Ep. 102: it's acquisitions season.
Plus, World's largest semiconductor manufacturing plant in Mexico, Colombian Karrot new funding, and more!
Your weekly newsletter on technology, VCs, and startups in Spanish-speaking Latin America.
Follow The Money
🇨🇴 Karrot secures US$1 million in funding
The Colombian startup Karrot integrates physical store sales, e-commerce, and social media transactions into one unified platform, addressing the common challenge of fragmented sales channels. The software offers features such as real-time inventory control, digital sales reports, and electronic invoicing. With this investment, Karrot aims to expand its reach and help over 10,000 businesses streamline operations, increase sales, and reduce costs over the next five years.
Sector: SaaS
Founders: Santiago Pineda, Juan Pineda
Investors: Marathon VC, Amador, Kuiper
Startups News
Bnka surpassed 25,000 users in Europe
Bnka, a Fintech offering a multicurrency digital wallet for Latin American migrants in Europe, has surpassed 25,000 users and processed over €5 million in transactions. Launched in late 2023, Bnka provides an accessible financial solution by allowing users to obtain a free European IBAN and a VISA card using only their native passport, bypassing traditional banking requirements. The platform supports transactions in euros, Argentine pesos, and USDT. With plans to expand to Latin America, including Peru in 2024, Bnka aims to eliminate financial barriers for migrants.
Mexican unicorn Stori launches Inversión+
Stori Inversión+ is a new investment product offering returns of up to 15.50% annually, following the success of Stori Cuenta+. Stori Inversión+ allows users to invest as little as $100 MXN in fixed-term investments for 90, 180, or 360 days, with robust security measures in place. The product aims to provide a simple, secure, and flexible option for users to grow their savings, reinforcing Stori’s mission of offering innovative financial solutions across Latin America.
Wenia introduce the WeniaCard in Colombia
Wenia, the crypto platform launched by Grupo Bancolombia, will introduce the WeniaCard in Colombia, allowing users to make payments with cryptocurrencies at any Mastercard-accepting terminal. Wenia recently reduced digital asset transfer fees and continues to expand its offerings, including the addition of Solana. With over 40,000 downloads, Wenia aims to increase crypto adoption among Colombians by integrating the digital card with Apple Pay and Google Pay, targeting a broader audience beyond its current financially savvy users.
VC - M&A News
🇨🇴 Davivienda acquired ePayco
Davivienda, through its subsidiary Inversiones CFD, acquired 100% of the shares of ePayco, a Colombian payment gateway based in Medellín. ePayco, with over 13 years in the market, provides businesses with digital payment solutions such as contactless payments, QR codes, and online transactions. This acquisition strengthens Davivienda’s position in the growing digital payments sector, which saw 98.4 million digital transactions in Colombia in Q2 2024, as competition intensifies with platforms like PayU and Mercado Pago.
🇦🇷 Unicorn Aleph acquired Localpayment
Argentine unicorn Aleph, a leader in digital advertising, has acquired Localpayment to enter the Fintech space and expand its services to local payments in Latin America. This acquisition of Localpayment enables Aleph to process US$3 billion in annual transactions. The move allows Aleph to offer a comprehensive solution that spans digital advertising and payment processing, targeting the region's diverse payment methods and increasing demand for financial inclusion. Localpayment's team will continue to lead this new Fintech vertical under Aleph's ownership.
🇨🇱 Kayyak Ventures expands to Mexico
Kayyak Ventures, a venture capital firm based in Santiago, Chile, has expanded to Mexico, appointing Manuel Sescosse, a seasoned leader in the entrepreneurial and tech ecosystem, to lead the operation. With over 15 years of experience, Sescosse has held key roles in several startups, including CFO of Platzi and co-founder of Altia Salud. Kayyak Ventures focuses on investing in early-stage startups across Latin America, particularly in Fintech, Edtech, and e-commerce.
🇨🇱 Carozzi has launched Carozzi Ventures
Chilean food conglomerate Carozzi has launched Carozzi Ventures, a Corporate Venture Capital division aimed at fostering innovation by investing in and collaborating with startups in the food, agriculture, distribution, and advanced manufacturing sectors. Carozzi Ventures will provide selected startups with more than just funding, offering access to distribution channels, expertise, and strategic assets to drive mutual growth. The company plans to make 9-10 investments over the next three years, supported by a US$6 million fund.
Economy
Foxconn to build the largest semiconductor manufacturing plant in the world in Mexico
Foxconn, the world's largest electronics manufacturer, has announced plans to build the largest semiconductor manufacturing plant in the world in Guadalajara, Mexico. It will produce Nvidia's GB200 superchips, which are critical components for next-generation AI processors. The facility will significantly enhance Foxconn's capacity for AI server manufacturing, responding to the growing demand for AI technology following the launch of OpenAI's ChatGPT. The GB200 chips are part of Nvidia's Blackwell family of processors and are expected to start shipping by the end of 2024. Foxconn has already invested over US$500 million in Mexico in recent years and aims to capitalize on the rising need for advanced computing solutions.
Latin America's economy projected growth
Latin America's economy is projected to grow by 1.9% in 2024, slightly exceeding previous estimates, according to a World Bank report. Growth is expected to reach 2.6% in 2025, although these rates are the lowest globally due to ongoing structural challenges. The region has made progress in controlling inflation and stabilizing its macroeconomic environment, with countries like Brazil and Peru on track to meet inflation targets. However, low public and private investment, missed nearshoring opportunities, and weak infrastructure hinder growth. The report emphasizes the need for structural reforms to boost productivity and attract sustainable investment.
Expansion Plans
🇧🇷 Layers Education to expands into Mexico
Layers Education, a Brazilian Edtech that developed a SuperApp for educational institutions, has announced its expansion into Mexico through a partnership with Lírica. The company aims to enroll 20,000 Mexican students in its first year and plans. This collaboration stems from a mutual investor, SQUARE Knowledge Ventures, and will see Lírica act as a distributor for Layers outside Brazil, providing local support for market development.
Udemy to open a new office in Mexico City
Udemy, a leading online learning platform, has announced plans to open a new office in Mexico City to address the growing demand for personalized learning in Latin America. This move aims to enhance operations and deliver high-quality, tailored learning experiences to organizations and professionals in the region. With over 650 million active professionals in Latin America, companies like Mercado Libre and GlobalHitss are utilizing Udemy's agile learning solutions for upskilling and reskilling their employees.
See you for the next edition. Have a question or any feedback? Just hit reply. I'd love to chat!
Check out Scenius Podcast. Follow me on Spotify & YouTube.
Want to get your brand in front of thousands of founders, investors, executives, and startup operators? Answer directly to this email.
Abrazo,
Arnaud
Wow! Foxcon! Guadalajara!