報告吧www.baogaoba.xyz免費分享SPAINLate to the game,but nowideally positionedGP.BullhoundDealmakers in Technology報告吧ww.baogaoba.xyz免费分享GP.BullhoundDealmakers in Technologywww.baogaoba.xyz獨家收集百萬報告实时更新日更千篇報告吧CONTENTS04 THE VIEW FROM GP BULLHOUNDPer Roman Olof Rustner,GP Bullhound06 SPAIN:LATE TO THE GAME BUT NOW IDEALLY POSITIONED07 MACROECONOMIC RECOVERY WITH STRONG GOVERNMENT SUPPORT08 EXPERT VIEWMiguel Arias,Carto11 RAPID CONSUMER ADOPTION OF MOBILE TECHNOLOGIES12 EXPERT VIEWJorge Lluch,Wallapop15 CULTURAL SHIFT TO EMERGING TECHNOLOGY VENTURES16 EXPERT VIEWJuan Urdiales,Jobandtalent18 INVESTMENT ACTIVITY25 EXPERT VIEWSeth Pierrepont,Accel26 M&A ACTIVITY30 EXPERT VIEWAlberto Knapp,The Cocktail32 LATAM:A NATURAL EXPANSION OPPORTUNITY34 EXPERT VIEWJuan de Antonio,Cabify36 COMPANIES TO WATCHww.baogaoba.xyz獨家收集百萬報告实时更新日更千篇GP.BullhoundEXECUTIVE SUMMARYww.baogaoba.xyz免费分享THE VIEWFrom GP BullhoundSpain is a country to pay close attention to.With 46 million inhabitants,Europe's fifthlargest economy,one of the fastest growingcountries across the developed world,andbusinesses,there are plenty of reasons tois the gateway between Europe and LatinAmerica,which with a population of 400technology entrepreneurs.The Spanish technology ecosystem has maturedrapidly in recent years,evidenced by all-fimehigh levels of venture capital investments goinginto Spanish technology companies in 201 6.We believe this is a consequence of several keycomponents of the ecosystem having falleninto place,where the most notable piecesof the puzzle are(1)strong macroeconomicrecovery,(2)rapid consumer internet andmobile phone adoption,and (3)universitygraduates increasingly having their eyes set onentrepreneurship over traditional career paths.Spain has for the past few years experienced aGDP growth in excess of 3%annually-significantlyhigher than the Euro area as a whole-and theSpanish govemment has allocated EUR2.5bnwith rapidly increasing internet and mobilepenetration,this has led to the Spanish consumerdemanding improved and more innovativeproducts and services than those offered by theslow-moving incumbents.Per RomanManaging Partner萬報告实时更新日更千篇GP.Bullhound報告吧分In parallel with this,the graduates coming outof Spain's engineering and business schools areincreasingly attracted by joining (or founding)atechnology or intemet company,as evidencedby a recent survey among 8,600 universitystudents.This,in tum,has led to record levels ofnew domestic venture and growth capital fundsbeing set up,with capital raised totalling morethan EUR1.2bn in 2016 according to The SpanishVenture Capital Private Equity Association.Spain is seeing increasing participation frominternational venture investors as well.Gainingthe domesfic funds no longer have the capacityto continue invesfing.is key for the ecosystem.This has led to Spain closing the gap to,forexample,France and Germany,in terms oftotal venture investments,as well as investmentsper capita.We expect the Spanishtechnology ecosystem to flourishas well as those in the UKGermany,Nordics,and France,within only a few years.The next step in order for Spain to fully establishitself as a technology leader in Europe is furthersignificant exits,following the recent successof Hotelbeds Spain (acquired by Cinven forEUR1.2bn),Privalia (acquired by Vente-Privee fora rumoured EUR500m),Ticketbis (acquired byby Apax for a rumoured EUR150m).Withproceeds from these exits being reinvested inentrepreneurs founding their second or thirdcompany,we expect the Spanish technologyecosystem to flourish as well as those in the UKGermany,Nordics,and France,within only afew years.Olof RustnerVice Presidentwww.baogaoba.xyz獨家收集百告实时更新GP.Bullhound