Valencia’s First Drop VC announces its inaugural cohort of impact-focused startups

- May 5, 2023

First Drop VC, a Valencia-based venture capital firm, has announced its first cohort of startups selected for its impact investing portfolio.

Operating as a hybrid between a traditional fund and an accelerator, focusing on startups whose business models align with the United Nations Sustainable Development Goals (SDGs).

The firm, co-founded by Manu Nieto and Alejandro Valero, will support four Spanish startups with tickets between €50,000 and €150,000 to address immediate needs, help them scale their solutions, and lay the foundation for further funding rounds. In addition to financial support, First Drop VC will provide expertise and guidance to support the startups’ growth.

The four impact-focused startups that make up this initial cohort are:

  • Motoreto, a leading platform in the used car sector with more than 3,000 dealers across Spain, Italy, and France. The company stands out for its business model that promotes sustainable mobility, and it achieved a CO2 emission reduction of 11% compared to the Spanish vehicle fleet. In addition, Motoreto actively supports female participation in the traditionally male-dominated automotive sector, with women making up 43% of its workforce (compared to just 19% across the sector). First drop has invested a €150,000 ticket in the company.
  • Colibid, a Valencian fintech startup that seeks the best mortgage for homebuyers – and the first mortgage auction in Spain. By collaborating with banks and brokers throughout Spain, Colibid streamlines the mortgage application process, making it more accessible and user-friendly. The company received a €100,000 investment from First Drop VC. Stefano Scardia, CEO and co-founder of Colibid, said that this support “highlights that the most basic problems are beginning to have a place for investors. Another way to create a company and consolidate it is by securing profitability in a sustainable way. With First Drop, this path will be easier.”
  • Banbu, a natural cosmetics firm specializing in sustainable and water-free products. Founded by Verónica Diez and Rodrigo Folgueira, the company offers waterless formulations, certified vegan and toxic-free ingredients, and packaging that minimizes waste — more than 2 billion plastic containers produced annually by the cosmetics industry. Their commitment to creating eco-friendly alternatives aligns with First Drop VC’s focus on impact investments.
  • Rehand, a spin-off dedicated to rehabilitation innovation, develops solutions to improve the quality of life and health of patients. By leveraging new technologies, Rehand provides at-home hand therapy and physiotherapy for individuals with upper limb-related pathologies. The platform has already had a significant impact, serving over 1,500 patients in 2022. The platform is increasingly adopted by referral hospitals, benefiting over 1,500 patients in 2022 and facilitating 25,000 sessions. Its implementation directly improves patient rehabilitation, reduces waiting lists, and contributes to significant healthcare cost savings.

Initially, First Drop VC will be assessing the startups’ business requirements and defining their financial and impact KPIs for the next three months.

By the end of 2023, First Drop aims to undertake 15 operations in early-stage projects while continuing to support companies it has previously invested in through the ALMA Ventures vehicle.

Additionally, the firm plans to pursue three advanced operations in the education, energy, and mobility sectors, further expanding its impact in these areas.