19.02.2015

The five most important exits in recent years in Spain

The five most important exits in recent years in Spain

Image | Martin Fisch

There comes a time in every startup’s life when a growth spurt begins. The future turns into the present and the small, up and coming company is no longer a startup. Growing out of the initial phase can either be painful or, on the flip side, very profitable and promising.

This is the case of the recent exit for the Spanish startup La Nevera Roja. The home delivery food company created by José del Barrio and Iñigo Juantegui has been bought out by Food Panda, a competitor in the same sector who has the German accelerator, Rocket Internet, behind it and would have been the one to put down the 80 million euros to buy the Spanish startup.

That’s how La Nevera Roja said goodbye to its startup phase — a pretty nice way out at that.

La Nevera Roja’s ‘exit’ isn’t the only one in the spotlight amongst Spanish startups. Here are some that predated it:

Arsys: The enterprise created by Luis Cacho and Nicolás Iglesias in 1996 peaked in the summer of 2013. Then, the Spanish web hosting company was bought by its competitor 1&1. The deal was struck for 140 million euros.

Milanuncios: With only eight employees, the leader in classified ads in Spain saw its big break when Norwegian capital from Schibsted, the group that owns platforms like Segundamano and Infojobs, rolled into its offices. Schibsted decided to become a leader in the classified ad market in Spain using its checkbook: the sale of Milanuncios closed at around 100 million euros (50 million of which were paid in cash).

Trovit: The three founders’ eight years of work paid off last October. This classified advertising portal, which earned more than 4 million euros in profit last year, was acquired by the Japanese giant Next Co. for 80 million euros.

Zyncro: Another one of the major exits from the Spanish startup ecosystem came about last November. The ‘social business’ platform was created in 2009 with the launching of a tool for file synchronization. Zyncro sealed a deal in 2014, giving up 43% of its equity to a Mexican company that was willing to pay up to 30 million euros to buy the startup.

Indisys: The startup created by Pilar Manchón is one of the main developers of virtual assistants for online businesses and another example of a large-scale exit in Spain. After a great ordeal that led Manchón herself to foresee the project’s failure, Intel came knocking on her door to take over 100% of Indisys for more than 26 million dollars (slightly more than 23 million euros).

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