from founding partners and Enisa Floqq closes second round amounting to $550,000 led by Cabiedes&Partners Caixa Capital Risc leads a €2M investment in STinser, also backed by Ade Sodical Vinopremier.com raises €500,000 from a group of investors and Enisa Zank starts with the support of Plug and Play Spain Caixa Capital Risc leads a €420,000 round in Lexdir Meets supported by Plug and Play to boost its international expansion Xkuty expands capital for international expansion backed by Next Capital Wallapop closes a €1.6M round backed by Caixa Capital Risc, Bonsai and Enisa, among others Biddus boost ecommerce with the support of Big Sur Ventures-Necotium, DaD and Alantis Nautal closes a €185k round backed by Caixa Capital Risc, 101Startups, SeedRocket´s BA and

others Blueliv closes a €2.5 million round backed by Telefónica Ventures and Kibo

ICF Capital and Caixa Capital Risc lead a €1M round in Genmedica Therapeutics

CRB Inverbío takes a significant stake in Health in Code

DIVESTMENTS

January Valcapital agrees with Valsemédica the sale of stake in Suávitas

February Jet Ready announces its closing

March Highgrowth sells 35% of Facomsa to Indian group Prudential Tradelink

Active Venture Partners, Activa, Intercom and Kennet divest stake in Telemedicine Clinic

May Tripadvisor acquires Niumba by €12M, exit Intercom and Bonsai

Sodena divests stakes in Foro Europeo, MTS Tobacco and Olus Tecnología

July Symantec acquires Password Bank assets by €19m. Inveready multiply by 7 the investment

Offerum acquires the travel platform Destiny Sodena partially divests stake in Eina

September Groupon acquires Blink. Kibo Ventures exits

The sale of Indisys to Intel confirms Inveready’s commitment to B2B software

St. Jude Medical acquires Endosense. Ysios exits (x 3.3/investment)

October Eurona Telecom acquires Kubi Wireless, owned by Finaves and Avança, for €10M November Sodena divests stake in Elara Ingenieros

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December Inveready and Caixa Capital Risc sell stake in Lucierna to SmartBear

Innova31 sells 14% of the U.S. Visiometrics to Visual Performance Caixa Capital Risc divests stake in Inspiring Benefits

FUNDRAISING

January Ade Financiación approves 2013 entrepreneurs’ grants in Castile and León

Enisa launches 8 lines through the granting of equity loans

The Barcelona Official Medical College and Riva y García launch HealthEquity fund

Inveready launches Inveready Biotech II fund hoping to reach €15M

BBVA launches BBVA Ventures with €75M aimed at financial startups

February Business Booster launches Sinensis SCR to support accelerated startups Crosscheck Capital Partners launches its first fund Green Buildings Equity Fund I, aiming to

raise €30M March Torsa Capital plans the entry in the new technologies field

It borns Cleantech INNvest, the cleantech projects' investment and funding network

ICO launches a VC/PE fund of funds for SMEs and entrepreneurs managed by Axis

It borns the VC/PE firm Piumoc Inversions SCR

April 11 VC/PE firms present offers to manage 4 Jeremie funds by €25M

Ysios Capital could start fundraising of its 2nd fund later this year IFE starts with €100M aimed at finance Valencian entrepreneurs

Venturcap and ICF launches Venturcap II fund with €3 million

Seaya Ventures completes the first closing of its VC/PE fund with €40M

May EIB and ICO agree the establishment of a €500M line to fund SMEs Axon manages the Amerigo Ventures Colombia fund endowed with $60M June CDTI launches the Linea Directa de Innovación for technology companies

July 101 Startups, new investment firm in Internet and mobile companies ICO looks for VC investors for its VC/PE funds of funds August Sitka Capital Partners looks for partners to invest in Internet startups September Sprita Startups, the technology startups accelerator, starts with €2 million Fundedbyme, raising more than €3M, names country manager to head up Spain The accelerator Viavigo opens call for Galician entrepreneurs The Swiss venture capital firm Megadon installs on Fuente Álamo - 25 -

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October The accelerator Conector.com starts by the hand of recognized Spanish entrepreneurs Alentia Capital Alternativo starts to invest in Castile-León expansion companies Cube launches a fund to channel €10 million in digital projects BO Gestora de Capital Risc starts with Victoria Venture Capital fund of €5 million Juan Roig creates Angels SL merging Angels Capital and Lanzadera Inveready raises €10 million for biotechnology startups Inveready completes the creation of a new fund, Inveready First Capital II The startups accelerator InvierteMe Ventures starts in Seville November Banco Sabadell launches BStartup 10 to invest up to €1M in 10 digital startups FCRi will launch a €15 million fund for university spin-offs Jeremie fund will be expanded in €10 million to finance SMEs from Extremadura Avindia Capital, Alta Partners, Axon Capital and Ged Sur raise €25M from Junta de

Andalusia-Jeremie Former executives from Bankia launch Pujanza Kapital to invest in seed capital UNIR Foundation and Vocento launch an acceleration program with €2 million

December Coec and Murcia Emprende launch Coec Capital Partners aimed at financing business projects Amadeus launches its venture capital division Amadeus Ventures Innvierte program will allocate over €150 million in Biosanitary SMEs FOND-ICO Global distributes €189M. among Adara, Ambar, Corpfin, Diana and Portobello

(1st call)

The first Spain's co-investment fund in startups starts with 61 BA and €152,000

COLLABORATE:

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