The Venture Codex

Participated · Equity · Jan 2020

Boxmotions operates an app-driven "trastero inteligente" (smart storage) service that collects users' belongings on demand, catalogs items with photographs, stores them, and returns items managed online. The company develops and iterates its own technology to avoid users' physical trips, heavy lifting, and furniture assembly/disassembly. Founders Pol Karaso and Alex Corbacho lead the business from Barcelona. Boxmotions says its integrated service can be up to 15% more economical than a traditional storage unit. The company plans to use new capital to continue expansion across Spain, begin operations in Valencia, and consolidate its Barcelona and Madrid markets. It is also pursuing internationalization, having provided service in Paris since September 2019. Boxmotions operates a valet storage service that schedules pick-up and storage of customers' belongings. It uses a monthly subscription business model that lets users manage where and how their items are stored. The startup launched in 2016 in Barcelona and was founded by Álex Corbacho and Pol Karaso, who come from airlines and logistics backgrounds. Boxmotions has raised €1 million in a seed round from investors including Inveready, Banco Sabadell’s BStartup, Athos Capital and The Crowd Angel. Investor Inveready estimates Europe's self-storage market at around $1 billion, with Spain the third biggest market. The company has appointed Sacha Michaud, cofounder of Glovo, as an advisor to its board. Next it plans launches in Madrid, London and Paris.

Led · Convertible Note · Jan 2020

Pangea Aerospace develops propulsion systems based on 3D-printed aerospike nozzles and a patented recovery system for next-generation rockets. Its flagship technology is a MethaLox (liquid methane and oxygen) aerospike engine, billed as the first of its generation to be tested in Europe and manufactured largely as two 3D-printed metal parts using a novel copper alloy. The company says the aerospike design can deliver up to ~15% higher efficiency than conventional bell-nozzle engines and is fully reusable; it has functional prototypes and planned Q3 2021 tests to validate regenerative cooling, manufacturing and propellant use. Founded in 2018 and based in Barcelona, Pangea has grown to about 15 people of seven nationalities and has built a portfolio of intellectual property addressing historical aerospike challenges (cooling, weight, manufacturing complexity). Pangea coordinates the H2020 RRTB project (€3.1M) with partners such as Thales Alenia Space and several research institutions, and reports growing commercial interest in its propulsion systems. The new funding will be used to manufacture and test multiple 20 kN demonstrator engines and accelerate development toward higher-thrust aerospike motors. Pangea Aerospace develops next-generation microlauncher technology focused on reusable small rockets, a new rocket engine and a novel landing system. The company is based in Barcelona and is advancing initial technology tests while reporting early market interest. It closed a private funding round to accelerate development and to strengthen its position for additional public financing. Pangea has received European, national and regional public funding and is exploring further public funding opportunities. The team highlights active support from a council including former ESA and national space agency leaders. CEO Adrià Argemí said the round enables expanded early testing and expects to bring positive news to investors in the short term. Pangea Aerospace develops next-generation micro-launchers with a focus on reusability and engine efficiency for small-satellite launches. The company is researching a higher-efficiency engine that uses lower-emission fuels and has filed a patent for a novel recovery system. That recovery system could reduce launch costs by recovering up to 50% of rocket cost. Founded in February 2018, the team comprises six aerospace engineers from three European countries and is supported by several high-profile international advisors. To date the startup has secured more than €250,000 from founders, FFF, business angels and public grants, including an SME Instrument Phase 1 award from the European Commission and Startup Capital from Acció. Pangea plans to use new financing to hire additional talent and advance its technology, with the goal of closing a Series A in 2020.

Participated · Equity · Dec 2019

Parlem Telecom is a telecommunications company that announced a financing agreement with Inveready. The company signed a term sheet to issue convertible bonds of up to €6,000,000. Proceeds are intended to accelerate both organic and inorganic growth. The issuance is structured in three tranches with specific maturities and conversion mechanics. The bonds include cash interest, a payment-in-kind (PIK) component, and a cap on total interest. The company will seek shareholder approval for the issuance with exclusion of pre-emptive subscription rights and the securities include covenants related to certain corporate decisions. Parlem Telecom is a Catalan telecommunications operator founded in 2014 that provides integrated telecom services for both consumers and businesses, operating from Catalonia and in Catalan. The company emphasizes proximity to customers and currently has three physical stores in Lleida, Reus, and Barcelona while planning to open dozens more across Catalonia. Parlem develops projects such as 5G pilots and Catalan-language artificial intelligence initiatives, and it is working on its own fiber infrastructure and tailored enterprise solutions through Parlem Empresas. To finance expansion and acquisitions, Parlem issued a €3M convertible bond led by Inveready, maturing in 2026; proceeds will fund territorial expansion and the acquisition of several small companies to bolster its enterprise offerings. The bond issuance is positioned as a precursor to a planned IPO on BME Growth to accelerate inorganic growth. Major shareholders — founder and CEO Ernest Pérez‑Mas, Ona Capital, and Inveready — together hold around 59% of the company's share capital, with about 30% held by other private and family-office investors and the remainder largely by small investors via The Crowd Angel. Parlem Telecom is a Barcelona-based telecommunications operator providing telecom services. The company closed a €2 million financing round led by several Catalan family offices with participation from crowd investors on The Crowd Angel platform. After the capital increase, the three largest shareholders are founder and CEO Ernest Pérez-Mas and the venture firms Ona Capital and Inveready, who together hold about 59% of the share capital. Parlem expected to finish the year with €10.5 million in revenue and about 50,000 contracted lines. The financing round was completed in ten days, reflecting rapid investor demand. Parlem is a Catalan telecom operator founded in 2014 that aims to become the fourth operator in Catalonia. The company offers consumer carrier services, operating over the networks of Jazztel, Orange and MásMóvil to reach roughly 250,000 households, and is focused on Catalonia with plans toward Valencia and the Balearic Islands. Parlem had 24 employees at the time of the report. Financially, it reported 2016 sales of €1.3 million, negative EBITDA of €1.47 million and losses of €1.1 million, and it forecasted about €3 million in sales for 2017. The business has relied on venture capital and crowdfunding to support growth. Parlem is a regional telecom operator founded in 2014 and based in Barcelona that targets becoming the fourth operator in Catalonia while eyeing Valencia and the Balearic Islands. The company runs services over the networks of Jazztel, Orange and MásMóvil and reaches approximately 250,000 homes. Parlem projected revenue of €1.7 million for the current year and forecasted €11 million in 2017. At the time of the report it employed 24 people with plans to expand to 90 by the end of 2017. The company planned a further capital increase by year end to support growth and expansion.

Led · Equity · Nov 2019

Amadix develops tests for early cancer diagnosis that combine molecular analysis with big data and artificial intelligence. The company received a €2.5M grant from the European Innovation Council (EIC) Accelerator. It has begun procedures to obtain a second, €6M equity tranche under the same program. Sodical is a shareholder in Amadix. The EIC selection was highly competitive — more than 4,000 SMEs applied and only 99 were chosen (2.4% success rate). Amadix was among the selected projects led by women (part of the 19% statistic). The funding is intended to accelerate continued development of its diagnostic tests. Amadix, founded in 2010 and based in Valladolid, develops non-invasive blood tests for early cancer screening and molecular diagnosis. Its lead product, ColoFast, is designed to detect colorectal cancer even before symptoms appear. The company also has two tests in development targeting lung and pancreatic cancer. With the new investment, Amadix will complete the clinical validation of ColoFast in Europe. The company estimates it will bring ColoFast to market during 2021. Amadix positions its technology as a simple, high-compliance screening method able to detect precancerous lesions in asymptomatic individuals. Amadix is a biotech firm focused on diagnostic tools in oncology, with its Colofast test designed to detect colon cancer up to fifteen years before symptoms. The company is also developing Diagnolung (early lung‑cancer detection) and Pancreadix (early pancreatic‑cancer detection), both currently in clinical validation. Amadix plans to commercialize its technology from 2020 and is targeting the US and European markets, with interest in exploring China. The company has received prior funding including €2.8M in 2017 following a Horizon 2020 aid and more than €0.5M later from Alentia, and was named best startup at South Summit 2018. Amadix is based in Valladolid. Amadix merged with Transbiomed and focuses on developing diagnostics for lung, colon and prostate cancers. The company is led by Rocío Arroyo and intends to use new funds to continue developing its pipeline and to acquire new biomarkers. Following the transaction, Amadix’s shareholder base includes CRB Bio II FCR, Inveready Seed Capital SCR, Fondo Tecnológico Seguranza FCR, ADE Capital Sodical SCR and the founders of Transbiomed. The deal comprised a €2m financing package, with €1.5m committed by CRB Bio II and €0.5m by Inveready, alongside various public credit financings. The merger with Transbiomed and the fresh capital are positioned to support continued R&D and biomarker acquisition efforts.

Led · Equity · Jul 2019

Catevering operates a foodtech marketplace where corporate customers can acquire, choose and reserve catering for office events, aggregating a network of more than 60 caterers. Founded by Laura Gómez and Gonzalo Mesorio, the company has consolidated presence across the five main cities of Spain. It reported total revenue of €1M in 2019 and counts customers such as Amazon, H&M, Cabify, Airbnb and Criteo. Catevering has closed a €500,000 venture round in which Catery.ru joined as a new industrial partner; proceeds will be used to recruit senior talent. The company has added two directors (Operations and Sales) to help automate processes and scale the model. Management plans to consolidate Catevering as a reference player in Spain and pursue international expansion amid sector consolidation and interest from international players. Catevering is a Spanish foodtech marketplace that enables companies to compare, personalize and book catering services online for workplace meetings and events. Founded in May 2018 within the Denim Startups Barcelona incubator, the platform onboarded a network of more than 74 caterers across Spain in under a year. The company reports €500,000 in revenue after serving over 300 clients and managing meals for more than 55,000 people, and it has grown roughly 20% month-over-month in recent months. Catevering launched operations in Madrid and currently has a team of 11 professionals. The startup plans to use the funds from its second financing round to consolidate expansion into Spanish cities such as Valencia, Sevilla and Málaga, to enter Portugal and to target short-term expansion into Latin America; the article also notes ambitions to enter Italy. Notable customers mentioned include Amazon, H&M, Airbnb, Criterio and Pepe Jeans. Catevering operates an online foodtech platform that aggregates a network of more than 60 caterers to let companies acquire, choose and reserve catering for office events. The company was founded by Laura Gómez and Gonzalo Mesorio and has clients including Amazon, H&M, Cabify, Airbnb and Criteo. Catevering reported €200,000 in revenue after serving more than 120 corporate clients and managing dishes for almost 20,000 people in Barcelona offices. The service launched operations in Madrid and is positioned to expand geographically. Management set explicit expansion targets: roll out to Valencia, Bilbao, Málaga and Sevilla in 2019; to Portugal and Italy in 2020; and to Latin America in 2021.