Spanish startup accelerator Mola closes $3.16 million round, will invest in 15 new companies

Spanish startup accelerator Mola has closed a new round of funding worth €2.4 million ($3.16m) from private capital investors, it announced today after celebrating its first anniversary last month. This brings the total external investment it has received this year to €3.6 million.

As you may know, Mola was co-founded by Spanish entrepreneur Enrique Dubois and business angel Paco Gimena, and is based in Palma de Mallorca, where it has recently moved into new offices of 1,200 square meters inside the city’s tech park, Parc Bit.

While it started up with a joint portfolio of 14 startups and a total investment of €2.8 million ($3.63m) from its co-founders, it started to raise external capital last February with a €1.2 million round ($1.6m). Its current portfolio includes 48 startups, supported by 50 employees and a network of mentors.

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While its new backers prefer to remain anonymous, it is interesting to note that most of them come from the offline world, a sign that the corporate sector is acknowledging the opportunity that digital entrepreneurship represents for Spain and for Latin America.

As a matter of fact, Mola plans to use its new capital to finance its international expansion, and hopes to help Spanish startups reach the US and Latin American markets. In addition, it will keep on making seed investments in national and international companies interested in joining its facilities in Palma, and plans to increase its staff.

Mola’s selection process is quite demanding: it received over 1,800 applications last year, of which it only retained 1.8%. In 2013, it plans to select at least 15 companies, which will join a portfolio that already includes names such as Bankimia.com, Workmeter.com, Wayra’s alumnus Emtrics and mobile gaming company PlaySpace.

Image credit: Pond5