Wallbox, JobandTalent, Cabify, Heüra and Mundimoto, among the 35 Spanish scaleups that could form the next IBEX35

In today's increasingly dynamic and competitive economic environment, the definition of business success goes far beyond market value or immediate profits; and aspects such as sustainability and social impact they are increasingly important as predictive factors. In fact, according to the report “The Spanish Tech Ecosystem”, investment in purely technological startups has fallen by up to 25% since 2021. though those projects related to ecological transition and sustainability have attracted 65% of total investment in emerging companies.

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In this context, scaleups emerge as key drivers of our country's economic development. For this reason, PATIO Innovation & Startup Campus, You have identified the 35 main scaleups in our country through the report 'The Next 35' who, referring to the IBEX 35, the country's main stock market index, discovers which scaleups, as leaders in innovation, sustainability and viability and drivers of technological progress and job creation, represent the future of the Spanish economy, and can thus become the next members of it:

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1. Wallbox. Founded in 2015, this innovative Spanish company offers intelligent charging solutions for electric vehicles. In total, it has received funding of 250 million and currently employs people.
2. JobandTalent. This platform, which connects professional profiles with large companies, has obtained funding of 1.5 billion euros since 2009 and already has around 3,200 employees.
3. Cabify. In just 13 years, this technology company has become one of the leading companies in the mobility sector. Currently, Cabify is made up of more than 3,500 employees and, in total, has obtained funding of 600 million euros.
4. Heüra (Foods for Tomorrow). Heüra offers 100% vegetable meat replacement products, made from legumes. It arrived on the market in 2017 and, to this day, it has funding of 100 million euros, in addition to already employing more than 170 people.
5. MundiMoto. Although it is the second youngest company in the ranking, since it is only 4 years old, MundiMoto has already become the largest second-hand motorcycle store in Europe, with more than 170 employees currently and with funding of 36 million euros.
6. Capped. The business-oriented development platform for Salesforce was founded in 2013 and now has 545 employees and has received around 270 million in funding.
7. Clarity AI. This innovative technological platform that analyzes the social and environmental impact of investments and organizations has raised more than 80 million in funding since its founding in 2017. At present, in addition, it already has 354 employees.
8. Copper. This company arrived in 2019 to revolutionize the management of social benefits in companies. Since then, it has raised 55 million euros in funding rounds and its number of employees now stands at 211.
9. Factorial. This Human Resources software, based on its objective of automating and optimizing the management of this department, has achieved 300 million euros in funding since its creation in 2016 and has more than 1,500 employees.
10. Red Points. The innovative key of this technology company is its specialization in detecting and eliminating intellectual property violations. Founded in 2012, it now employs 331 people and has raised 105 million in funding.

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The 35 companies that lead in innovation, viability and impact

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To evaluate companies and establish this ranking, presented this Wednesday in the framework of the South Summit 2024 in Madrid, PATIO Campus, maintaining its neutral position and catalyst for innovation, has had two external committees that are experts in the field. On the one hand, the Advisory Committee, composed of renowned experts in the field of investment and finance such as Azahara García Espejo, director at HearstLab; José María Hernanz, partner at JME Ventures; Jaime Novoa, partner at KFund, Sonia Fernández, Partner at Kibo Ventures; Jose Nistal, director at Zubi Capital; and Victoria Majadas, president of BIGBAN Private Investors. Its main objective was to guide and advise in the company selection process. Its mission consisted of establish objective criteria and standards to identify those companies with the greatest potential for growth and development within the business landscape.

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On the other hand, with a Evaluation Committee, formed by experts from renowned companies such as Alejandro Arranz, Director of Corporate Venture and New Technologies at Mahou San Miguel; Estela Vilches, Head of Open Innovation at Cepsa; Fernando Ramírez, Director of LOOM at Merlin Properties; Fernando Rey, Director of Open Innovation at Inditex; Ignacio Tovar, Director of Innovation and Digital Transformation at Iberia; Javier Pérez Trigo, Head of Digital Natives at Google Cloud; Lola Ortuño, Director of Human Resources at L'Oréal Spain and Portugal; as well as Marta del Castillo, General Director at Social Next, and that he was responsible for carrying out a comprehensive evaluation of the companies selected to determine their position and influence in the current market, analyzing in detail key aspects such as innovation, viability and impact, based on the sustainability pillar of PATIO Campus. 

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Thus, with a first filter from the investment focus, a top 50 was established based on value, profits or capital. However, PATIO Campus, as a pillar of sustainability, took another step in this regard by adding variables such as innovation, viability and impact through the Evaluation Committee, thus resulting in a top 35 of the leading scaleups in our country.

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“Until now, there was an absence of an official definition in Spain of what exactly scaleups are, something essential to be able to recognize them and give them the place they deserve. Thus, as an ecosystem that was born with the vocation of uniting and building, at PATIO Campus we have decided to lead this process and generate this framework that allows its identification and evaluation, on the one hand, truly recognizing those companies that will shape the future of our country, transcending their mere economic value, focusing on their true social and sustainable impact. On the other hand, while also shedding light on the reality of this market and thus being able to promote an environment in which these companies can grow and prosper”, asserts Borja Marinas, CEO of PATIO Campus.

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METHODOLOGY

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First, to determine the definition of a scaleup, the generic definition provided by the OECD is adopted, which defines it as a company that has grown in employees and revenues for three consecutive years, with an annual growth of at least 20% in turnover and in 10 employees. Based on this, other reports were analyzed, such as the Next40/120 by La French Tech, which classifies scaleups based on income and capital raised, and The Scaleup Report by The Startup Genome, which uses a valuation threshold of 50M€. With this analysis, the parameterization of the report identifies three key aspects to determine when a startup is scaleup: revenues, equipment and funding. In addition, a survey was shared with the advisory committee to define the expected scaleup thresholds for each of the defined parameters. It is concluded that a scaleup must have revenues of at least 10M€ and a CAGR of 50% (last 2 years); a team of at least 10 FTEs, and funding of at least 5M€ (or bootstrapped). Dealroom was also used as a source of information, taking into account the limited scope of these platforms and the private nature of data such as revenues, some scaleups are left out of the analysis, and we extract all the Spanish companies from the last 15 years that meet these conditions: 678 scaleups.

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Based on the evaluation of the Ranking, based on the 678 scaleups identified, a first ranking is carried out based on the previously defined business parameters. Applying a linear algorithm with the weights suggested by the Advisory Committee, we obtained an ordered list of the 50 finalist scaleups. Divided into random groups of 25 scaleups, an evaluation form is shared with each of the members of the Evaluation Committee. Each company is accompanied by a brief summary, its website and LinkedIn, as well as available information on the level of income, employees and funding. Each member is asked to value, all with the same weight, aspects such as innovation, viability and impact. With all standard ratings, the average is calculated by adding the result of the Advisory Committee's ranking as an additional vote.

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