Spanish tech startup xNova has announced the successful completion of its first funding round, raising €200,000 with the support of Plug and Play as a lead investor, alongside Basque investment fund ieStart and business angels.
Founded in early 2022 by Amado Villar and Miguel Ortega, xNova is a SaaS platform powered by AI and big data analytics that helps exporting businesses access real-time information about potential international clients. The platform offers information about what products their customers purchase and from which suppliers. Ultimately, xNova enables businesses to monitor their competitors and stay up-to-date with market developments.
Why we're excited to invest
This funding round, led by Plug and Play and supported by ieStart and business angels, aims to include data from other countries and develop new features for the platform. In 2023, xNova aims to deliver its solution to exporting enterprises across all sectors to help them become more competitive in foreign markets.
“We truly believe that both Miguel and Amado were born to be entrepreneurs and are one of those special people you have to bet on,” continues Erena Estelles, Ventures Analyst at Plug and Play.
From 0 to 100 in less than a year
Amado and Miguel, the founders of xNova, met while studying in the United States. Amado, while working at the Spanish Chamber of Commerce, saw firsthand the challenges exporting businesses faced when expanding internationally. They teamed up with Miguel, a software engineer at the University of Pennsylvania, to create a platform that would help businesses of all sizes successfully export.
The first version of the software was completed in December 2021, and the founders were accepted into the Lanzadera startup accelerator. Since then, they have helped hundreds of Spanish businesses expand internationally, including both large multinationals and small businesses exporting for the first time.