Analizamos los nuevos fondos de capital riesgo levantados en España durante el mes de septiembre de 2018. En este caso, estudiaremos la capital increase de Antai Venture Builder, las operaciones de inversión realizadas por Tikehau Capital, Seaya Venture con el cierre de su segundo fondo y Demeter con el lanzamiento del Paris Founds Vert.
We analyse the new venture capital funds raised in Spain during September 2018. In this case, we will study the capital increase of Antai Venture Builder, the investment operations carried out by Tikehau Capital, Seaya Venture with the closing of its second fund and Demeter with the launch of the Paris Founds Vert.
Antai Venture Builder created by Miguel Vicente and Gerard Olivé in March 2012, Antai Venture Builder has become the leading developer of companies online and mobile in Europe. Based in Barcelona, their mission is to analyse the market in search of successful business models, and once identified, to implement those models in new markets. To do this, they select experienced professionals and co-found new companies with them. Following this process, Antai Venture Builder has co-founded several companies with international presence such as Wallapop, the leading app in the second-hand market with operations in Spain and the USA, CornerJob, Deliberry, Stampydoo, Shopery or Elcodi.
This September, this start-up factory raised €20m to invest in digital start-ups. Mutua Madrileña e InnoCells have covered half of the investment round and have each contributed €5M. The other €10M came from a group of family office and the founders of Antai themselves.
On the one hand, InnoCells is one of Banco Sabadell's three legs in the start-up world, along with BStart Up 10 and Sabadell Venture Capital. InnoCells' activity is based on investing in third-party funds, launching new digital businesses and taking minority stakes in companies.
Antai Venture Builder also incorporates two major players from the financial sector into its shareholding structure: Banco Sabadell and Mutua Madrileña. Both the insurance group chaired by Ignacio Garralda and the subsidiary of the bank led by Josep Oliu will sit on Antai's board of directors and will participate in the company's innovation committees, with each of them holding 5% of the capital which, at the date of the transaction, Antai had a stake in the company. valuation 100M€.
In addition to supporting Antai's future plans, the aim of Mutua Madrileña and Banco Sabadell's entry into the company is to seek out and develop digital business in the insurance field (insurtech) and banking (fintech). In this way, they will contribute their knowledge of the sector they master, while expanding their own innovation ecosystems.
Tikehau Capital is a French asset manager specialising in alternative investment and asset management. Its business model is focused on attracting entrepreneurs and SMEs seeking capital to invest in their businesses. In this way, Tikehau Capital acquires small stakes in mature businesses to support their growth, which is known in the industry as "buy-out" transactions. growth capital.
Tikehau Capital currently manages €14.8BN in assets, with four sectors of investment focus: private debt, private equity, real estate and liquid strategies.
Debt investments were the pioneers of their business in 2007, and where they started their activity in Spain where last year they opened their first office in Madrid. In this segment, they focus on direct financing strategies (direct lending) and long-term debt. However, in order to increase its growth as a corporation, they are seeking to give greater weight to the areas of private equity and real estate.
To achieve this, Tikehau Capital has just launched two funds. One of them, of between €500m and €700m, will focus on its strategy of growth previously mentioned. The other, launched alongside the oil company Totalwhich invests €1 billion in companies dedicated to the energy transition. This sector is an area where the French fund manager has confirmed that it can find investment opportunities in Spain, as well as consumer, health, services, agriculture and telecommunications.
To date, all of Tikehau's transactions in Spain have been in the debt segment. The first in 2016 was in the Catalan polymer producer Elix, where they joined Bankinter in its refinancing. Later, it financed with €14m the purchase of Geoestructures by the engineering company Terratest. It carried out a similar operation with Portobello to buy the vehicle rental operator Centauro. Finally, this year, it financed the purchase of Marlink by the British private equity fund Apax.
In terms of venture capital, this year Tikehau is looking for its first Spanish candidate for a venture capital investment.
Seaya Ventures is a Spanish venture capital fund that invests in early stage companies of Spanish and Latin American origin related to the technology world. To do so, it focuses on innovative businesses that require growth or expansion capital.
Along these lines, Seaya Ventures, one of the shareholders of Cabify and Glovo, has just announced the closing of its second fund (Seaya Venture II), through which it has raised €102M. With this new fund, it plans to carry out a dozen operations in startups in early stages of development and allocate to each of them a maximum of €15M, an amount that allows it to increase its time of permanence in the investee companies.
It is worth noting that most of the investors in the first fund (Seaya Venture I), through which the fund manager raised €57m, have repeated as investors in the second fund, such as FOND-ICO and family offices. Two European venture capital funds have also joined the fund, the identity of which has not been disclosed.
Demeter is known for its relevance in the energy and ecological transition through venture capital and private equity actions. They invest between €500K and €30M to support companies at all stages of their development: innovative startups, high-growth SMEs and infrastructure projects.
Paris Founds Vert (Paris Green Fund) is the name given to the new European fund for the growth capital Demeter's Fonds Vert will support mainly European SMEs with strong growth (turnover of more than €10m) and expects to invest an average of between €5m and €10m in each of them. The priority sectors chosen for the Paris Green Fund are buildings, energy, mobility, circular economy, air quality and digital solutions for the energy transition.
At least 20% of the fund is expected to be invested in Spain and has been sponsored by public, private and industrial sector organisations as well as some family offices.
The second closing of Paris Founds Vert will take place in the coming months with the support of French and European institutional investors, which may include a Spanish candidate.