In Spain there is more and more money to finance startups. Whether with national or foreign money, cases such as those of Ontruck, Carto, Wallapop or Hawkers show that Spanish entrepreneurs have more and more possibilities to finance themselves with large investment funds. But, apart from big capital, there is a figure that, although progressively becomes minority, still refuses to disappear. This is the ‘business angels’, those tiny investors who contribute little money (usually between 5,000 and 50,000 euros) to ‘startups’ in their initial phase with the hope that one day their actions will multiply exponentially.
This is the case of Eneko Knörr, the entrepreneur who in 2007 sold Hostalia to Acens and who, to this day, directs Ludei and Ideateca. And is that, regardless of their entrepreneurial activity, in a timely manner invests in Spanish startups.
The striking thing is that, despite not investing in a professional manner and injecting very small amounts of money, it is gaining the status of best business angel in our country: in the last twelve months, Eneko Knörr has sold its shares in three ‘startups’, which has generated a profit of 1.5 million euros. This is the story of how a small Spanish investor has achieved a return of 2200% on their initial investment in just one year.
Ticketbis was multiplied by his 40 investment”
In May 2016, the Spanish Ticketbis ticket reselling website was sold to eBay for 165 million, which was one of the great milestones of Spanish technological entrepreneurship in recent history.
Among its first investors was Eneko Knörr, but the truth is that the story is much more convoluted – and fun – than you would expect. It all started when he met one of the founders, Jon Uriarte, in 2009. It came to him with a Power Point in which he explained the project to him, they had not been officially born yet and were looking for funding to start, but they were already evaluating their company in one million euros.
At first he did not want to invest, but in two weeks the valuation went from one to two million. Knörr did not see anything clear: “Jon was a person with no entrepreneurial experience, he came from the investment banking sector, they were two CEOs, a Power Point of one million euros. He thought that that is not going anywhere. In addition, he did a small questionnaire about internet business and he had no idea, they told him it was a multi-million dollar business in which almost nobody was doing anything, but the project did not meet any of my requirements, so he decided not to invest.
However, the idea did not go out of his mind. It is true that the sector was very interesting and there was potential. A few weeks later they met again and they told him that they already had a team, that they had signed a person from the competition, that the product was already advancing and that some investors had already achieved “.