Ep. 44: Capital-as-a-Service Fairplay saves the day
Welcome to Miranda Scenius: Your weekly newsletter on technology, innovation, and startups in Mexico.
I don’t know if you have noticed but I feel like a lot of Chilean and Colombian startups are expanding to Mexico lately. Are startups from other countries expanding to other markets or are they being more secretive about their international growth plans?
On a more local note, FinTech Fairplay has overcome the funding drought, raising mega Debt and Equity rounds at the same time! Well done chicos!
And for the ones willing to follow Fairplay path to success, 500 Global’s famous "Somos Lucha" program is opening applications for its 19th cohort.
Follow The Money
FinTech Fairplay secures US$8.5 million Equity + US$100 million Debt
The revenue-based financing startup for e-commerce-based companies and marketplaces in Mexico has raised a US$100 million credit line from Community Investment Management to continue providing rapid financial solutions. In addition, the team also secured US$8.5 million in equity from former investors and plans to use the funds to develop its services platform while expanding its financial products. Fairplay aims to accelerate the competitive capabilities of entrepreneurs in an underserved and high-growth market in Mexico.
Sector: FinTech - RBF
Total raised to date: US$48.5 million Equity + US$100 million Debt
Founders: Manolo Atala, Andrew Devlyn
Investors: Dila Capital, Elevar Equity, Speedinvest, Nazca, and Kayyak Ventures.
Startups News
Jüsto enters the Ready to Eat market in Mexico
FoodTech startup Jüsto enters the Ready to Eat business focusing on millennial office workers, known as "Godines." Jüsto is challenging the delivery industry by creating its own brand of ready-to-eat dishes that are affordable and homemade. Currently, Jüsto offers 24 ready-to-eat dishes on its website and app, with prices ranging from US$5 to US$10. The dishes have a preparation time of 4 to 20 minutes and can be ordered in individual or family portions.
VC - Accelerators News
500 Global has opened applications for its "Somos Lucha" program
This program aims to help selected founders establish the foundations for the growth of their companies. The highly competitive program will only select 10 startups out of the hundreds of applicants it receives per call. To apply, interested companies must be early stage, serve a regional or global market, and use technology to scale their operations and reach more users. The deadline to apply is May 21 according to their website.
Rest of the World
US Dark kitchen platform Mealstar brings homemade dishes to Mexico
The U.S.-based startup is expanding to Mexico with its app that brings together homemade food enthusiasts. The platform is reviving the trend of dark kitchens or hidden kitchens, which emerged during the Covid-19 pandemic as people couldn't go out to restaurants and opted to order food from closed-off locations. The app aims to preserve the flavors of traditional homemade dishes and the diverse seasonings found in Mexico's local cuisine. In Mexico, six out of every ten buyers of ready-to-eat foods make their purchases online, according to the Mexican Association of Online Sales (AMVO). Perhaps that’s why both Mealstar and Jüsto are making the same bet.
Colombian Druo comes to Mexico
The paytech announced it plans to expand to Mexico in 2023. The Colombian fintech expects to reach 600 million available accounts on its network, allowing its corporate clients to make payments and collections account-to-account across multiple countries. CEO and co-founder Alejandro Pinzón said that expanding to new markets is a fundamental step for the consolidation of their financial solutions on a global scale.
Chilean Osoji lands to Mexico
Osoji Robotics Corporation is challenging the big players in the household robotics sector with its range of low-cost robots. Osoji's founder Octavio Urzúa aims to democratize household robotics with a range of products that cost 30% to 50% less than the market leader. The Santiago-based firm's family of robots offers intermediate value and quality that is equivalent to premium products without the unnecessary features that push up prices. The team is now coming for the Mexican market and households.
Community
Every week we share what we have been reading or listening:
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Nomara Parra is the Co-Founder & VP of Growth of Ozaru, an edtech startup creating extraordinary training solutions for employees using A.I.
She is a lifelong learner and a passionate leader. Fun fact: "Crazy Is A Compliment," a book by Linda Rottenberg, the CEO of Endeavor, has changed her life and continues to inspire her to the day.
What would you have liked to know before starting your company?
The most crucial component of this equation is your team. You will go through all phases with them, so it's essential to have a solid foundation that will keep you together during hardships.
What do outsiders often fail to understand about your company?
The importance and relevance of becoming a data-driven company lies in understanding and effectively utilizing your data. In general, I believe that there is always room for improvement, regardless of a company's size or industry. I applaud those who recognize that the future of work is changing and take action to adapt.
What’s one thing you can keep talking about for hours?
Definitely entrepreneurship! I started my career in venture capital, and from that moment on, I knew that at some point in my career, I would have my own startup.
What’s the weirdest job you’ve ever had to do?
Throughout all of my jobs, I've found that being a problem solver and quick learner has been the most consistent skill that I possess. I have countless stories of taking risks and tackling tasks that I had no prior knowledge of.
What makes you bullish on the Mexican startup ecosystem?
I love the DNA of entrepreneurs. It's amazing how they demonstrate resilience, creativity, and passion in their startups. We need more people who want to change the world.
See you for the next edition. Have a question or any feedback? Just hit reply. We'd love to chat!