Ep. 27: a16z's Prediction Becomes True; Clara's IPO Plan; Solvento Seed Round; and more.
Welcome to Scenius Mexico: Your weekly newsletter on technology, innovation, and startups in Mexico.
A new FinTech focused on the trucking industry is emerging in Mexico - welcome Solvento.
Logistic Startup, BeGo, is morphing into a FinTech. Seems like the a16z prediction that every company will be a FinTech in the Future is becoming a reality.
Mexico will have its first Stablecoin (MMXN) born from the merging of Mexo Exchange and TruBit Wallet.
Clara's road to IPO is getting more clear with its newly appointed Global CFO.
Funding Rounds
FinTech Solvento raises a US$5 million Seed Round
The FinTech is building a product to provide working capital to truckers in LATAM, starting with Mexico. The startup digitalizes the entire audit and payment process for shippers, logistics operators, and carriers. It automates payments, finances invoices, and solves the liquidity need for carriers, allowing them to focus on their operations and growth.
To date, the team has provided cumulative loans for more than $13M dollars, helping more than 4,000 carriers improve their financial situation.
In this round, Solvento also grabbed the attention of a number of angel investors, including Alexis Patjane, founder and chief executive officer of last-mile provider 99 Minutos, and Felipe Capella, co-founder and chief executive officer of logistics technology platform Loadsmart.
Sector: FinTech - Working Capital
Total Raised: US$5 million
Founders: Jaime Tabachnik, Guillermo Bosch, Pedro Bosch
Investors: Ironspring Ventures, Zenda Capital, Quona Capital, Proeza Ventures, Dynamo Ventures, Susa Ventures, 9yards Capital, Supply Chain Collective
Startups News
Mexican Plerk announces a partnership with WeWork
The Startup aiming to modernize perks and benefits in emerging markets will be partnering with well known WeWork to push hybrid work, a flexible working model which allows employees to work from a variety of different locations, in Mexico and Latin America.
Going forward, Plerk users will get the WeWork All Access Pass opening the doors to 760 coworking spaces worldwide - of which 26 are in Mexico.
Logistic Startup BeGo launches BeGoPay
The Startup calling itself “Uber for land logistics between the US and Mexico” is morphing into a FinTech with its newest product - a line of credit for carriers.
With already six thousand users using its platform for their day-to-day operations, the team has identified two areas of improvement, payment issues for services and lack of credit facilities for carriers. BeGoPay aims to be the go-to solution.
VC - Accelerators - M&A News
Mexo Crypto Exchange merges with TruBit Wallet
The new crypto exchange, called TruBit Pro, wants to compete with local unicorn Bitso and international Binance for a share of the Mexican and Latin American markets.
The new entity will build a full crypto ecosystem including a digital wallet, an exchange platform, and MMXN - a stablecoin pegged to the Mexican Pesos.
With a new CFO, Clara is on its way to IPO
When announcing its new Global CFO, Rodrigo Aparicio Schlesinger, the Startup made it clear that an IPO was on their roadmap too.
So far very few Mexican Startups have successfully reached an IPO exit. Covalto, another FinTech company, is currently working with regulators to list through a SPAC and Clara might be the next one.
Recently, Clara took on a US$150 million credit line from Goldman Sachs and cut 10% of its workforce to better navigate the turbulence ahead. So far, the team has been on a stellar growth pace and is soon to become a model in the Mexican Startup ecosystem. To know more about Clara you can read our Deep Dive here.
Rest of the World
Globant keeps expanding in Mexico with its new CDMX office
The IT and Software Development company, born in Argentina and with operations all around the world is strengthening its presence in Mexico with an estimated budget of US$90 million and up to 3500 future hires in the country.
Part of this master plan is a brand new office in the heart of Mexico City, on Insurgentes street, that will complement the ones in the Nápoles neighbourhood, Guadalajara, and Monterrey.
Influencers platform Influur arrives to Mexico
The Miami-based marketplace that connects stars, celebrities, and influencers with brands, will use its recently raised US$5 million in Seed funding to expand operations and its business into the Mexican market.
The company, led by four Latin women, makes money by charging a 10% surcharge to brands to book an influencer. To ensure that brands and influencers remain on the platform for future business, Influur built a reviews system similar to that of UpWork, where influencers get rated on each job, and the more jobs they’ve completed through the platform, the more visibility they get through the company’s algorithm.
Proof reading and editing by TransPerfect