Top 30 scale ups in Madrid

When I talk to international investors or journalists, they often ask me about the most interesting scale-ups in the Madrid ecosystem. It is increasingly difficult to identify whether a company is from one place or another, as they all have global ambitions, international clients and remote team members in various locations. Moreover, many have corporate structures with the parent company in Delaware, although they have a significant local operational base, and despite having international investors, they also have Spanish investors and business angels, who have supported them from the beginning.

Madrid has actually evolved significantly in recent years, and we find here not only maturity and sophistication, but also a sufficient critical mass of second-generation entrepreneurs, executives with scaling experience in various functional areas and access to talent and capital. I believe there is a certain focus on B2B SaaS, both from data analytics and fintech platforms, insurance, etc., but we increasingly find companies of very varied types.

So I dare to share this list (of course somewhat biased, I will mark those in which I am an investor in one way or another) of the most interesting companies in Madrid in recent years.

That said, I do not intend to create a ranking, so I will list them alphabetically in each section ;).

Fintech

Capchase

Enables SaaS companies to unlock recurring revenue and access growth capital. Capchase has quickly become a financial partner for SaaS companies, supporting their growth with a platform that analyzes companies' predictive revenues to provide non-dilutive financing. This approach allows companies to access growth capital without sacrificing equity.

Cobee

An all-in-one platform for managing employee benefits. Cobee is changing how companies manage employee benefits, leading to higher satisfaction and retention rates. Recently acquired by the French company Pluxee, one of the leading benefits platforms, this acquisition was one of the most significant deals of the year in the Spanish ecosystem.

Crescenta (backed by Kfund)

The first digital platform for investing in private equity funds, both for retail investors and professional investors. It allows investment in the best national and international Private Equity, Venture Capital, Infrastructure, Private Debt, and Impact funds by automating processes and digitizing a space that was previously manual.

Embat

Provides automated treasury management solutions, optimizing financial workflows for companies. Its rapid growth has made it a fintech reference in the treasury management space, automating traditionally manual processes and attracting the interest of international investors such as Creandum.

If returns? (backed by Kfund)

If returns is a startup that transforms returns management in e-commerce, providing a comprehensive solution that optimizes the process for both retailers and consumers. Founded in 2020, If returns uses data analysis and automation to improve the return experience, reducing costs and processing times. The platform enables retailers to manage returns efficiently, improving customer satisfaction and operational sustainability.

Taxdown

Simplifies tax filing with a platform that simplifies the process and ensures users get the maximum possible tax return. It has simplified tax filing for thousands of people, significantly reducing the burden of one of the most tedious administrative tasks.

Urbanitae (backed by Kfund)

At the intersection of real estate and fintech, Urbanitae facilitates retail investors' access to real estate investments through crowdfunding. Urbanitae is democratizing real estate investment and has become the market leader in this field, making it possible for more people to invest in properties.

Data Analytics / ML-AI platforms

Carto (I am an investor)

One of the leading location intelligence platforms globally, transforming geospatial data into actionable insights and raising over $100M from national and international investors. Pioneers in location-based data analysis and a global reference in the field, enabling organizations to understand not only where things happen but also why they happen, without the need for GIS experts.

Clarity AI

Its platform uses machine learning and big data to provide environmental and social information to investors, organizations, and consumers. Clarity helps with comprehensive sustainability analysis, and its technology is very interesting for bringing social impact to markets.

Devo

Devo offers a cloud-native security log and analytics platform designed to handle large volumes of data. As one of Spain's unicorns and a leader in the security analytics industry, Devo provides tools for proactive threat detection and faster incident response. This innovative approach has earned the trust of large companies.

Graphext (I am an investor and it is backed by Kfund)

Offers advanced data analysis and visualization tools that make complex data accessible and understandable. It is recognized for its focus on data visualization, making advanced analysis accessible to non-experts with a strong base of international and local investors.

Invofox

A B2B SaaS platform that digitizes all types of documents. Invofox's efficiency in automating billing processes makes it a very useful technology for many companies in various sectors, and it is one of the fastest-growing startups in the Spanish ecosystem.

Onum

Onum stands out for its real-time data observation and orchestration tools while reducing the data sent to analytics and SIEM platforms. Founded by former Devo employees, Onum's technology has attracted the attention of major international funds such as Dawn Capital and Insight Partners, raising one of the hottest rounds of the year.

Stratio

Stratio BD provides a "data fabric" technology that integrates data from various sources, enabling advanced analytics and governance. Its focus on data management allows non-technical users to perform data quality, compliance, and machine learning tasks on large datasets and complex environments.

Tinybird (I am an investor)

A real-time analytics platform that simplifies complex data processing, enabling instant insights. Its real-time data processing platform, based on Clickhouse, allows developers to integrate complex data infrastructures into their application logic and has made it one of Spain's most popular startups, attracting significant investments. Tinybird recently raised $30M in a round led by Balderton Capital.

Edtech

Ironhack

Ironhack is a global tech school offering intensive programming, design, and data analysis courses. Since its founding in 2013, the startup has trained over 10,000 students in 9 cities around the world, including Miami, Madrid, and Berlin.

Lingokids

Lingokids is an educational platform aimed at children between 2 and 8 years old, using games and interactive activities to teach English in a fun and effective way. The app has been downloaded over 30 million times in more than 190 countries, standing out for its focus on learning through play.

The Power

The Power is an online educational platform specializing in personal and professional development courses. It offers a wide variety of programs ranging from leadership to emotional intelligence, taught by experts and leaders in their respective fields.

Ucademy

Ucademy is an online education platform focused on preparing for competitive exams and professional certifications in Spain, offering updated content, mock exams, and personalized follow-up.

Mobility

Cabify

One of the main players in urban mobility, offering reliable transportation service in cities. Cabify, as one of Spain's first unicorns and one of the country's most recognized companies, has had a significant impact on urban mobility both in Spain and Latin America. It achieved over $800M in revenue in 2023.

Clicars

Simplifies the process of buying and selling used cars with an online platform. It has transformed the used car market in Spain, simplifying a traditionally complicated process.

Trucksters

Innovates long-distance transportation with a relay-based system that improves efficiency and reduces driver fatigue.

Healthtech

Idoven

Idoven has created one of the world's first cardiology-as-a-service platforms, powered by artificial intelligence that enhances clinicians' ability to identify, classify, and diagnose patients.

Ifeel

Provides accessible mental health support through a digital platform that connects users with professional therapists. Ifeel helps companies offer this benefit to their employees by working with insurers.

Other Sectors

Bdeo (Insurtech) (backed by Kfund)

Bdeo is a startup specializing in technological solutions for the insurance sector, using artificial intelligence and video inspection to optimize claims management and policy underwriting. Its platform allows insurers to significantly reduce the time and costs associated with inspecting vehicles and properties.

Frenetic (Enterprise SaaS)

Develops high-efficiency custom magnetics for power electronics, pushing the boundaries of hardware innovation. Frenetic's high-efficiency platform is used by industry leaders to design their products.

Clikalia (Marketplace)

Streamlines the process of buying and selling properties with a technology-driven approach. Clikalia's focus on real estate transactions makes property buying and selling faster and more efficient.

Jobandtalent (HR tech)

Transforms the labor market with a platform that connects temporary workers with employers. Jobandtalent was one of Spain's first unicorns and its market capitalization is the largest in the HR tech sector.

Playtomic (Sportech)

Despite starting as a booking app, Playtomic now connects sports enthusiasts with facilities and activities, and has become a social network for racket sports. Playtomic is transforming the way people engage in sports, creating a vibrant community and access to sports facilities.

Seedtag (Ad tech)

Seedtag specializes in contextual advertising, offering advertisers the ability to reach their target audience precisely without using cookies. The company uses artificial intelligence to analyze content and display relevant ads, ensuring a positive experience for both the user and the advertiser.

There are other companies that aspire to be on the list next year, such as Zylon AI or Finerative, but which ones do you think I missed, or which ones should be removed from the list?