Ep. 10 - Mexico gets more diversity in funding, welcomes a new VC, and acquires a US Startup
Welcome to Scenius Mexico: Your weekly newsletter on technology, innovation, and startups in Mexico.
The first quarter of the year came to an end and the Startup ecosystem kept its promise to be as active as last year.
This week's funding is a positive confirmation of the market maturing with funding being distributed to a more diverse range of industries, new capital being deployed, and even a Mexican startup buying a Silicon Valley A.I. company.
Funding Rounds
InsureTech Meddi close a US$500k pre-seed round
While still very early, the startup is announcing its first investment round led by three famous Business Angels from Silicon Valley.
Meddi wants to use the funds to launch a new personal health insurance offering and take a share of the Mexican insurance market.
They will start collaborating with an established local insurer to try their product on their existing user base before going live.
Sector: InsureTech
Total Raised: US$0.5 million
Founders: Roberto Riestra Ruiz, Gustavo Jimenez Gonzalez, Pablo Aguirre
Investors: Paul Walborsky, Seth Potter, Antonio Rallo
SaaS for restaurants Pacto closed a US$2 million seed round
With past experience as startup founders in the US, Croft and Whitehouse decided to go after the Mexican market for their new venture.
Pacto is aiming to be the go-to Point-Of-Sales (POS) for restaurants and bars and is betting on the cashless trend in the country.
Foreign entrepreneurs choosing Mexico to start their companies are getting more and more traction and this is a sign of the attractiveness of the market and tech ecosystem.
Sector: SaaS
Total Raised: US$2 million
Founders: Ryan Croft, Gordon Whitehouse
Investors: FEMSA Ventures, 500 Startups LATAM, Leap Global Partners, TnT Ventures, Hive Hatch, First Check Ventures y el ex socio de SV Angel Kevin Carter
Plenna raises $US845 thousand to open its first medical clinic
The Startup's mission is to offer women holistically and tailor-made health services in a market the founders see as unattended and lacking relevant information.
In addition to opening a physical clinic dedicated to women, the team is focusing its growth on three strategies: content creation, building a community, and “Cuidado” an online service.
Currently operating only in Mexico City, Plenna aims to open more medical clinics in Mexico and will use its online platform to reach more women.
Sector: HealthTech - Women
Total Raised: US$845.000
Founders: Giovanna Abram, Lorena Ostos Rangel
Investors: Canary, 500 Startups, Luis Gerardo Delgado Marcos
General News
Investment platform Flink is eyeing Colombia as its second market
Flink serves first-time investors who can get started investing in U.S.-listed companies by bringing its free-of-commissions service to Colombia.
In February, the Startup signed an agreement to acquire Ualet, a stockbroker and mobile savings and investment application in Colombia.
The app emerged in 2017, first as a digital banking solution, but later the founders decided to focus their energy on changing the stock market system in Mexico.
In June 2020, it launched the investment service.
Venture Capital - M&A News
Early-stage investment platform Twelve Hundred (“1200 VC”) is launching in Mexico
The name comes from their goal to reach 1200 innovators shaping the future.
Operating under a hybrid model in which they will invest directly in Startups but also in regional funds while focusing on two main areas: SME enablers, and Frontier Technologies.
They are looking for $US150 million to close their first fund to invest in Mexico, LatAm, and the US.
Mexican Startup Beek acquires US-based A.I. company Tamber
Beek is a subscription service for audiobooks and podcasts tailored for the Spanish-speaking world.
Armed with a previous $US 7 million investment round and with support from Jeeves Growth, the rationale behind this deal is to improve its recommendation capabilities and help its creators monetize their content.
Since it participated in Y Combinator W17, the company has been growing its catalog to 250 thousand audiobooks and is now looking at new ways to improve its user experience and retention.