Startup Financing in Spain. 2015 (VC, Business Angels, Accelerators, Loans)

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Startup Financing in Spain. 2015.

June 2015. Release 1.0 Webcaprisk Servicios S.L. is the owner of www.webcapitalriesgo.com

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INTRODUCTION

The financing of high-growth, high-potential and mostly early stage firms shows a persis- tent positive evolution in Spain. Startup firms have now access to several sources of long- term financing such as subsidized and participative loans granted by public-sector institutions (e.g., CDTI, ENISA and other similar institutions), domestic and international venture capital firms (VCFs), and organized Business Angels, accelerators, incubators and similar entities.

International funds continued to show a noticeable interest in investing in our country. If in 2013 17 funds (an historical maximum) invested in Spain for the first time, last year there were 14. These are amazing figures when we bear in mind that in the years prior to this the average was around 5. Now Spain can be truly said to be on the map.

The sector has also been shaken up by the arrival of the fund of funds FOND-ICO Global, acting as a lever for private national funds to be able to close out their new investment vehicles. Moreover, moderation continues to be the word in the activity of CDTI, ENISA and other regional institutions specializing in loans to small and medium-sized firms, which reached its peak in 2012.

All these factors and some others, augur a very interesting future.

The report Startup Financing in Spain. 2015, also includes: summary, list of investors (with portfolio and assets for that year), analysis and statistics1 and 182 related news items2.

We wish to thank the contributions made by the sponsors of this report, Adara Venture Partners, Repsol Energy Ventures, Sitka Capital and Axon Partners Group Investment, as well as the support from Bridgepoint in helping to maintain webcapitalriesgo.com.

Marcos Salas de la Hera Partner at Webcapitalriesgo.com

1. The information supplied by more than 250 investors was obtained by Webcapitalriesgo.com, in conjunction with the Asociación Española de Entidades de Capital Riesgo (ASCRI), and constitute the basis for the ellaboration of the official VC and Private Equity statistics published in the ASCRI’s 2014 Annual Report. The activity in startups (Venture Capital) was separated from the general information. 2. The information comes from the press briefings sent by investors and news items published in the media.

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INDEX

PAGE

Executive Summary 5

Global funding received by companies in early stage and entrepreneurs 7

Investment activity by national and international Venture Capital firms 9

Activity of groups of Business Angels and Accelerator-Incubators 11

Activity of CDTI, Enisa and other regional-sized entities 15

List of Domestic Private-Public and International VC Investors in 2014 18 66 VC investors and 31BA, Accelerators/Incubators and Other, conducted at least one initial investment in 2014

Deals’ News 182 News related to Investment, Divestment and Fundraising in 2014 21

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EXECUTIVE SUMMARY

 Global financing received

The total amount3 received by startups in Spain increased by 26% in 2014 to €347 million. In contrast, the number of deals decreased by 16.3% to 1,057, basically due to the reduction in the number of loans granted by CDTI, ENISA and similar institutions.

 Contribution of domestic and international VCFs

At the end of 2014, we see a rise in investment of rather more than €100 million to reach €280.1 million resulting from the increased contribution from international funds with a €153.5 million investment (+69%). However, somewhat more than half of that amount invested was concentrated in the last round carried out in Scytl, one of the greatest ever to take place in Spain. Other significant deals during the year were Social Point or STAT-Diagnóstica, among others. Domestic VC firms invested €127.2 million. There was a 6.6% fall to 313 in the number of deals. Private national VCs carried out 235 transactions (75%).

The average amount invested in each deal increased by 72% last year to €895,000. Rather more than half of investments carried out in 2014 were for less than €250,000. At the other extreme, the €10 million barrier was breached, with 5 deals.

Altogether, 66 investors made at least one new deal. Last year 14 international and two national funds carried out their maiden investment.

When we analyze the activities of firms with VC backing, depending upon the development stage, a slight rise was seen in seed firm investments, and a historic high was attained in those related to Late Sta- ge venture. On the contrary, there was a fallback in deals in Startup and in the following (Other Early Stage).

The sectoral category Information technologies raised 76% of the amount invested and 59% of the number of deals.

The amount of divestments at cost fell by 4% to €161.3 million in 2014, accompanied by a 23% drop in the number of final divestments to 134. Although there were relatively few divestments through industrial sales, namely 20, some were significant such as Trovit, Anafocus or ClickDelivery. Nevertheless, maybe the year´s most profitable divestment was the partial exit of Cabiedes in Blabacar through a third party sale to another venture capital firm.

As was to be expected, the fund of funds FONDO-ICO Global fomented activity in raising new VC funds in 2014. In total, the number of new funds taken on showed a 34% increase to €378.5 million. Some of the funds that took off in 2014 were Caixa Capital TIC II, Axon ICT III, Cabiedes & Partners IV SCR, Ysios Biofund Innvierte FCR or Basque FCR, among others.

3 Including investments from domestic and international VC firms (VCFs), loans granted by public-sector institutions (CDTI, ENISA and similar institutions) and organized groups of business angels, accelerators, incubators and similar entities.

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 Contribution of organized groups of business angels, accelerators, incubators and similar entities

The amount invested by these agents increased by 18.4% to €22.7 million in 2014. The number of deals decreased slightly (-3.6%) to 323, of which 282 were initial investments (€73,000 per deal on average). 96% of the investments did not exceed the €250,000 threshold and 70% not event the €75,000 threshold.

31 players completed at least one initial investment in 2014, two more than in 2013. Among the Invest- ments to be highlighted we should mention Novicap, Finanzarel, A Crowd of Monsters, Green Momit or JobandTalent, among others.

We also recorded 24 final exits, which at cost had a value of €2.5 million. In 13 of them the investment was written-off whereas in four there was a trade sale: Comenta TV, Ducksboard, Dexma Sensors and Saluspot.

 Contribution of CDTI, ENISA and other similar institutions

Investment in loans granted by CDTI, Enisa and other regional-sized institutions to firms who found themselves in early stages rose to €48.9 million in 2014, which represents a 37% drop compared to the amount recorded a year before. Though the number of loans was also affected with a 25% fall to 552 loans, it should not be forgotten that this figure represents 43.3% of the global number of VC deals in Spain last year.

The active loan portfolio in firms at the initial stages produced a total of €404.5 million, shared out amongst 2,979 firms as of December 31, 2014.

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Global funding received by companies in early stage and entrepreneurs

The total amount received by startups in Spain, including investments from domestic and international VCFs4, loans granted by public-sector institutions (CDTI, ENISA and similar institutions) and organized groups of business angels, accelerators, incubators and similar entities, was estimated at €347 million in 2014. This represents 26% more than in 2013 (€184.3 million). As shown in Table 1, the reduction in the amounts committed by public-sector institutions contrasts with the increased activity of VCFs.

However, the number of investments registered for all these entities fell by 14% to 1.275. This fall materialized to a great extent in the number of loans granted by the above-mentioned public entities, which showed a 25% drop, to 552 in 2014. On the contrary the level of deals by national and international VCs and the BA group of Accelerators and incubators fell only slightly.

Table 1 Amount committed by investor type

Amount (€ Million) % Type of investor 2012 2013 2014 2012 2013 2014 Domestic and International VC 191.9 184.3 280.1 65.8% 66.9% 80.7% CDTI, Enisa and regional entities 92.7 77.2 48.9 31.8% 28.0% 14.1% BA Groups, Accelerators, Other 7 13.8 17.9 2.4% 5.0% 5.2% Total 291.6 275.3 346.9 100.0% 100.0% 100.0%

Source: ASCRI/www.webcapitalriesgo.com.

The number of deals registered for all these bodies fell by 16.3% to 1.057. This fall materialized to a great extent in the number of loans granted by the above-mentioned public entities, which showed a 25.8% drop, to 547 from 737 in the last year. On the contrary the level of deals by national and international VCs and the BA group of accelerators and incubators fell only slightly.

Table 2 Number of deals by investor type

Number % Type of investor 2012 2013 2014 2012 2013 2014 Domestic and International VC 333 335 313 29.3% 26.5% 29.6%

CDTI, Enisa and regional entities 713 737 547 62.7% 58.4% 51.8% BA Groups, Accelerators, Other 91 191 197 8.0% 15.1% 18.6% Total 1,137 1,263 1,057 100.0% 100.0% 100.0%

Source: ASCRI/www.webcapitalriesgo.com.

At the end of 2014, registering the three mentioned groups, 196 investors had at least one firm in the seed or takeoff stage in their portfolio. 154 were classified as national and international VCs, 37 are groups of Business Angels and Accelerators and Incubators, to which we could add 5 public institutions specializing in granting shared loans. Of the 154 funds which normally5 carry out VC deals, 81 were managed by private national investors, 17 were funds with a majority of public capital, whilst 56 were international funds.

4. Venture Capital is defined as the investments in firms at the seed, startup, other early and late stages, carried out by professional teams. 5 You can check the complete list of investors included by clicking on this link.

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Graph 1 Number of Investors - Amount - Number of Firms in 2014

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Investment activity by national and international Venture Capital firms6

Last year saw a €100 million leap in VC investment, which rose from €184 million to 280.1 million7. This increase was related, almost wholly, with the contribution from international VCFs operating in Spain, who invested €153.5 million, an increase of 169% over the previous year. More than half its investment was made in just one investment, Scytl. National VCFs invested €127.2 million, figure almost identical to a year earlier.

The number of deals8 fell from 353 to 313 last year, representing a 6.6% drop. Of them, 184 were new investments and 129 follow-up investments, compared to 199 and 154 in 2013, respectively.

Of the total number of deals, 235 (or 75%) were performed by private national VCFs, 26 less than in 2013; 43 by public national ones (19 less); whereas international funds made 35 deals in 2014, five more than the year before. The average amount per deal rose by 72% last year to €895.000.

The investment amount of VCFs represented 10% of the total sum of VC/PE9 investment in Spain (€3,465 million) and 77% of number of invested companies (404) in 2014, as shown in the ASCRI’s 2015 Annual Report.

Among the year´s most prominent investments Scytl stood out through the amount of resources raised. The management company specializing in electronic voting and election technology received a total €77.8 million, which went towards new R&D development and speeding up its growth plans. The round, which is among the third biggest in the history of Venture Capital in Spain, was witness to the launching of the international funds Vulcan Capital, SAP Ventures, Vy Capital, Adams Street and Industry Ventu- res. As participants in the company for many years we have seen Nauta Capital (Nauta Tech Invest II SCR), Riva y García (Spinnaker fund) and Balderton. Other deals worthy of note were the third round of the Internet Social games company Social Point, headed by Highland to the value of €22 million; the en- try of Accel and other investors in Wallapop´s mobile app for buying and selling second hand; the final round of funding carried out in the WIFI communications operator FON; the initial presentation in Spain of Qualcomm in the company which developed diagnosis systems STAT-Diagnóstica; or the CRB In- verbió investment in biotechnology Mecwins.

Altogether 66 investors carried out at least one new deal, one less than in the year before. Of these, 39 were private national funds, against the 36 of 2013, and 9 were public ones, in line with the 10 of the year before. 18 international funds made at least one new investment, near to the maximum of 21 recorded the year before.

Last year there were 14 international funds investing in Spain for the first time: Adams Street, Al- tPoint Capital, Connect Ventures, DeIta Partners, Earlybird, Industry Ventures, Inversur Capital, London VP, Nokia GP, Partech, Qualcomm, SAP Ventures, Vulcan Capital and VY Capital. To this list can be added two national funds, Onza Capital and BS Startup.

The most active private investors were Caixa Capital Risc, with 46 deals (new ones and/or follow-up), Kibo Ventures (21) and Inveready (17). The most prominent of public investors were Gestión de CR del País Vasco (9), Extremadura Avante (7), Sodena and Sodicaman (6 each). Finally, among the international investors Idinvest Partners with 3 deals and Accel, with two, were the most significant.

6. For more details on the statistics please consult ASCRI’s 2015 Annual Report . 7. These figures could be added the investment of national VC firms (VCFs) in companies based in other countries, as summarized in €49.5 million spread in 40 startups. 8. If for example two funds from the same management company participate in the same investment, two deals are recorded. In the same man- ner, if investments by a company are structured in two tranches in the same year, we also count two deals. 9. Venture Capital activity groups together Venture CapitaI investment, expansion and Private Equity.

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Regarding the breakdown by activity sector, the category that attracted the largest amount was Informa- tion Technologies and Digital (€213.6 million), representing 76% of the total invested in 2014, including 185 investments (59%). The category Life Sciences received €28.7 million in 52 investments, featuring deals such as Mecwins or Minoryx Therapeutics, among others. The category Industrial and other sectors received €37.7 million in 76 inversiones, as Qbotix or Taulia.

57% of the number of deals carried out by domestic VCFs focused on Information Technologies and Di- gital, with a major influence in seed (e.g., Omnidrone or Worldcoo), startup (e.g., cartoDB or PlayGiga) and other early stages (e.g., Rifiniti). In contrast, international VCFs focuesd mostly on late stage venture deals in the same activity sector (46%), in deals such as Scytl or Kantox.

The size of the deals carried out last year reflects the reality of the VC segment in Spain. Rather more than half of the deals carried out in 2014 were for less than €250,000 whereas almost a third ran- ged between €250,000 and €1 million. When we consider the size of the firm receiving the investment, almost half of the deals took place in firms with fewer than 10 employees. If firms with up to 20 employees are included the percentage climbs to 69.3%.

In the tranche between €5 and 10 million there were eight deals, against five carried out the year before. Unlike what occurred in the two previous years, in 2014 the €10 million barrier was indeed breached. This logically impacted on the total amount invested. Four deals (in three firms) involved payments of between €10 and €25 million, whereas in one it was over the latter figure. Three of these transactions of more than €10 million were related to Scytl

The accured portfolio of national and international VCFs operating in Spain rose to €1,758 million in 2014, spread between 1,406 firms. This represents an average investment of €1.25 million per company.

Divestment fund activity by national and international Venture Capital funds

The amount of divestments at cost fell by 4% to €161.3 million in 2014 whereas the number of divestments as a whole showed a 15% increase to 259. The average time the investing firm stayed in the investee one was 5.7 years in the period analyzed, and also in the case of final divestments.

Depending on the mechanism employed, of the 134 final divestments, 57 of them (42.5% of the total) involved the total loss of the investment, 40 fewer than those recorded the previous year. Divestments through third party sales (industrial or financial) fell from 33 to 20 in the last year. There was scarcely any variation in buybacks and sales between VCFs, 30 and 3 being recorded respectively.

Albeit there were relatively few divestments through industrial sales, compared to previous years there were outstanding ones such as Trovit (Cabiedes), Anafocus (Bullnet Capital), ClickDelivery (Axon Part- ners Group), Ducksboard (Cabiedes, Kibo Plug &Play). But perhaps the most profitable divestment of the year was the partial exit of Cabiedes in Blablacar via third party sales to another Venture Capital firm. Other sales between investors were Rotor (Möbius) or JobandTalent (Invercaria).

New funds for future investments

As was to be expected, the fund of funds FOND-ICO GLOBAL drove new fundraising activity by VCFs in 2014 (as well as Private Equity funds) towards higher quality, as a lever for resource raising rather than a quantitative way.

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New funds raised by domestic VCFs was estimated at €378.5 million. This represents a 34% increase over the amount raised in 2013 (€282.5 million). Private sector domestic VCFs held the largest share (€323.4 million), with new funds added by 20 firms, whereas only five government-owned VCFs contri- buted with €55 million

Funds were received by FOND-ICO Global in 201410, Adara Ventures II, Vivergi Social Impact Fund (Ambar VC), Caixa Capital TIC II, Seaya Capital, Axon ICT III and SC Energy Fund Efficiency Fund I (Suma Capital). Other funds which also took off in 2014 were Axon Amérigo Ventures, Caixa Innvierte Biomed II, Caixa Capital Micro II, Cabiedes & Partners IV SCR and Ysios Biofund II Invierte FCR. Among the new funds the Basque FCR stood out.

Activity of groups of Business Angels and Accelerator-Incubators

The amount invested by BAs operating with organized, identifiable vehicles, accelerators, incubators and similar entities rose by 18.4% to €22.7 million in 2014, of which 20.6 million was devoted to new investments.

However, the number of deals showed a slight fall (-3.6%) to 323, with a recorded total of 282 new deals (-5.1%) and 41 follow-up (7.9%). The average amount invested in new deals was €73,000, against the 60,150 registered in 2013.

Table 3 Amount invested and number of transactions

Amount (€ Million) Number Type of investment 2012 2013 2014 2012 2013 2014 New investments 11.2 17.9 20.6 190 297 282 Follow-up investments 1.2 1.3 2.1 20 38 41 Total 12.4 19.2 22.7 210 335 323

Source: www.webcapitalriesgo.com.

31 investors carried out at least one deal in 2014, two more than what was registered a year before. The most active investors were the accelerators Wayra, with 112 deals (new and/or follow-up), Lanzadera (26) and Plug & Play España (17). Among the groups or networks of Business Angels the significant ones were Esade BAN with 25 deals, IESE Ban (22), Civeta Investment (16), Sitka Capital and Realiza BA (with 8 each).

10. In 2014 only resources from the first two FONDO-ICO calls for funds were registered, while resources assigned in the III, IV and, foreseea- ble Vth round, will be counted in 2015.

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According to the stage at which the investee firm finds itself, 49% of the number of deals were concentrated in seed investments, 32% in startups and the other 19% were extensions of previous rounds. Among the seed deals in which there was participation from Accelerators, Incubators and/or Business Angel groups we could name Novicap, Wave or Finanzarel, whilst some examples of startup financing were A Crowd of Monsters, Green Momit or Brainsins. In a later stage we can mention the rounds performed by Selfpackaging or JobandTalent, among others.

By activity sector, the investments in companies related to the Internet and Communications category prevailed with 180 transactions (56% of the total); followed by Information Technology with 89 transactions (28%). Life Sciences rose a 120% up to 22 transactions (7% of the total).

96% of investments made were for less than €250,000, and in 70% of these cases they fell below €75,000. Only 2 investments were between €500,000 and a million euros, and just one investment exce- eding a million euros.

Table 4 Amount and number of transactions by size

Amount (€ Million) Number Investment Tranche 2012 2013 2014 2012 2013 2014 0 – 0.25 € Million 9.78 14.76 17.21 207 323 310 0.25 – 0.5 (€ Millones) 0.00 3.11 3.02 0 10 10 0.5 - 1 (€ Millones) 1.28 1.30 1.23 2 2 2 1 – 2.5 (€ Millones) 1.30 0.00 1.25 1 0 1 Total 12.36 19.17 22.70 210 335 323

Source: www.webcapitalriesgo.com.

Of the 207 transactions recorded in Spain, 43% were made in firms from Catalonia, followed by 23.7% in the Community of Madrid and 22.2% in the Community of Valencia. The other Autonomous Commu- nities with some deals were Andalusia, Asturias, Baleares, Castilla la Mancha, Galicia, La Rioja and the Basque Country. Slightly above a third of the investments (36%), were in startups from other European countries, U.S.A. and Latin America, most of them with the Wayra seal.

In the divestment section, 26 divestments were recorded, at cost, and these reached a total of €2.5 million. Of the 24 final divestments in 13 of them (54%) the investors took a loss on the whole of the invested capital, compared to the 15 (60%) registered in 2013. In five of them (20.8%) the firm bought back the stake from the investor. On a positive note 4 sales to industrials were registered, Comenta TV, Ducksboard, Dexma Sensors and Saluspot, with none registered the year before.

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Table 5 Final divestments by amount and number

Amount (€ Million) Number Mechanism (Final divestments) 2012 2013 2014 2012 2013 2014

Owners buyback 0.1 0.5 1.2 3 9 5 Secondary buyout 0.0 0.1 0.0 0 1 0 Trade sales 0.0 0.0 0.6 1 0 4 Public offering 0.0 0.0 0.0 0 0 0 Write-off 0.0 1.1 0.6 0 15 13 Loan reimbursement 0.0 0.0 0.0 0 0 0 Other 0.0 0.0 0.1 0 0 2 Total 0.1 1.6 2.5 4 25 24

Source: www.webcapitalriesgo.com.

The accured portfolio of groups of Business Angels, accelerator-incubators and others rose to €64.3 million spread over 845 firms. This represents an average investment of €76,100 per firm. 88.6% of the firms belonged to the Computer related sector, followed by the Services sector (2.7%) and Medici- ne/Health (2%).

Table 6 Accured portfolio by amount and number (sectoral view)

Amount (€ Million) Number

Sector 2012 2013 2014 2012 2013 2014

Computer related 19.2 34.2 49.8 288 530 749 Other electronics related 0.8 0.8 0.8 1 1 1

Industrial products & services 1.0 1.3 0.7 1 4 7

Consumer related 0.1 0.1 0.9 1 3 11 Agriculture 0.0 0.0 0.2 0 0 2

Energy/Natural Resources 0.8 1.3 1.3 3 4 5 Chemicals and Materials 0.0 0.0 0.1 0 1 2 Construction 0.0 0.0 0.0 0 0 0 Medicine/Health care 0.1 1.0 2.0 2 10 17 Hotel industry/Leisure 0.3 0.4 0.6 1 4 5 Communications 0.5 0.6 0.6 4 7 7

Biotechnology 1.1 1.3 3.2 2 4 8

Industrial Automation 0.0 0.2 0.2 0 1 1

Financial services 0.2 1.5 1.5 1 5 6

Other services 1.0 1.4 2.4 5 14 23 Other 0.0 0.0 0.0 0 0 0 Transportation 0.0 0.0 0.0 0 1 1 Other manufacturing 0.0 0.0 0.0 0 0 0 Total 25.0 44.2 64.3 309 589 845

Source: www.webcapitalriesgo.com.

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In Spain, Catalonia held 35.6% of portfolio companies (173), followed by the Region of Madrid, which represents 31.7% (154 companies), and the Region of Valencia, representing 14.8% (72 companies).

Table 7 Accured portfolio by amount and number by region

Amount (€ Million) Number

Region 2012 2013 2014 2012 2013 2014 Madrid 6.7 9.0 11.4 62 121 154

Cataluña 4.3 10.1 17.9 38 100 173 Andalucía 1.1 1.5 3.0 3 9 13

País Vasco 0.1 0.1 0.4 2 5 13 Galicia 0.0 0.0 0.2 0 0 2 Castilla-León 1.3 1.8 0.8 2 3 2

Castilla-La Mancha 0.0 0.0 0.1 1 1 2 Aragón 0.3 0.3 0.3 3 5 5

Extremadura 0.0 0.0 0.0 0 0 0 Canarias 0.0 0.0 0.0 0 0 0

Navarra 0.0 0.0 0.0 0 1 1

Asturias 0.0 0.3 0.3 1 6 8 Comunidad Valenciana 0.5 4.5 9.1 10 36 72

Baleares 2.6 3.7 3.7 27 36 36 Murcia 0.0 0.0 0.0 0 1 1

Cantabria 0.0 0.1 0.1 1 2 2 La Rioja 0.0 0.0 0.1 1 1 2 Ceuta/ Melilla 0.0 0.0 0.0 0 0 0

Total 17.0 31.5 47.4 151 327 486

Source: www.webcapitalriesgo.com.

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Activity of CDTI, Enisa and other regional-sized entities

Complementary financing, by means of loans granted by public institutions still remains fundamental for the financing of startups Venture Capital and private venture capital firms and helps to enhance the capacity of firms to innovate and develop in their early stages.

The loans granted by CDTI, Enisa and other similar institutions11 to firms in the early stages rose to €48.9 million in 2014, which represents a 37% drop compared to the volume recorded a year earlier. Though the number of loans was also affected with a 25% fall to 552 loans, it should not be forgotten that this figure represents 43.3% of the global number of VC deals in Spain last year.

Table 8 Amount invested and number of loans

Amount (€ Million) Number Type of investment 2012 2013 2014 2012 2013 2014

New investments 70.8 59.0 43.5 628 640 510

Follow-up investments 21.9 18.2 5.5 85 99 42

Total 92.7 77.2 48.9 713 739 552

Source: www.webcapitalriesgo.com.

The fall was due to the lower assignation of resources by CDTI and ENISA and, consequently, the number of loans they awarded.

The average amount per loan was €88.660, compared to the 104,480 registered in 2013. 96% of them did not exceed €250,000 whereas the remaining 4% was between €250,000 and €500,000.

If we pick out the development stage of the firm receiving the loan, almost half (48%) was devoted to firms in the startup phase, 42% to firms in the seed stage, whilst the other 10 % went to subsequent extensions of seed and startup rounds. 36% of the loans were granted to companies in the Internet and Communications category, whereas Information Technology companies received a 22%. Services or Consumer Products categories accumulated a 28% of the total.

If we separate the information by Autonomous Community, we find significant the 28.1% of loans granted to firms located in the Community of Madrid, ahead of the 25.5 % related to firms in Catalonia and the 16% to firms in the Community of Valencia.

The active loan portfolio in firms at the initial stages produced a total of €404.5 million, shared out amongst 2,979 firms as of December 31, 2014. There is still a predominance of loans related to firms in the Computer related sector with 1.323 (42%).

11. As well as CDTI and ENISA ,who operate throughout the national territory, in the sample information is included on loans granted by the Instituto Catalán de Finanzas (ICF); the Generalitat Valenciana through IVACE (Instituto Valenciano de Competitividad Empresarial), and the credit lines of the Aragonese SODIAR SCR.

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Table 9 Accured portfolio by amount and number (sectoral view)

Amount (€ Million) Number Sector 2012 2013 2014 2012 2013 2014 Computer related 115.0 143.9 159.9 743 1062 1323 Other electronics related 8.0 8.0 7.9 27 30 32 Industrial products & services 37.7 39.6 40.2 160 190 214 Consumer related 15.8 21.2 23.4 151 204 251 Agriculture 6.4 6.3 6.5 26 28 32 Energy/Natural Resources 11.2 12.2 12.7 58 66 76 Chemicals and Materials 9.1 9.9 9.4 36 39 40 Construction 2.6 2.7 2.8 23 25 27 Medicine/Health care 14.5 19.2 20.2 67 99 117 Hotel industry/Leisure 4.9 5.7 6.8 72 97 119 Communications 16.1 18.3 19.6 84 112 131 Biotechnology 46.1 50.0 48.1 160 175 180 Industrial automation 7.5 7.3 7.0 26 26 27 Financial services 1.9 2.3 2.4 7 9 12 Other services 26.5 31.2 32.0 255 329 367 Other 0.0 0.0 0.1 0 0 2 Transportation 2.5 2.6 2.9 14 17 21 Other manufacturing 2.7 2.6 2.5 6 7 8 Total 328.5 382.9 404.5 1.915 2.515 2.979

Source: www.webcapitalriesgo.com.

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Regarding the geographical location of the recipient firms, the region of Madrid represented 29.6% of the loans (882), followed by 24.8% in Catalonia (738) and 11.6% in the region of Valencia (346).

Table 10 Accured portfolio by amount and number by region

Amount (€ Million) Number Region 2012 2013 2014 2012 2013 2014 Madrid 97.6 113.0 120.8 573 754 882 Cataluña 92.1 106.1 112.9 479 618 738 Andalucía 21.4 21.8 21.5 177 203 230 País Vasco 20.3 21.2 20.1 85 99 106 Galicia 7.5 10.8 10.8 71 93 102 Castilla-León 9.0 11.1 11.2 40 54 59 Castilla-La Mancha 11.6 12.0 12.4 32 39 49 Aragón 9.4 10.4 11.5 52 75 109 Extremadura 4.1 4.5 4.1 20 25 25 Canarias 2.7 3.5 3.7 25 33 38 Navarra 6.2 6.6 5.8 32 36 37 Asturias 3.3 6.2 6.5 33 48 54 Comunidad Valenciana 29.2 38.0 43.4 177 272 346 Baleares 3.9 4.5 4.8 20 28 34 Murcia 6.1 7.3 9.0 74 95 121 Cantabria 3.3 4.2 4.0 18 28 29 La Rioja 0.8 1.7 1.9 7 14 19 Ceuta/ Melilla 0.0 0.1 0.1 0 1 1 Total 328.5 382.9 404.5 1.915 2.515 2.979

Source: www.webcapitalriesgo.com.

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WEBCAPITALRIESGO

LIST OF DOMESTIC PRIVATE-PUBLIC AND INTERNATIONAL VC INVESTORS IN 2014

Investors having conducted at least one initial investment in 2014

DOMESTIC VC PRIVATE INVESTORS 28. Qualitas Equity Partners INTERNATIONAL VC 29. Repsol Energy Ventures S.A. INVESTORS 1. Active Venture Partners 30. Seaya Ventures 2. Adara Venture Partners 31. SI Capital R&S I SA,SCR de Régimen Simplificado 1. Accel Partners 3. ADE Capital Sodical, SCR 32. Soria Futuro, S.A. 2. Adams Street Partners 4. Amadeus Ventures 33. Suma Capital Private Equity 3. Altpoint Capital Partners LLC 5. Angels Capital 34. Torsa Capital SGECR, SA 4. Connect Ventures 6. Axón Capital e Inversiones SGECR, S.A. 35. Unirisco Galicia, SCR, S.A. 5. Delta Partners 7. Bankinter Capital Riesgo, SGECR (Intergestora) 36. Venturcap, SCR, S.A. 6. Earlybird 8. BBVA Ventures 37. Vigo Activo, S.C.R. de Régimen Simplificado, S.A. 7. Highland Capital Partners 9. Bonsai Venture Capital 38. VitaminaK Venture Capital SCR de régimen común, S.A. 8. Idinvest Partners 10. BStartup 39. Ysios Capital Partners SGECR, SA 9. Industry Ventures 11. Business Booster (Sinensis Seed Capital SCR) 10. Insight Venture Partners 12. Cabiedes & Partners SCR, de régimen simplificado, 11. Inversur Capital S.A. DOMESTIC VC PUBLIC INVESTORS 12. London Venture Partners 13. Caixa Capital Risc SGECR, SA 13. Nokia Growth Partners 14. CMC XXI SA, SCR Sociedad de Régimen Simplifi- 1. Seed Capital de Bizkaia, S.A. 14. Partech Ventures cado 2. Extremadura Avante 15. Qualcomm Ventures 15. Compas Private Equity 3. Gestión de Capital Riesgo del País Vasco, SGECR, S.A. 16. Sapphire Ventures 16. Corporación Empresarial de Extremadura, SA 4. InverCLM (SODICAMAN) 17. Vulcan Capital 17. CRB Inberbío SGECR 5. Sociedad de Desarrollo de Navarra, S.A. (SODENA) 18. Vy Capital 18. Finaves, S.C.R. de Regimen Comun, S.A. 6. Sociedad para el Desarrollo Industrial de Aragón, S.A. 19. FIT Inversión en Talento SCR de Régimen Simplifi- (SODIAR) cado SL 7. Sociedad Regional Promoción del Principado de Asturias, 20. Grupo Perseo (Iberdrola) S.A. (SRP) 21. Institut Català de Finances Capital SGECR (ICF) 8. Start Up Capital Navarra 22. Inveready 9. XesGALICIA, SGECR, S.A. 23. Kibo Ventures 24. Murcia Emprende Sociedad de Capital Riesgo, S.A. 25. Nauta Capital VC Partners SGECR, S.A. 26. Ona Capital Privat SCR, de régimen simplificado S.A. 27. Onza Venture Capital Investments, SCR de régimen común, S.A Investors having conducted at least one follow-on investment in 2014

DOMESTIC VC PRIVATE INVESTORS 22. Neotec Capital Riesgo 4. InverCLM (SODICAMAN) 23. Next Capital Partners, SGECR, S.A 5. Inversión y Gestión de Capital Riesgo 1. Active Venture Partners 24. Ona Capital Privat SCR, de régimen simplifica- de Andalucía, S.A. - Invercaria 2. Adara Venture Partners do S.A. 6. Sadim Inversiones 3. ADE Capital Sodical, SCR 25. Onza Venture Capital Investments, SCR de 7. Sociedad de Desarrollo de Navarra, 4. Atitlan Capital, SGECR, SA régimen común, S.A S.A. (SODENA) 5. Axón Capital e Inversiones SGECR, S.A. 26. Repsol Energy Ventures S.A. 8. Start Up Capital Navarra 6. Banesto SEPI Desarrollo F.C.R. 27. Riva y García Gestion, S.A. 7. Bankinter Capital Riesgo, SGECR (Intergestora) 28. SI Capital R&S I SA,SCR de Régimen Simpli- 8. Bonsai Venture Capital INTERNATIONAL VC ficado INVESTORS 9. Bullnet Gestión, SGECR, SA 29. Soria Futuro, S.A.

10. Business Booster (Sinensis Seed Capital SCR) 30. Talde Gestión, SGECR, S.A. 1. Atomico 11. Cabiedes & Partners SCR, de régimen simplificado, 31. Telefónica Ventures 2. Avalon Ventures S.A. 32. Uninvest Fondo I+D 3. Bertelsmann 12. Caixa Capital Risc SGECR, SA 33. Unirisco Galicia, SCR, S.A. 4. Boehringer Ingelheim VF 13. Clave Mayor SGECR, S.A. 34. VitaminaK Venture Capital SCR de régimen 5. Coral Group 14. CRB Inberbío SGECR común, S.A. 6. Data Collective 15. FIT Inversión en Talento SCR de Régimen Simplifica- 35. Ysios Capital Partners SGECR, SA 7. Greylock Partners do SL 16. Gamesa Venture Capital 8. Horizon Ventures 17. Institut Català de Finances Capital SGECR (ICF) DOMESTIC VC PUBLIC INVESTORS 9. Idinvest Partners 18. Inveready 10. Index Ventures 19. Kibo Ventures 1. Seed Capital de Bizkaia, S.A. 11. Kurma Life Science Partners 20. Murcia Emprende Sociedad de Capital Riesgo, S.A. 2. Extremadura Avante 12. Point Nine Capital 21. Nauta Capital VC Partners SGECR, S.A. 3. Gestión de Capital Riesgo del País Vasco, 13. RTAventures SGECR, S.A. 14. Sequoia Capital 15. Sunstone Capital

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WEBCAPITALRIESGO

List of investors with active portfolio at 31/12/2014

DOMESTIC VC PRIVATE INTERNATIONAL VC INVESTORS INVESTORS 58. Next Capital Partners, SGECR, S.A 1. Activos y Gestión Empresarial, SCR, SA 59. Ona Capital Privat SCR, de régimen simplificado S.A. 1. Accel Partners 2. Activa Ventures, SGECR, SA 60. Onza Venture Capital Investments, SCR de régimen común, 2. Adams Street Partners 3. Active Venture Partners S.A 3. Altpoint Capital Partners LLC 4. Adara Venture Partners 61. Qualitas Equity Partners 4. Atomico 5. Addquity Growth Capital, S.A. 62. Repsol Energy Ventures S.A. 5. Avalon Ventures 6. ADE Capital Sodical, SCR 63. Reus Capital de Negocis, SCR,S.A. 6. Balderton Capital 7. Amadeus Ventures 64. Ricari, Desarrollo de Inversiones Riojanas S.A. 7. Bertelsmann 8. Ambar Capital y Expansión 65. Riva y García Gestion, S.A. 8. Boehringer Ingelheim VF 9. Anexa Capital SCR 66. Seaya Ventures 9. Boston Seed Capital 10. Angels Capital 67. Sevilla Seed Capital, SCR, SA 10. CCMP Capital Advisors 11. Arico 99 SCR 68. SI Capital R&S I SA,SCR de Régimen Simplificado 11. Connect Ventures 12. Atitlan Capital, SGECR, SA 69. Soria Futuro, S.A. 12. Coral Group 13. Avet Ventures 70. Suanfarma Biotech SGECR 13. Correlation Ventures 14. Axón Capital e Inversiones SGECR, S.A. 71. Suma Capital Private Equity 14. Costanoa Venture Capital 15. Banesto SEPI Desarrollo F.C.R. 72. Talde Gestión, SGECR, S.A. 15. Data Collective 16. Bankinter Capital Riesgo, SGECR (Intergestora) 73. Telefónica Ventures 16. Delta Partners 17. BBVA Ventures 74. Torsa Capital SGECR, SA 17. Demeter Partners 18. Bonsai Venture Capital 75. Uninvest Fondo I+D 18. Earlybird 19. BStartup 76. Unirisco Galicia, SCR, S.A. 19. Elaia Partners 20. Bullnet Gestión, SGECR, SA 77. Univen Capital, SA, SCR de Régimen Común 20. General Atlantic 21. Business Booster (Sinensis Seed Capital SCR) 78. Up Capital 21. GGM Venture Capital 22. Cabiedes & Partners SCR, de régimen simplifica- 79. Venturcap, SCR, S.A. 22. GGV Capital do, S.A. 80. Vigo Activo, S.C.R. de Régimen Simplificado, S.A. 23. Greylock Partners 23. Caixa Capital Risc SGECR, SA 81. VitaminaK Venture Capital SCR de régimen común, S.A. 24. Highland Capital Partners 24. Cantabria Capital, SGECR, S.A. 82. Ysios Capital Partners SGECR, SA 25. Horizon Ventures 25. Catalana de Iniciatives CR, S.A. 26. Idinvest Partners 26. Clave Mayor SGECR, S.A. 27. Index Ventures 27. CMC XXI SA, SCR Sociedad de Régimen Sim- DOMESTIC VC PUBLIC INVESTORS 28. Industry Ventures plificado 29. Insight Venture Partners 28. Compas Private Equity 1. AXIS Participaciones Empresariales, SGECR, S.A.U. 30. Intel Capital 29. Corpfin Capital Asesores, SA, SGECR 2. Extremadura Avante 31. Inversur Capital 30. Corporación Empresarial de Extremadura, SA 3. Gestión de Capital Riesgo del País Vasco, SGECR, S.A. 32. Javelin Venture Partners 31. Corporación Sant Bernat, S.A. (CORSABE) 4. InverCLM (SODICAMAN) 33. Kennet Partners 32. CRB Inberbío SGECR 5. Inversión y Gestión de Capital Riesgo de Andalucía, S.A. - 34. Kleiner Perkins C&B 33. Debaeque Venture Capital Invercaria 35. Kurma Life Science Partners 34. Fides Capital, S.C.R., S.A. 6. INVERTEC (Societat Catalana d'Inversió en Empreses de 36. London Venture Partners 35. Finaves, S.C.R. de Regimen Comun, S.A. Base Tecnològica, S.A.) 37. Maveron 36. FIT Inversión en Talento SCR de Régimen Sim- 7. Sadim Inversiones 38. Nokia Growth Partners plificado SL 8. Seed Capital de Bizkaia, S.A. 39. Open Ocean 37. Gala Capital Partners Equity SCR S.A 9. SEPI Desarrollo Empresarial, S.A. (SEPIDES) 40. Oxford Capital 38. Gamesa Venture Capital 10. Sociedad de Desarrollo de Navarra, S.A. (SODENA) 41. Partech Ventures 39. Gescaixa Galicia, SGECR, S.A. 11. Sociedad para el Desarrollo Industrial de Extremadura, S.A. 42. Point Nine Capital 40. Going Investment Gestión SGECR (SODIEX) 43. QED Investors 41. Grupo Intercom de Capital, SCR, S.A. 12. Sociedad para el Desarrollo de las Comarcas Mineras, S.A. 44. Qualcomm Ventures 42. Grupo Perseo (Iberdrola) (SODECO) 45. RTAventures 43. Infu-Capital SCR de Régimen Simplificado 13. Sociedad para el Desarrollo Económico de Canarias, S.A. 46. Sapphire Ventures 44. Innova 31, SCR, S.A. (SODECAN) 47. Scope Capital Advisory 45. iNova Capital Management, SGECR, S.A. 14. Sociedad para el Desarrollo Industrial de Aragón, S.A. 48. Sequoia Capital 46. Institut Català de Finances Capital SGECR (ICF) (SODIAR) 49. Sigma Partners 47. Inveready 15. Sociedad para el Desarrollo Regional de Cantabria, S.A. 50. Spark Capital 48. Inversiones Progranada, S.A. (SODERCAN) 51. Sunstone Capital 49. Investing Profit Wisely 16. Sociedad Regional Promoción del Principado de Asturias, 52. Tiger Global 50. Kibo Ventures S.A. (SRP) 53. Top Tier Capital Partners, LLC 51. Möbius Corporate Venture Capital, SGECR, SA 17. Start Up Capital Navarra 54. Trident Capital 52. Murcia Emprende Sociedad de Capital Riesgo, 18. XesGALICIA, SGECR, S.A. 55. Vulcan Capital S.A. 56. Vy Capital 53. Najeti Capital SCR SA 54. Nauta Capital VC Partners SGECR, S.A. 55. Navarra Iniciativas Empresariales, S.A. (GENERA) 56. Neotec Capital Riesgo 57. Netaccede, SCR de Régimen Simplificado, S.A

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WEBCAPITALRIESGO

LIST OF BUSINESS ANGELS, ACCELERATORS/INCUBATORS, OTHER IN 2014

Investors having conducted at leat one initial investment in 2014

ACCELERATORS BUSINESS ANGELS GROUPS OTHER

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

Investors having conducted at least one follow-on investment in 2014

ACCELERATORS BUSINESS ANGELS GROUPS

1. Plug and Play España 1. 101 Startups 2. Civeta Investment S.A. 3. Digital Assets Deployment S.L. 4. EIX Technova 5. ESADE BAN 6. Faraday Venture Partners 7. IESE Business School 8. Lanta Digital Ventures 9. Lánzame Capital 10. MicroWave Ventures 11. Realiza Business Angels, S.A. 12. StartCaps Ventures

List of investors with active portfolio at 31/12/2014

ACCELERATORS BUSINESS ANGELS GROUPS OTHER

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

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WEBCAPITALRIESGO

DEALS’ NEWS (LINKS)

INVESTMENTS DIVESTMENTS FUNDRAISING

INVESTMENTS

January Peertransfer closes a $6.2M round backed by Devonshire and current shareholders Caixa Capital Risc and Nauta invest €3.5M in Groupalia to ensure viability Sodena grants a €45,000 equity loan to Making Genetics Fon closes a $14 million round led by Qualcomm Ventures Zuzeen merges with Rushmore and raises $1,2M in a round led by Kibo Onza Capital invests in Fintonic, NativeAD and Aomm.TV February Sofiex will invest up to €1.2 million in Extraval Kantox raises €6.4M in a round led by Partech VC and Idinvest, and also backed by Cabiedes and

others Banco Sabadell (BStartup) invests €500,000 in Enigmedia, Red Points, Setpay, Trendipia and

Worldcoo March Omnidrone raises $2 million from Kibo Ventures, Nokia and LondonVP Kviar Ventures raises €700,000 from 500Startups, Intercom, Emmergia and several business angels Nauta Capital invests €1 million in software firm Rifiniti Ibercom joins Másmóvil achieving a €140 million capitalization

Adara Ventures invests in Stratio Big Data

April Cabify closes an $8 million round led by Seaya Ventures Vulcan Capital takes a minority stake in Scytl by €30 million PromoFarma closes a €3M round led by Kibo and also backed by VitaminaK and current shareholders Inbenta closes a $2 million round led by Inversur Capital Caixa Capital Risc, Repsol and CDTI invest €2 million in Scutum Midiadia starts with a €500,000 investment from Xesgalicia, private investors and founders Ysios invests $5M in the U.S. firm Kala Pharmaceuticals and completes first fund investment period Lara Bosch, Mediaset, Axon and La Caixa closes a €2.6M round in Byhours. Cabiedes divests stake Atresmedia enters Wallapop shareholding Inveready leads a €1 million round in Bilua (former Miscota) Esalrod, the new company of Aleastur, starts with SRP support

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WEBCAPITALRIESGO

May Playthe.net closes a €1.5 million round led by Kibo Ventures ForceManager (Tritium Software) closes a €2,8M round led by Nauta Capital Bankinter, Realiza, Plug & Play and several recognized BA invest €200k in Beroomers Finaves IV invests €250,000 in BidAway Chicfy raises €360,000 from Cabiedes, Civeta and business angels Axon Partners invests in iYogi Inveready Innvierte Biotech II will invest in 20 Spanish biomedical companies Captio closes a €400k round led by Bankinter and also backed by Venturcap and BA Caixa Capital Risc and CRB Inverbío invest €3 million in Nuubo Sodena grants to Intelligent System Vitale a second equity loan amounting to €50,000 Startup Capital Navarra invests €250,000 in Getting Robotika. Caixa Capital Risc and promo-

ters also back the round June eShop Ventures closes 1st round backed by Qualitas, Bonsai, Onza, Kibo, Agora and Nature Packlink completes a $9M round led by Accel and also backed by Active VP CRB Inverbío commits an investment of up to €4 million in Mecwins Perseo (Iberdrola) acquires stake in Silicon Valley firm Qbotix Boletus raises €300,000 from Microwave, Civeta and several BA in first round MailTrack closes €400k round backed by VitaminaK, Big Sur Ventures-Necotium and Valde-

raduey Trip4real closes €1M round led by Kibo and also backed by Caixa Capital Risc Mobile Media Content raises €400k from Caixa Capital Micro II and Big Sur Ventures-

Necotium nLife Therapeutics closes a €2M round led by Healthequity. Caixa Capital Risc and Invercaria

also backs the round Axon Partners invests in Pidefarma Start Up Capital Navarra invests €95,000 in a capital expansion in myVeg SelfPackaging raises €450k in a round led by Inveready, and also backed by Cube Investments

and The Crowd Angel 8fit raises $200.000 from VitaminaK Adara invests €500,000 in Playgiga July Active Venture Partners invests €1 million in Percentil Civeta invests €260,000 in Dinaru and merge it with Ahorro.net Traity closes a $4.7M round led by Active VP. Lanta Horizon and others also back the round Caixa Capital Risc, Xesgalicia, and a group of business angels invest €500k in Qubitia SAP Ventures invests €15 million in Scytl Qualitas, Kibo, FJME, Next Chance and several BA invest $14M in Jobandtalent Fishbrain closes a $2.4M round led by Northzone and Active VP Inveready invests in Grupo Regio to finance its expansion Cabiedes and several BA invest €200,000 in Oviceversa

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WEBCAPITALRIESGO

Inveready invests in Ojer Pharma Social Point raises €22M from Highland and Idinvest. Nauta, BBVA and founders reduce stake Greenmomit closes €1M 2nd round led by Faraday and also backed by Caixa Capital Risc, Pa-

deInvest and Lánzame Angels Capital invests €2,2 million in 4 startups of Lanzadera first edition Onza Capital takes 15% stake in Paymet Urbiotica completes a €600,000 round. Ona Capital becomes shareholder Nauta invests €2.5 million in ABA English Onza Capital takes a 10% stake in Bucmi.com August BStartup invests €500k in Arima-Hdiv, Heyplease, Signaturit, Testamenta and Wesmartpark Amadeus Ventures invests €500,000 in Cabify Scytl raises an additional $44 million from Vy Capital, Adams Street and Industry Ventures and

closes last round by $104 million Ona Capital and Delta Partners join Sabadell and main investors in Worldcoo.com SumUp completes a round led by Life.SREDA and backed by BBVA Ventures and Groupon Bewa7er closes first transaction with the 10.56% sale of Zacatrus to Cabiedes, Y. Arbeloa and

M. Fodor September Business Angels Network de Catalunya and Sinensis Seed Capital invest €150,000 in Billage Glamping Hub closes a $1M round backed by Axon Partners and other investors Telegraph Hill Capital (THCap) becomes shareholder in Captio and expand funds in DJZ and

The Bouqs Murcia Emprende acquires a 25% stake in Carton Life CartoDB (Vizzuality) raises $8 million from Earlybird, Kibo and VitaminaK Active Venture Partners and current shareholders invest $7.6 million in Adjust Ysios participates in a €12.2 million round in AM-Pharma led by Gilde Fondo Tecnológico I2c (Xesgalicia) buys a 6% stake in Netex Active Venture Partners invests €2.2 million in Odilo Inveready leads a €600,000 round in Conzoom Caixa Capital Risc leads a €2,2M round in Nanogap, also backed by Unirisco, Uninvest and Xes-

galicia Typeform closes a €1.2M round backed by Connect Ventures, Mariusz Gralewski and current

partners BBVA Ventures announces investment in supply chain finance company Taulia October Ticketbis closes a €5.2 million round backed by Active Venture Partners Cabiedes and Faraday lead a €400k round in Aprendum, backed by Daruan VC and Start Digital

Media Compas PE and an investment partner buys the production unit of Decapulp by €700k

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WEBCAPITALRIESGO

Plug and Play and Angels Capital invest €490,000 in EsLife Inveready takes a minority stake in Reva Health Suma Capital Energy Efficiency fund takes a 80% stake in Esse Financiación de Servicios

Energéticos Inveready leads a €2.5M round in the biotechnology company Avizorex Perseo (Iberdrola) and Grupo Dominguis launch GDES Technology for Services November Gijón Invierte II SCR invests €70,000 in Whoot Games Red Points raises €660,000 from Esade BAN business angels, Valderaduey Inversiones and

other Accel leads an over $6 million round in Wallapop Bankinter Capital Riesgo invests in the Spanish startup Coinffeine Caixa Capital Risc leads a €3.6 million round in Sanifit Alpify closes a €400,000 round backed by Caixa Capital Risc and a group of BA Altpoint Capital leads a $11 million round in Redbooth (Teambox) Tyba closes a $3.1M round backed by Impulse International and Sunstone Capital Murcia Emprende acquires a 35% stake in Wannit Internet Trade (Shoppyo) Tyba closes a $3.1M round backed by Impulse International and Sunstone Capital Camaloon closes a €700k round backed by Caixa Capital Risc, current shareholders and a

group of BA December A Crowd of Monsters raises €450k from Inveready, Caixa Capital Risc and The Crowd Angel Trip4real, owned by Caixa CR and Kibo, begins its European international expansion Uvinum raises €900k in 3rd round backed by Cabiedes and BA from IESE Inveready invests €1 million in Clarive software ICF Capital, Caixa CR and Laboratorios Ferrer invest €1.7M in Genmedica Therapeutics Selltag closes a €325k round led by Vitaminak, and also backed by Civeta, Danka Capital and

BA Notegraphy closes a €575k round backed by Caixa Capital Risc, Kibo and ESADE Ban Sodena grants a €40,000 equity loan to Nubapp Enigmedia, owned by GCRPV, BStartup10 and CaixaCR, continues to accumulate awards A group of Business Angels, the ICF and Enisa, invest €210,000 in Huddleapp BBVA Ventures invest in Coinbase, the bitcoin leading platform Inveready invests €500,000 in Agrasys and also backed by Uninvest and promoters Caixa Capital Risc leads a €1.6 million round in Minoryx Menuterraneus raises €240,000 from a group of BA and Enisa CDTI invests €44 million in 87 R+D+i business projects Itnig, Emprendiza, Enisa, ICF and several BA back the €600k round in Gymforless Inveready leads a $900,000 seed round for Bitext also backed by a group of business angels Captio raises €2.3 million from Kibo, Bankinter and THCAP

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WEBCAPITALRIESGO

Suop raises €115,000 from Cabiedes and Enisa with the granting of an equity loan of €100,000 Seaya Ventures invests $4 million in ComparaGuru.com Irisbond closes a €300,000 round backed by Fitalent and Seed Gipuzcoa Tecalum closes a €4.3 million round backed by Caixa Capital Risc iContainers closes a €1.3 million round backed by Kibo Ventures and VitaminaK

DIVESTMENTS

Telefónica buys a stake in Saluspot. Cabiedes, VitaminaK, FJME-Fides and business angels February exit March Dominion Marine Media acquires Cosas de Barcos. Grupo Intercom exits Ferrer acquires 18% stake in Venter Pharma, owned by Cross Road Biotech and Clave Mayor Mobius sells to Proa Capital its stake in Rotor May Ibercom joins MásMóvil achieving a €140 million capitalization April Telefónica acquires eyeOS, owned by Inveready and business angels General Atlantic, Index Ventures, Insight Ventures and Groupalia´s founding partners exit U.S. multinational Ixys buys Incide. Talde and GCRPV divest stake Cabiedes&Partners divests stake in ByHours May Tripadvisor completes the acquisition of Eltenedor. Serena Capital and Partech divest stake June Daily deals aggregator Bownty acquires Yunait. Inveready divests stake Start Up Capital Navarra divests 16.95% in Inmotec Blablacar closes a $100M round led by Index Ventures. Cabiedes divests but holds a minority July stake Bodaclick requests its closing Caixa Capital Risc and Invertec divest stake in TR Composites Axon Partners Group divests stake in ClickDelivery Social Point raises €22 million from Highland and Idinvest. Nauta, BBVA and founders reduce

stake 3PBiopharmaceuticals, owned by Sodena, increases its capital by €6 million Inverseed (Invercaria) divests in Jobandtalent September Bullnet Capital sells Anafocus to e2v technologies Angels Capital sells a 70% stake in Valres Start Up Capital Navarra divests stake in Geoactio October The japanese listed company Next acquires 100% of Trovit by €80M. Cabiedes exit Ducksboard, acquired by New Relic. Kibo, Cabiedes and Plug & Play divest stake Sodicaman sells to its parent company a 20.83% stake in Topox-Dox Repsol Energy Ventures sells a 50% stake in Neol Biosolution to Neuron Bio

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WEBCAPITALRIESGO

FUNDRAISING

January Cabiedes&Partners raises second fund of between €24 and €30 million The Comunidad Valenciana will assign €13M to finance entrepreneurial projects in 2014 February Basque Government launches the Regional VC/PE fund Basque FCR with €28M March Axon Partners Group launches the digital economy fund ICT II

François Derbaix doubles investment capacity due to the agreement with Isabel La Católica

Ysios begins fundraising for Ysios Biofund II. €100 million target Caixa Capital Risc and CDTI launch Caixa Innvierte Biomed II fund Diana and Ambar receive the first two FOND-ICO Global capital injections April Swanlaab Venture Factory starts with €40M from Israel to invest in Spain Nauta Capital completes the launching of its 4th fund between €100-€150M Onza Capital conducts a €18M first closing for investments at Internet companies Alta Capital launches Al-Andalus Capital fund with €9 million Suma Capital Growth will have €45 million to invest in Catalan SMEs

The Ministerio de Industria, Energía y Turismo assigns €98.3M to finance SMEs, technology

firms and entrepreneurs

May La Caixa will invest €9M through the new seed capital fund Caixa Capital Micro II

FOND-ICO Global distributes €248M between Axon, Caixa CR, Forbion, Seaya, Espiga,

June Basque Government launches Basque FCR fund to boost Basque SMEs Axon launches ICT III fund to invest in Spanish growth companies July Daruan VC starts to boost seed stage companies August Suma Capital raises €20 million for its Energy Efficiency I fund Angels Capital increases capital by €9.3 million to continue investing October Clave Mayor agrees with UPV the €6.8 million investment in university spin outs Axon Partners Group expands its Amerigo Ventures Fund up to $100 million The Banco de Desarrollo de América Latina invests €3.9M in CRB Bio II fund November Fond-ICO Global announces the 9 VC/PE management firms selected in the third call Ambar Capital launches the social investment fund Vivergi December Ysios conducts a first closing of its second fund amounting to €52 million Emprender Huesca, a fund promoted by Sodiar, boosts 6 companies in 2014

COLLABORATE:

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WEBCAPITAL RIESGO

Service provider to the Spanish Private Equity and Venture Capital Association (ASCRI) since 1988

Elaboration of value-adding reports on the financing of startups and entrepreneurs In Spain

 Economic and Social Impact of investments

 Participative and subsidized loans to innovative SMEs

 Business Angels groups, Accelerators-Incubators, equity crowdfunding platforms (since 2005)

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