Spain's startups avoided COVID-19 havoc thanks to second-generation entrepreneurs and strong VC interest
Sorrel Downer
The COVID-19 pandemic struck just as Spain's startup scene was reaching its tipping point.
But the country's second unicorn was followed with more investments in new companies.
They may seem the most vulnerable but their funding has surged, while older companies' has faltered.
The youngest businesses should have been worst hit by COVID-19. For Spain's startups, it came just as things were taking off.
At the end of 2019, Glovo, the on-demand delivery service app, became the country's second unicorn â€" a startup valued at more than $US1 billion â€" after ride-sharing app Cabify in January 2018. It raised â'¬300 million ($US361 million) in just 12 months, of a total investment of around â'¬488 million ($US587 million). It expanded into more than 20 countries. It was just four years old.