The Rising Stars of Madrid's Startup Scene in 2024
After playing second to Barcelona for many years, Madrid has finally taken the lead in its startup scene by the end of 2023. With startups bringing in â¬605 million ($672 million) in investments, the Spanish capital has surged ahead of Barcelonaâs â¬457 million ($507 million). The influx of Latin American talent, supported by Spain's new entrepreneur visa and initiatives by major corporations like Telefonica, has played a significant role in this change.
Madrid's Thriving Sectors The city has experienced noticeable growth in transportation, mobility, and fintech startups over the past three years. Artificial intelligence (AI) and deep tech sectors have been particularly energized, benefiting from the presence of 56 universities that encourage entrepreneurial networking. According to Miguel Arias of K Fund, these business schools are crucial in nurturing a vibrant startup ecosystem.
However, the increasing influx of students, engineers, and entrepreneurs has triggered concerns about the availability of housing stock. Bu Haces of Madridâs Impact Hub emphasizes the necessity for more accessible housing to accommodate this growing population.
Spotlight on Emerging Startups
Invopop
Co-founded by Sam Lown and Juan Moliner MalaxechevarrÃa, Invopop simplifies invoicing challenges for businesses operating across multiple countries. The platform automatically converts sales into electronic invoices formatted according to local tax regulations. With funding from prestigious investors like Y Combinator and Rebel Fund, Invopop has facilitated over a million invoices in 25 countries and recently launched an app integrating with popular tools like Slack and Google Drive.
Uelz
Uelz streamlines online payment processes for companies, especially those with diverse and international payment methods. Co-founded by Xandra Etxabe and former Atlético Madrid goalkeeper MarÃa Luke Astigarraga, Uelz has raised significant funding and plans expansion into Latin America by 2025, providing services that efficiently select the most cost-effective payment gateways.
Tucuvi
Founded in 2019 by MarÃa González Manso and Marcos Rubio, Tucuvi focuses on post-hospital patient monitoring through a conversational AI named Lola. Reducing readmissions and hospital stays, Lola operates in three languages and serves thousands of patients across Europe.
iFeel
This mental health platform, founded by Amir Kaplan and his team, offers tailored support, ranging from AI-assessed self-help to direct access to therapists. Successful in halving work hours lost to mental health issues, iFeel now caters to 30 countries and intends to broaden its international reach with new investments.
Luzia
A product of Ãlvaro Higesâs innovative spirit, Luzia is an AI-powered personal assistant available on WhatsApp and Telegram that offers diverse functionalities from academic help to translation. Since its founding in 2023, Luzia prides itself on massive user adoption and is embarking on further expansion after robust funding rounds.
Embat
With a focus on centralizing financial operations, Embat eases the burden of managing multiple banking platforms. Founded by Antonio Berga and Carlos Serrano GarcÃa-Lisón with Tomás Gil, future endeavors include integrating AI for even smarter financial services.
Senniors
An initiative by Claudia Gómez Estefan and José de Diego Abad, Senniors combines wearable tech with a robust care network to support elderly individuals and their families. The service expands to the US market by 2025, exploring international scalability.
Boopos
Juan Ignacio GarcÃaâs Boopos is reimagining online brokerage for businesses, facilitating seamless transactions for small-scale firms. With a significant market presence, Boopos anticipates breaking even soon and aims to capitalize on the generational shift as many baby boomers retire.
Onum
Former Devo CEO Pedro Castilloâs latest venture, Onum, is a platform using AI to optimize data management and security. With solid backing from Kibo Ventures, Onum helps organizations significantly cut data management costs.
Shakers
Shakers is revolutionizing how companies interact with freelance workforces by providing a comprehensive platform for managing freelance teams. Expecting extensive expansion, Shakers aims to broaden its impressive user base and business outreach.
Madrid's startup ecosystem provides a fertile ground for these innovative entities, driving technological advancement and economic momentum across diverse industries.
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