Ep. 47: Two Time in a Row Web3 Startups Raised Capital
Welcome to Miranda Scenius: Your weekly newsletter on technology, innovation, and startups in Mexico.
Generative AI startups might be all the rage in Silicon Valley, but in Mexico the Web3/Crypto space is still hot. This was represented by Galactic Holdings hosting its Series A last week and Web3 startup Ridian today closing its seed round.
In the FinTech space, Ualá is going for the business vertical with Ualá Bis and Uber is entering the scene after being authorized to operate as an Electronic Payment Funds Institution under Mexico's Fintech Law.
Maybe less famous than Tesla, the Bolivian firm Quantum Motors plans to open a factory in Mexico too. Seems like soon every major EV manufacturer will have a presence in the country. Hopefully, it will translate to more electric cars on Mexican streets in a not-so-distant future. Mexico City’s air quality would be grateful…
Follow The Money
Web3 Startup Ridian raises US$ 6.2 million during its seed round
The Mexican startup has secured a new capital injection to bring its intelligent cryptocurrency investment services to Brazil. Founded in 2021, Ridian developed responsive trading packages that minimize market volatility, and let users connect their exchange accounts to the platform for automated trading. Ridian's strategies are offered in partnership with major exchanges, and its services are free for all users.
Sector: Web 3 - Crypto
Total raised to date: US$6.2 million
Founders: Rogelio Sada, Eduardo de la Garza
Investors: Nazca
Startups News
Sendengo wants to revolutionize freight transportation in Mexico
With technology at its core, the startup streamlines the process of obtaining loads for transport, making it faster, more effective, and safer. This comes at a time when the transportation industry is undergoing significant changes and plays a crucial role in Mexico's economy. Sendengo's platform empowers small and medium-sized carriers by providing them with advanced technological tools for growth and development.
Ualá opens a new business vertical called Ualá Bis
This move allows the startup to offer payment solutions to the Mexican business sector, enabling sole proprietors and established companies to accept payments from Mastercard, Visa, Carnet, and Sí Vale cards. Ualá Bis also provides a user-friendly app for seamless payment management and instant access to funds.
Ualá Bis will enable merchants to accept payments through a payment link and a card reader (mPOS, also known as mobile Point of Sale), thus providing merchants with a payment tool for both physical and digital channels.
Uber Expands into Financial Services with Approval as EPFI in Mexico
Uber has been authorized to operate as an Electronic Payment Funds Institution under Mexico's Fintech Law. With this approval, Uber becomes part of the growing number of firms operating under the regulation. The authorization allows Uber to establish UBR Pagos México and engage in financial services.
VC - Accelerators News
HSBC Mexico partners with Endeavor to empower women entrepreneurs
Through this alliance, HSBC will provide financial benefits, training, and a network of contacts to women entrepreneurs. The collaboration combines HSBC's Mujeres al Mundo initiative with Endeavor's Endeavher program, offering personalized support to 150 women entrepreneurs. The goal is to facilitate their professional growth and the development of their businesses.
Bid Lab, Bimbo, and SQM invest in The Yield Lab's new fund
The Yield Lab Opportunity Fund, is a VC firm specializing in agricultural and food technology in Latin America. The fund aims to raise $50 million to invest in 30 startups over the next four years. Fondo de Impacto Latam is also in the process of participating in the fundraising initiative. The goal is to support startups that are reshaping the agri-food value chain in an inclusive, transparent, innovative, and disruptive manner. The Yield Lab has previously launched two investment funds and has invested in 19 startups across seven countries.
Rest of the World
Argentine Crypto Wallet Lemon Expands into Mexico
The crypto wallet startup, has announced its expansion into Mexico following a US$44.1 million Series A last year. With a focus on simplifying access to crypto and web3, Lemon offers features such as instant and fee-free crypto transfers, interaction with DeFi, and NFT participation. The company aims to build a regional product for Latin America, working closely with local crypto communities and influencers to meet their specific needs.
Chilean LAP Marketplace has expanded to Mexico
The startup aims to democratize the exports and online sales of Latin American products. By leveraging technology, LAP connects Latin American sellers with international marketplaces such as Amazon, eBay, and MercadoLibre, among others. LAP currently serves over 450 Latin American clients, helping them sell internationally in the US, Mexico, and Europe. With the potential for significant growth in cross-border eCommerce, LAP aims to contribute to the expansion of Latin American brands in the global marketplace.
Bolivian Quantum Motors plans to open a factory in Mexico
The electric vehicle startup Quantum Motors plans to open a factory in Mexico later this year as part of its efforts to drive electric mobility in Latin America. The company, aims to expand its market reach beyond its current sales in Bolivia, Peru, and Paraguay. By establishing a presence in Mexico, Quantum Motors intends to tap into the potential of the Mexican market and leverage the country's manufacturing capabilities.
Community
Every week we share what we have been reading or listening:
What does LatAm think about AI? by Technopoly
Is LatAm the next “Gold Rush” for European Founders?
Angel and Jesus Cisneros are two Mexican brothers, born in Aguascalientes and raised in Leon, Guanajuato. With over two decades of experience as tech leaders, innovators, and investors, they've been deeply involved in the Mexican world of technology. In 2007, they co-founded Quiubas, which became the largest messaging company in Mexico and Latin America. In 2020, Quiubas was acquired by Twilio - a major milestone. They take great pride in having grown their company from scratch into such a successful venture. Their journey has taught them a lot about what it takes to build and grow a tech company. Now, they're actively supporting the Mexican and Latam startup ecosystem by investing in promising startups. They firmly believe in the power of technology to create positive change and are committed to fostering innovation and growth in the region.
What would you have liked to know before starting your company?
That regardless of the challenges and how big or difficult they seemed, the key is to have clarity, determination and trust that with the right preparation, you’re able to navigate it all. In order to eat the world, you have to start piece by piece. Become a dominant player in one sector/country, so you become too big to fail and then move to the next one. We learned this after a couple of years.
What outsiders often fail to understand about your company?
It’s nature and the actual relevance on the chain of communications for everyday mobile users. Not just our business but all backend processes in general. Also, that it took us almost 10 years of hard work and resilience to become the dominant player in our market.
What's one thing you can keep talking about for hours?
Our history; how a mere idea got us to be the top player in Latin America and one of the top 5 companies in the world for mobile messaging. Also, that being a key player in the ecosystem got us a seat at the table for molding communication regulations, policies and security standards across several industries that are still in use.
What’s the weirdest job you’ve ever had to do?
Being part of political campaigns is as weird as it gets in terms of business dynamics, being able to facilitate all comms for an NGO that ended up saving an endangered species, that was really special too.
What makes you bullish on the Mexican startup ecosystem?
Startups in Mexico are in a transition where even the concept has been difficult to grasp for certain population sectors. In general, those who do understand the dynamics are still being challenged by how business development phases work, they are relying too heavily on raised capital which translates into a big churn rate for early stagers. Our deep technological expertise and network, plus the track record of actually having been founders ourselves with an exit, we can dare to say that we are part of a few family offices or even VC funds that can offer value added.
See you for the next edition. Have a question or any feedback? Just hit reply. We'd love to chat!