A Spanish unicorn organization is born to lead a new digital production model

- April 1, 2022

A select group of 9 startups, most of them unicorns, has founded EsTech, an organization of high-growth companies that want to make more visible the impact of a new productive model. The platform is born under the umbrella of Adigital and has the collaboration of Endeavor, Ascri, and Tech Barcelona. The 9 founding members of EsTech are Cabify, Factorial, Filmin, Glovo, Holaluz, Jobandtalent, Neuroelectrics, RedPoints, and Wallbox. 

“We believe that these companies will accompany the Ibex35 in size and representativeness in the coming years, forming a fabric of highly innovative large companies”, said Ana Maiques, president of EsTech, and CEO and co-founder of Neuroelectrics, in the press conference on March 30th. 

In 2021, the ecosystem received an investment of around €4.3 billion, which represents a growth of 288% compared to the previous year. According to the promoters of the association, Spain has made great progress in creating a business fabric based on technology, job creation, and high growth, which is facing a new stage of contribution to the country and consolidation in a global environment.

The happy marriage of Spain and tech

EsTech’s main goal is to make more visible the contribution of Spanish scaleups to the economy, the environment, and the labour market in the country. According to the association, they want to promote development and leadership in the tech and digital-based productive fabric in order that it can attain 40% of Spain’s GDP by 2030. Among EsTechi top priorities are the attraction and generation of talent, access to financing, as well as the divulgation of this new digital economy. 

At the moment, it is estimated that there are between 400 and 450 startups in the growth phase in Spain. According to the Scale-Up Spain report, Spanish scaleups generated 324,000 jobs in 2020, with a forecast for 2021 of generating 671,500 jobs. 

We have to attract talent and capital. And to add that 1% to the GDP through unicorns. Let’s make Spain and tech go hand in hand”

In addition, up to 9 Spanish startups today have the potential to reach a valuation of a billion dollars and acquire the status of unicorn in the coming months, according to the latest Top 100 Next Unicorns Report produced by Viva Technology and GP Bullhound, and it is estimated that there are 20 Spanish scaleups close to reaching €800 million in value.

Antonio Iglesias, General Director of Endeavor Spain, said that only those 20 scaleups have the potential to increase the GDP of Spain by 1% if they manage to become a unicorn because in 2021 the companies that achieved that status managed to raise €400 million on average and invoice €600 million. For him, the Spanish ecosystem has a historic opportunity that they cannot let pass. 

Carina Szpilka, president of Adigital, said in the press conference that Spain can be associated with tech and defended that “defining a common action plan between organizations and collaborating with institutions is essential to create a common story and promote measures that affect the economic development, innovation and competitiveness of the country, just as it happens in neighboring countries such as France or Germany”.

“Technology and innovation make people better. We can do this. But we have to do it together. We have to attract talent and capital. And to add that 1% to the GDP through unicorns. Let’s make Spain and tech go hand in hand”, added Szpilka.