Tyba, the Spanish startup that has created a “junior recruitment market” aimed at allowing companies like tech startups to more efficiently hire university and college graduates, has seen an exit of sorts.
The company, which had raised just over $4 million from backers such as Sunstone Capital, has been acquired by Denmark-based Graduateland. The latter offers a career network for students and graduates, so also plays in the recruitment space, albeit with a product that isn’t targeted specifically at startups.
Meanwhile, terms of the deal remain undisclosed, but here’s what I do know: Copenhagen-headquartered Graduateland is buying Tyba, sans its team. That’s because a year ago the Madrid-based startup’s founders begun working on Tyba spin-off, sourced, which helps companies find, evaluate and connect with developers.
As a result — and most notable — Tyba’s investors have a subsequent stake in sourced on a pro-rata basis to their original investment. In that sense, whether or not they made all or any of their money back or even a multiple return from Tyba’s exit is perhaps a moot point, depending of course on how well the spin-off company does.
At the time of Tyba’s last funding round in late 2014, the startup was valued at €13.5 million (approx. $15.2m at today’s exchange rate).
“Expanding within our existing market of students and graduates, as well as coupling the attractive segment of startup companies made Tyba the obvious acquisition target”, says Patrick Lund, CEO and co-founder at Graduateland, in a statement.
Additionally, I’m told that Tyba being based in Southern Europe, with the majority of its market consisting of Spain and France, was also a factor. “They were two important growth markets for Graduateland,” says the company.