Cleantech VEMO Secures US$77 million in Financing | Ep. 120
Plus, CALICE Seed Round, Alibaba Cloud Region, 99 Startups New Fund, and more!
Your weekly newsletter on technology, VCs, and startups in Spanish-speaking Latin America.
In my Deep Dive analysis of VEMO, I wrote:
Few people are aware of it, but the ride-hailing market faces a lack of supply. When you complain about waiting too long because there’s not enough Ubers around you, having to pay an exorbitant price or when a driver cancels your trips, it’s actually due to a lack of supply. In Mexico and Latin America, this problem doesn’t stem from a lack of drivers willing to work, but instead is due to the fact that few of them own a car or have access to a car-financing option to buy one. Many banks and financial institutions tried to lend them in the past, but they failed.
VEMO Impulso offers a financing program for underbanked ride-hailing app drivers to acquire their own vehicle and help them transition to owning their own vehicles, increasing their earning potential and independence. The offer, which they refer to as lease-to-own, is aimed at active Uber or DiDi drivers.
The recent US$77 million capital injection validates the team's vision for financial inclusion and confirms their product's strong market fit. The green light is on for VEMO's accelerated growth!
Speaking about impact, I'll be in Mérida this week for the FLII (Latin American Impact Investment Forum) event. Given last year's intensive schedule, I plan to take the following weekend off, so there won't be a newsletter. If you're attending and would like to meet for a coffee or a marquesita, just hit reply.
Follow The Money
🇲🇽 VEMO Secures US$77 million in Financing
Cleantech VEMO secured $1,300 million pesos (approx. US$77 million) in financing to expand its Fintech arm, VEMO Impulso. This funding will support its vehicle leasing program, allowing independent mobility platform drivers to own electric vehicles through flexible financing options. VEMO Impulso offers access to Mexico’s largest public EV charging network, specialized workshops, advanced telemetry, and performance-based incentives. With over 3,500 drivers already financed, more than 50% choosing electric solutions, and strategic backing from investors like Riverstone and Orion Infrastructure Partners, VEMO aims to accelerate sustainable mobility while improving financial accessibility for drivers across Mexico.
Sector: Cleantech
Founders: Roberto Rocha, Germán Losada
Investors: Beel Credit, Banco Covalto, Kapital, Promecap
🇦🇷 CALICE raises a US$1.5 million Seed Round
CALICE is an Argentine Agtech startup specializing in AI-driven crop modeling. The startup developed NODES, a platform that uses artificial intelligence and computational modeling to virtualize field trials, reducing development time and costs for new crop varieties and biological products. By replacing up to 80% of traditional field trials with advanced simulations, CALICE enables companies to optimize breeding strategies, predict disease tolerance, and assess biofertilizer effectiveness more efficiently. The funding will support further AI model development, enhancing the precision and scalability of its platform.
Sector: Agtech
Founders: Ramiro Olivera, Esteban Hernando, Andrés Rabinovich, Pablo Romero
Investors: Draper Cygnus, Xperiment Ventures, Air Capital, Innventure, GrainCorp Ventures
🇸🇻 Boxful raises a US$1.9 million Pre-Seed Round
Boxful is a logistics startup transforming e-commerce in Central America. Since its launch in El Salvador in 2023, the company has expanded to Honduras, achieving 94% monthly growth, and is now preparing to enter Guatemala and the Dominican Republic. Boxful offers same-day and next-day deliveries, fulfillment services, and the first open smart locker network in the region. The new funds will enhance its technology, expand its team, and introduce new services like payment links and consumer credit. With a mission to make e-commerce more accessible and efficient, Boxful aims to become Central America's first unicorn, proving the region’s capability to build global solutions.
Sector: Logistics
Founders: Salvador Ramírez, Roger Sibrián, Juan Carlos García, Jaime Chávez
Investors: Innogen Capital, Carao Ventures, Caricaco Ventures, GAIN, Angel Hub
Startups News
🇦🇷 Ualabee to Consolidate Operations in 12 cities
Mobility startup Ualabee aims to consolidate operations in 12 cities across Latin America in 2025, strengthening its position in urban transportation technology. The startup targets 5 million unique users on its platform and plans to expand its network to over 1,000 transportation operators, providing advanced digitalization tools to enhance passenger experiences. Ualabee projects surpassing US$2 million in revenue, with over 70% coming from partnerships with public and private transport operators. CEO Joaquín Di Mario emphasizes Ualabee’s commitment to sustainable urban mobility, aiming to reduce congestion and environmental impact through its multimodal solutions.
🇲🇽 Alibaba Launches its First Cloud Region in Mexico
Alibaba Cloud has launched its first cloud region in Mexico, expanding its global footprint to 87 availability zones across 29 regions. The new infrastructure aims to support key industries such as e-commerce, fintech, logistics, and telecommunications. In addition to providing secure, scalable, and high-performance cloud services, Alibaba Cloud will implement training programs in collaboration with universities to develop cloud and AI talent, and host hackathons and innovation challenges. The company also highlights the opportunity for Mexican businesses to expand into Asian markets through its global network and specialized support.
VC - M&A News
🇲🇽 99 Startups Closed its First US$4.5 million Fund
99 Startups, a Mexico based seed stage VC firm, has successfully closed its first fund, FUND I, raising US$4.5 million. The fund has already made 35 investments in startups such as Koywe, Belo, Cashea, and Kashin. Led by Managing Partner Alejandro Gálvez, 99 Startups aims to support ambitious entrepreneurs tackling major challenges in the region. Based in Mexico City, the firm plans to expand its international presence while providing not only capital but also strategic support to early-stage companies looking to scale.
IDB and JICA Launched the JICA Trust Fund
IDB Invest and the Japan International Cooperation Agency (JICA) have launched the JICA Trust Fund for the Development of Latin America and the Caribbean (Tadac) with an initial US$1 billion contribution, marking JICA’s largest private sector fund in the region. This initiative aims to catalyze private investment by co-financing projects that promote sustainable growth, leveraging IDB Invest’s expertise and JICA’s capital. The fund aligns with IDB Invest’s "Originate-to-Share" model, enhancing collaboration with development institutions to mobilize private funding. It may expand to US$1.5 billion within three years to drive economic and social development in Latin America and the Caribbean.
🇨🇱 Datamind is Acquired by Involves
Brazilian trade marketing technology company Involves has acquired Chilean data intelligence startup Datamind to strengthen its retail analytics capabilities in Latin America. Datamind, known for its expertise in predictive analytics and inventory management, has worked with major brands such as Pepsico, Grupo Gloria, and 3M. The move is part of Involves’ broader strategy to consolidate its position in the Latin American market, with plans for additional acquisitions in the coming years.
🇵🇪 TuSueldoYa is Acquired by Capital Pacífico Fintech
Capital Pacífico Fintech has acquired TuSueldoYa, a Peruvian Fintech specializing in salary advances for private-sector employees. With this acquisition, Capital Pacífico now owns three Fintechs, including Préstamo Feliz and Soluciones CPF, and aims to strengthen TuSueldoYa’s growth through a dedicated sales team, institutional funding, and an enhanced product offering. Currently, TuSueldoYa has over 50 company partnerships and serves approximately 5,000 clients per month. Capital Pacífico positions itself as a leader in financial inclusion, offering credit solutions to employees who struggle to access traditional banking due to poor credit history or over-indebtedness.
Economy
🇲🇽 Netflix to Invests US$1 billion in Mexico
Netflix announced a US$1 billion investment over the next four years to produce series and films in Mexico, reaffirming the country as a key hub for its Latin American operations. CEO Ted Sarandos highlighted that Netflix will produce around twenty projects annually and expand collaborations with Estudios Churubusco to enhance local production infrastructure. Since establishing its Latin American headquarters in Mexico City in 2020, Netflix has expanded its workforce tenfold and contributed significantly to the country's creative industry.
Expansion Plans
🇦🇷 Ripio get Authorized by the CNBV in Mexico
Argentinian Ripio integrates blockchain technology with local fiat currencies to enhance payment efficiency. The startup, which already serves over 2,000 businesses, has obtained authorization from Mexico's National Banking and Securities Commission (CNBV) to operate as a money transmitter, allowing it to offer domestic and international transfers and expand its presence in Latin America. Through Ripio Business, its B2B unit, the company will provide cross-border payment solutions for startups, SMEs, and large corporations.
This week I also published my first podcast episode in English with Ritik Bhatnagar. If you're interested in the fintech space in Mexico, you can't miss it! Ritik was an early employee at Konfio and raised millions for them, built DiDi Pay from scratch, created his own fintech, and much more!
See you for the next edition. Have a question or any feedback? Just hit reply. I'd love to chat!
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Abrazo,
Arnaud
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Great breakdown of recent investments and expansion moves. Boxful’s rapid growth is impressive.
Alibaba launching a cloud region in Mexico is huge, but how competitive will it be against AWS and Azure, which already have strong local adoption? Would love to hear thoughts on that