EP. 23: We’ve got an Exit, Plerk Serie A, LaPieza is now B-Corp, and how to become an investor with GDL Academy
Welcome to Scenius Mexico: Your weekly newsletter on technology, innovation, and startups in Mexico.
Credijusto, now Covalto, has always been a pioneer in the Mexican FinTech landscape. After being one of the first SMB lending startups and the first local FinTech to buy a bank, Credijusto is now the first FinTech to list on a US stock exchange. A big congrats to the team!
On another positive note, fast-growing Startup Plerk has announced its Series A round of US$12 million. It's worth pointing out that it happened only a year after almost shutting down and successfully pivoting. Keep an eye on this very promising company that might be one of the next Mexican unicorns.
Growing fast and making money is cool, but what’s even cooler is to make it while having a positive impact on the world. LaPieza is now on the right track following its B Corporation certification.
Funding Rounds
All-in-one benefits membership for employees; Startup Plerk closes a US$12M Series A round
Plerk is a virtual card for companies to provide their employees with perks and benefits worldwide. Originally, the founding team was working on an all-in-one platform for business travel but had to pivot when the pandemic hit. They launched Plerk in early 2021 and the new venture has been a resounding success ever since.
The funding will help keep the momentum rolling on their Mexican and Latin American growth while improving the product and offering more benefits to their customer’s employees. To date, Plerk has acquired over 40,000 users through more than 350 companies in Mexico, Colombia, and Chile.
Sector: HRTech, Perks & Benefits
Total Raised: US$13 million
Founders: Ángel Arias, Miguel Medina, José Antonio Martínez Quintero
Investors: MGV Capital, Upload Ventures, Magma Partners, 500 Latam, YC, Peak Capital, Horseplay Ventures
FinTech Covalto, ex-Credijusto, to list on Nasdaq via SPAC
Recently, Covalto became the country's first "FinTech bank" after it purchased a regulated bank, overcoming one of the primary challenges for Mexican FinTechs by beating regulatory red tape. Now, the Startup will be the first Mexican FinTech to trade publicly on a U.S. stock exchange.
In a recent press release, the company said it was merging with LIV Capital Acquisition Corp. II, a special purpose acquisition company launched by Mexico City–based fund LIV Capital.
The deal puts the company at an implied $547 million pro-forma enterprise value and could generate up to $177 million of capital before expenses, Covalto said.
It now estimates loan originations for the year to reach more than $270 million, with loan origination in 2023 projecting to hit $400 million.
Sector: FinTech, Lending
Total Raised: US$42 million in Equity + US$200 million in Debt
Founders: Allan Apoj Pascal, David Poritz
Investors: IGNIA Partners, Broadhaven Ventures, Goldman Sachs, Point72 Ventures, Kaszek, QED Investors, Victory Park Capital, John Mack (B.A.)
Startup News
HRTech LaPieza; a Certified B Corporation
The news was released by co-founder and CEO Pol Morral Dauvergne, and is the result of months of teamwork and independent auditing.
Certified B Corporations are social enterprises verified by B Lab, a nonprofit organization. B Lab certifies companies based on how they create value for non-shareholding stakeholders, such as their employees, the local community, and the environment.
VC - Accelerators - M&A News
Ebanx’s ‘Latin America Summit’ arrives to Mexico
Usually held in Brazil, this year the sixth edition of the event organized by Brazilian fintech Ebanx is coming to Mexico City and will include the participation of Mastercard, Mercado Pago, Nubank, Rappi, and Ualá.
Experts will meet from September 12 to 14 to discuss the new digital business opportunities that exist due to the evolution of alternative payment methods and digitization in Latin America.
Visit the summit website to see the full schedule and register. [link]
The city of Guadalajara is launching its GDL Academy
In order to strengthen the local entrepreneurship and innovation ecosystem, the government is looking for 60 projects focused on the creative industry, video games, animation, visual arts, AR/VR, and any other high impact startup ideas.
In addition, the program will select 20 young investors to develop the skills and network needed to flourish in this specific endeavor and grow their portfolio.
Interested parties can apply on their website before September 25th: gdl.academy
Logistic startup SkydropX partners with Mexican chain of convenience stores Oxxo
Starting with the city of Guadalajara as a pilot, the partnership aims at tackling a long standing challenge in Mexico. While the e-commerce sector is booming, the delivery of products is still complex, unreliable, and expensive.
SkydropX offers a web-based platform providing order fulfillment solutions and intends to implement autonomous boxes in Oxxo stores for their customers to send and receive packages.
While it won’t solve the problem in its entirety, having an automatic and convenient space to send and receive packages is an improvement over the current full logistic process. The startup also offers software that allows for more tracking and optimization along the way.
Rest of the World
Following its pre-seed round, Argentinian startup Menta arrives to Mexico
Founded in Argentina by Virginia Folgueiro, Menta’s promise is to build the technological infrastructure for SMBs to provide their own payment and financial services.
Their main product is a physical Point-of-Sale machine based on the Android operating system.
The goal is to accelerate the financial inclusion of every business in Latin America by providing them the tool to move from cash to digital payments.
With many competitors already offering the same kind of product, Menta differentiates itself by building a platform as open and collaborative as possible, where customers can integrate with other payments solutions, invoices automation, stock management, payment in cryptocurrency, and loyalty programs.
This Mexican expansion follows a successful US$1.7 million pre-seed round three months ago.
Proof reading and editing by TransPerfect