FON- the next Spanish success story?

I’m really glad to see the FON funding story all over the web. It looks like FON could be the next Spanish Technology success story. Having worked in early stage companies and early stage venture capital in Spain, people are continually amazed that there are good companies coming out of Spain. They are few and far between, but when Spanish start ups are good, they are *very* good.

I think it’s telling that the funding sources were non-Spanish, however. I’ve recently been helping Spanish entrepreneurs find funding here in London because of the scarcity of seed and early stage funding in sunny Spain.

Even though FON only has 3,000 users and is pre-revenue, Martin Varsavsky’s track record goes a long way towards successfully raising $21 million at that stage of development.

And Martin, if you hit this one out of the park, I hope you’ll set up a seed/early stage fund to back the next generation of Spanish sucess stories…

1 Comment

  1. I know of Fon as part of ongoing research of the VC industry. Danny Rimer at Index did a great job with Skype and I think him and Martin are going to take Fon to great levels.

    It is a damn shame that Spain which produces some of the worlds leading companies, Telefonica, Zara, Lladro, does not have the appetite for early stage funding like other EU countries. Latest EVCA figures show UK, France and then Germany leading the pack. I think there is an opportunity there.

    Look at what NBGI have done. They raised a 70m euro Tech and Life Sciences fund investing in portfolio companies around Europe via offices in London and Greece. Here’s hoping Santander or Vicaya can or have a similar operation in place and get in early.

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