Ep. 40: At least one equity round this week. Cometa raises US$5 million.
Welcome to Miranda Scenius: Your weekly newsletter on technology, innovation, and startups in Mexico.
If the funding winter was not enough, we are now on the brink of a financial crisis. As it seems, the combination of these two factors has almost brought the Mexican startup ecosystem to a complete stop. The last few days have been some of the quietest since the launch of the newsletter.
Luckily, Cometa gave us something to talk about with the closing of their US$5 million seed round, FinTechs Fondeadora and Flink announced a new partnership and a new product respectively, and two Latin American startups launched in Mexico.
On an additional note, if you feel we missed something or want to share with us an achievement from your startup, our inbox is open; just reply to this email.
Equity Funding Rounds
EdTech Cometa raises US$5 million seed round
The startup platform aims to give Mexican private schools complete control over their operations and cash flow through administrative management technology. The product is backed by an extensive research report from the founding team on why private schools were closing in the country and how technology could be an important part of the solution.
The report, titled "Current state of private education in Mexico", revealed that the pandemic has forced up to 40% of private schools to close, while 62% of surviving schools having to offer scholarships or financial support to the students’ families.
Sector: EdTech
Total raised to date: US$5 million
Founders: Andrés Benavides, Mateo Creamer
Investors: Kaszek, Homebrew VC, Reach Capital, 500 Latam, Latitud
Startups News
Fondeadora partners with Paymentology to bring Apple Pay to LatAm
By working with global issuer-processor Paymentology’s payment services, Fondeadora can process transactions faster, access advanced security measures, and benefit from improved data analytics.
Apple Pay service allows cardholders to quickly and securely make payments online or in-store with participating merchants that accept the payment form. Through Fondeadora, customers will be able to make payments anywhere in the world that accepts Apple Pay.
FinTech Flink to launch a crypto product
The company started as a fractional investment platform for individuals, allowing users to buy and sell fractional shares of NYSE-listed stocks, without commissions, with as little as 30 pesos.
According to Flink, with the rise of cryptocurrencies, many of its users were asking for a way to invest in alternative assets too. The team decided to give their users access to Bitcoin and Ethereum by allowing them to buy a fraction of the digital asset, similar to the model through which they offer shares of NYSE-listed stock.
VC - M&A News
Mexican VC Angel Ventures is raising its 3rd fund and is heading north
Founded in 2008, Angel Ventures invests in early-stage to early-growth companies, usually taking a leading role in seed rounds and Series A investments. Currently, the firm is trying to close its third fund for a total of US$120 million and already has its first LP commitment.
In addition to this new fund, the team is looking to expand its footprint to cover the US Latino market by setting up a local office in Austin, Texas, and onboarding two new partners. The move follows a growing trend of startups and investors targeting the now influential latino segment in the US.
Rest of the World
Chilean Toteat wants to consolidate in Mexico
Founded six years ago to digitalize the restaurant sector, the startup now has a portfolio of 2,600 customers in Chile alone. Following a US$3.5 million capital raise, the team set its sights on the Mexican market as the next market after seeing some promising results over the last few months. In 2023, the startup aims to duplicate 2022 revenue and invest more in business development efforts and product development.
HealthTech Momentu lands in Mexico
The Colombian startup wants to democratize access to mental health in Mexico and Latin America by offering a platform-based employee package to companies so that their employees can improve their well-being. Their platform begins with a comprehensive analysis of the user’s health, then an algorithm develops a targeted plan for each individual. Finally, each user can access a bunch of mental health care services such as 1-1 therapy, 1-1 coaching, group therapies, and live mindfulness sessions. In the Mexican market, an analysis from the Secretaría de Salud estimated that three out of four employees suffer from work-related stress, representing an enormous for Momentu.
Jan Heinvirta is the co-founder of Perfekto, a startup dedicated to reducing food waste by providing 'imperfect' and surplus food directly from producers and makers directly to consumers, via a grocery subscription service. Born in Switzerland, he feels more like a Chilango, after living in Mexico City for the last 6 years.
What would you have liked to know before starting your company?
The ins and outs around fundraising. Knowing how to raise money and what it implies can have a significant impact, both positively and negatively.
What outsiders often fail to understand about your company?
The immense scale of the problem of food waste. People struggle to understand how much of the food we produce ends up wasted across the supply chain; unfortunately, it is much more than just a 'niche' that we are tackling. More so, food waste is linked to 8% to10% of global greenhouse gas emissions - we often fail to understand why it is so important to find solutions for this problem.
What's one thing you can keep talking about for hours?
Philosophy because it offers different ways to view and analyze the world.
What’s the weirdest job you’ve ever had to do?
Being an infantry soldier in the Swiss military.
What makes you bullish on the Mexican startup ecosystem?
The amount of talent combined with the amount of opportunities that exist in the country to create a company that can truly impact the society.
See you for the next edition. Have a question or any feedback? Just hit reply. We'd love to chat!