Hopefully, this will start a series of interesting posts about startups and any information that can be valuable to them.

What is itnig?

itnig is an accelerator, labeled like this mainly because of the powerful network effect of the term, now broadly used in the startup scene. However, here at itnig we do not care much about the standard way an accelerator is supposed to work.

itnig is a startup that strives to master business development in the most rational and scientific way. We select entrepreneurs who share the same spirit and harbour crazy and ambitious business visions, we participate in their projects and help them make their plans come true no matter what stands in our way. Accepting risk is something that turns us on. Seriously.

itnig doesn’t give away cash, but it provides the startups with more that they can buy with it. We offer the teams a place to work and live together. We help them find the most suitable mentors among our network, we get them inside our learning and experimantation program, we roll up our sleeves to write really awesome code, we participate creating alpha and beta versions of the products and interpret user data from the market, we come up with killer online marketing strategies, we jointly develop financing plans to sustain the projects and we share our network of partners offering the best services to them: legal, accounting, delivery and anything necessary. We are very good at assembling “A-Teams” that get the job done. We hold workshops and events about almost everything related to our world, every day.

We share expenses with entrepreneurs in the starting phase in order to sustain the projects and be able to grow.

We are proud of being in Europe

We never really understood why entrepreneurs are abandoning our continent to go to Silicon Valley, all the more so as getting a US visa is among the most difficult achievements for mankind. Proportionally, very few European born and grown startups make it to the global markets, the best teams fly away to other places and most European accelerators offer, as great value propositions, direct bridges to the US in order to move their startups to the Disneyland of entrepreneurship.

We are quite fed up with economic and political pessimism, and we believe we can do better by creating growing organizations in spite of crisis and social meltdowns. We know for a fact that Europe is filled with skilled entrepreneurs and talented professionals that can really make a difference and conquer the world with their products and services. So be it!

We are hackers

We are a bunch of individuals filled with curiosity, energy, passion and perseverance. We identify ourselves as hackers, and those who apply for our process as well. And we bring hacker’s culture directly into our everyday business strategies. The following are some examples:

  • Sharing tools and information
  • Openness and transparency
  • Decentralization and horizontality
  • Hands-on imperative
  • Technology is central, it can be art and beauty
  • Disregard for the status quo
  • Commitment to find the most elegant and efficient solution to any problem
  • Learning the how and why a system works in order to hack it and do it better

We are independent from government, universities and coorporations and plan to keep it that way in the future. We didn’t call ourselves “The hacker accelerator” as we started, but we’ve been called like this continuously by others so we finally decided to use it as our tagline. Yes, we are very conscious of the controversy we cause by doing so.

I hope you enjoy your stay at itnig!

Next Article

Leave a Reply

Your email address will not be published. Required fields are marked *

V.

VCs come into action — Breakdown of Spanish investment activity of January 2018

January closes with €195.3 million investments in Spanish startups within 24 operations

  • The Spanish entrepreneurial ecosystem is maturing thanks to investment rounds of more than €10 millions.
  • Barcelona and Madrid continue leading the Spanish ecosystem.


This is the first in a series of posts in which we will do an analysis of the Spanish startup investment landscape. We will look at the overall funding numbers and trends in the country month by month and compare it with data of the previous year.

What are the Spanish investment activities like on a month to month basis? What deals and volumes are we talking about? At what stages are startups prone to search investment and which regions in Spain attract the most funding?

The year 2017 brought us plenty in terms of innovation and investment activity within the area of technological startups, although Spain has been driven by political problems. The developments we have seen in 2018 so far are picking up at just the same fast pace.

January has closed with €195.3 million investments in Spanish startups within 24 operations. Of these funding rounds, highlights are the round of Cabify, Hawkers and Redpoints :

  • Cabify: The ride-hailing app that competes against Uber, has raised €143.3 million ($160) Series E funding round from a mix of previous and new investors, including Rakuten Capital, TheVentureCity, Endeavor Catalyst, GAT Investments, Liil Ventures and WTI, as well as prominent local investors from Spain and Latin America.

When analyzing the structure of financing deals, the increase in venture capital activity in Jan-18 is noticeable in comparison with Jan-17.

#Deals and volume in the Spanish startup investment landscape in January


In terms of the number of deals closed, we have seen a slight downward trend in the country. With a broad participation of Venture Capital, there have been less deals but more capital invested in each transaction. The reason for such a boost is mostly the gigantic financing round of Cabify with participation of giants’ VCs like Rakuten Capital, TheVentureCity and others.

The entry of European, American and Japanese funds investing in Spanish startups are accounting for a large percentage of the growth of the investments in Spain. At the same time, this global investment rise is making the average value of the financial rounds soar up to more than 1.5 times that of the previous year (without taking account of Cabify’s investment, that would turn this factor to more than 6 times the previous year)

The differences between January-2017 and January 2018 in terms of the increase in venture capital activity is shown below:

Startup investment deals by size of round


As we expected to see, the number of operations closed by investment size tends to a larger number in larger deals. While the number of deals of €500k or less have decreased considerably, the number of larger deals have gone up notably. This might be understood as an increasing number of companies maturing and reaching later stages of funding.

To properly ensure the aforementioned, in the following figure we show the breakdown of the investment activity by year of foundation of the company:

Startup investment activity (Jan-18) by year of foundation


Our previous statement is reinforced by this figure. The large transactions take place on established companies. In general, the more years a startup survives, the more established it is. As we observed, in average, the startups that were previously founded are those who raised more funding. That makes sense because normally an older startup has a bigger team and unless it has reached breakeven, it will need more funds to survive.

Startup investment deals by Region



Regarding the breakdown of startup investments by region, Barcelona, Madrid and Valencia bolster their position in the top of Spanish regions:

  • Cataluña (mostly in Barcelona) stands with 9 deals closed and an investment of €19 millions
  • Madrid gathers 7 deals and an investment of €148 million (€143 million in Cabify)
  • Valencia up to 3 deals and €23 million (€20 million in Hawkers)

Operations January 2018: