Ep. 110: Tractian $120 million Series C Round
Plus, Lottus Education $35 million round, Colektia $9 million round, Vambe $3.85 million Seed, and more!
Your weekly newsletter on technology, VCs, and startups in Spanish-speaking Latin America.
Follow The Money
Tractian raised a US$120 million Series C Round
Atlanta and Mexico City-based startup Tractian specializes in industrial monitoring systems and artificial intelligence. The new US$120 million funding round, bring its valuation to approximately US$720 million, and will be used to develop new hardware and software technologies to enhance predictive capabilities and industrial intelligence, as well as to build a new Research and Development center and a customer support office in Monterrey.
Sector: Artificial Intelligence
Founders: Igor Marinelli
Investors: Sapphire Ventures (SAP), General Catalyst, Next47, NGP Capital
Lottus Education raised US$35 million
Lottus Education, a Mexican education services platform, raised US$35 million to support its expansion into new markets. Lottus operates several universities across Mexico, including Universidad Tres Culturas and Universidad Latinoamericana, with a focus on accessible and quality education. The partnership with Mexican private equity firm Kans Capital has the potential to integrate new brands and strengthen Lottus's position as a leading educational platform.
Sector: FinTech
Founders: Jesus Lanza
Investors: Kans Capital
Colektia raised US$9 million in new funding
Chilean Fintech Colektia aims to transform debt collection in Latin America through AI-driven solutions. Operating in Mexico, Chile, Peru, and Colombia, the startup aims to streamline traditionally costly, manual collection processes into efficient, customer-centric operations. With a track record of managing over 15 million accounts and achieving a 170% annual growth rate, Colektia plans to scale its technology, expand regionally, and explore acquisitions to solidify its leadership in a US$3.5 billion market.
Sector: FinTech
Founders: Gabriel Monroy, Oswaldo Monroy
Investors: Mouro Capital, Endeavor’s Forward Fund, Full Spectrum Capital, Anteris
Vambe raised a US$3.85 million Seed Round
Chilean startup Vambe started as a debt collection CRM but pivoted in March 2024 to developing conversational AI agents for small and medium-sized businesses (SMBs). These AI agents help businesses automate customer communication and close sales via platforms like WhatsApp. Following this shift, Vambe's annual recurring revenue skyrocketed from US$20,000 to US$1 million within months. To fuel further growth, Vambe raised US$3.85 million in seed funding to keep growing in Latin America and Mexico, as well as cater to Spanish-speaking U.S. businesses, leveraging latinos' preference for conversational sales over transactional approaches.
Sector: Artificial Intelligence
Founders: Nicolás Camhi, Matías Pérez Pefaur, Diego Chahuán
Investors: Monashees, Nazca, M13
Startups News
Lulo X partnered with Pomelo
Lulo X, in partnership with Visa and Pomelo, launched the digital X Credit Card, enabling secure and efficient purchases using digital dollars (USDC) for domestic and international online transactions. The card promotes financial inclusion by offering benefits like no international purchase fees, real-time expense tracking, and favorable exchange rates for multi-currency payments.
Gigstack launched LatAm’s first App on Stripe
Gigstack launched the first App from Latin America on Stripe's Marketplace. The App is designed to simplify and automate electronic invoicing for businesses in Mexico. Integrated directly with Stripe and connected to Mexico's SAT, the app automates the generation and delivery of tax-compliant invoices (CFDI) for each transaction, ensuring regulatory compliance while reducing administrative workload. Features include seamless SAT integration, complete invoicing automation, efficient sales management, and secure document storage. With easy installation and a user-friendly interface, businesses can save time, eliminate errors, and enhance customer experiences.
VC - M&A News
Next Tier GVC Gaesco SCRSA new €50 million fund
GVC Gaesco and Next Tier Ventures have launched a €50 million fund, Next Tier GVC Gaesco SCRSA, to support AI-focused startups in Europe, the U.S., and Latin America. Approved by Spain's CNMV, the fund aims to back 30-35 AI projects, guiding them from inception to maturity. Led by industry experts Patricia Pastor and Rubén Colomer, the initiative combines GVC Gaesco’s financial expertise with Next Tier Ventures’ tech investment acumen.
Klar acquired Tribal’s assets in Mexico
Klar has entered the SME segment by acquiring Tribal’s assets in Mexico, aiming to provide a financial operating system for small and medium-sized enterprises (SMEs). The acquisition will integrate Tribal's portfolio with Klar’s existing services. Klar plans to address the unmet financing needs of SMEs, which represent 89% of businesses but often lack access to credit. This move strengthens Klar’s ecosystem by linking consumer and business banking, with Tribal’s co-founder Amr Shady and his team joining Klar to drive growth. Klar currently serves 3 million clients with assets exceeding US$545 million.
Economy
Peru’s economy to grow by 3.1% in 2024
Peru’s economy is projected to grow by 3.1% in 2024 and 2.8% in 2025, with inflation expected to remain near the 2% target, according to the OECD. While private consumption and global demand for exports should support growth, risks remain such as political uncertainty, rising crime, weaker copper prices, and climate shocks like El Niño may hinder progress. The government aims to reduce the fiscal deficit by 2026 through improved public spending efficiency and revenue generation, despite pressures on expenditure.
Mexico is the U.S. top trading partner for the second consecutive year
Mexico is set to retain its position as the United States' top trading partner for the second consecutive year, with exports totaling US$424 billion from January to October, accounting for 15.9% of U.S. trade. Canada ranked second with US$343 billion in exports, while China came in third. This marks a continuation of Mexico's rise, fueled by shifts in trade dynamics, such as the U.S.-China trade war. Cross-border trade, driven by assembly industries and global value chains, dominates U.S.-Mexico commerce, though challenges like tariff threats under President-elect Donald Trump remain.
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Arnaud