Caixa, Sabadell lead €1.3m round for Snappy

Following the deal, the company's founders, Borja Ormaechea and Jordi Ferrer, will retain a large minority stake in the business, according to local press reports.

The company aims to use the fresh capital to boost its product development and expand its business internationally. It expects to generate €1m in revenues in 2017 and subsequently to increase this to €2.5m in 2018.

Snappy reportedly aims to expand across the UK and US markets within the next two months and is keen on raising an additional funding round in 2019.

Prior to the transaction, the company raised a €300,000 seed round from business angels in 2016.

Company
Based in Barcelona, Snappy was founded in 2015. The company develops a software focused on real time online market analysis, mainly for mid-sized and large businesses. The business currently has a presence in Spain and Mexico.

According to press reports, the business generates €200,000 in revenues and has 10 employees.

People
Snappy – Borja Ormaechea, Jordi Ferrer (founders).

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• Topics
• Expansion
• Technology
• Southern Europe
• Venture
• Spain
• Caixa Capital Risc