Ep. 48: QED Investors, we count on you.
Welcome to Miranda Scenius: Your weekly newsletter on technology, innovation, and startups in Mexico.
No funding rounds this week. Neither Equity nor Debt, nada. But QED Investors’ announcement that it had closed two new funds totaling US$925 million might change the funding landscape soon. The FinTech-focused VC firm has been very active in the region and particularly in Mexico, so we can expect a share of it to be deployed here again.
Web3 / Crypto startups are more alive than ever and focused on building a strong ecosystem. Unicorn Bitso reached 7 million users in Latin America while DFINITY Foundation announced a US$220 million investment in the ICP LATAM Hub project based in Mexico.
Unfortunately, not all startups are flourishing. Perfekto closed its operations due to a lack of financing and an inability to reach profitability in time.
Startups News
Rabbit celebrates its second anniversary
The startup’s ultimate goal is to revolutionize corner stores in Mexico with omnichannel supply and fintech solutions. Serving over 205,000 stores, they are developing the Rabbit App for convenient ordering. The team is now entering the fintech market by offering digital payment solutions to boost customer traffic and sales.
Bitso reaches 7 million users in Latin America
The crypto-exchange / web3 startup achieved this milestone by diversifying cryptocurrency usage and offering services like international transfers. This, in turn, has helped Bitso solidify its position as the leading crypto-driven financial services provider in Latin America.
Perfekto is closing its operations
The startup, which focused on delivering rejected fruits and vegetables from local producers (think Imperfect Foods but for the Mexican market) was unable to secure the necessary investment to sustain its business. Despite previous funding rounds, Perfekto faced challenges in an uncertain market and was unable to reach profitability. The company used to deliver food to around 3,000 customers per month.
Kavak aims to capture 5% of Colombia's pre-owned vehicle market
The used-car platform is planning to open a vehicle reconditioning plant in the country. The plant, with a capacity to process 2,500 cars per month, represents an investment of US$2.1 million. Kavak entered the Colombian market in March 2022 after investing US$40 million in the country. With monthly growth in double digits, Kavak sees Colombia as a significant market with approximately 1.2 million used vehicles sold annually.
VC - Accelerators - M&A News
QED Investors has closed two new funds totaling US$925 million to support startups globally
The VC firm has announced an oversubscribed US$650 million early-stage fund and a US$275 million growth-stage fund, both aimed at backing fintech companies. QED's focus on unit economics, product-market fit, and profitability sets it apart, and the firm is particularly interested in emerging markets such as Latin America and Africa. While not a Mexican investor, QED Investors is a prominent player in Latin America and will certainly deploy a fair share of its fund in Mexico.
NTT DATA Foundation has launched the 22nd edition of eAwards
The competition aims to identify entrepreneurs who leverage technology to improve the quality of life while being environmentally responsible. Mexican entrepreneurs have the opportunity to compete for a prize of 1 million pesos, access to a specialized acceleration program, and a spot in the international final. The call for entries is open until July 3, 2023. The previous edition's winner was Hike On, a Mexican startup working on a bracelet to alleviate freezing symptoms in Parkinson's patients.
Rest of the World
Chilean CEPTINEL expands to Mexico
The startup, which offers a platform to help businesses protect themselves from internal corruption and prevent financial crimes, aims to become a leader in transaction monitoring and data processing for anti-money laundering, fraud, and corruption. The team recently raised US$1.5 million in funding. Its platform primarily serves the financial industry but plans to expand into other sectors such as mining, energy, retail, and cooperatives.
Argentinean Keko launched its car-sharing service in Mexico
The startup allows users to rent vehicles by the minute through a mobile application. Keko aims to provide users with the experience of owning a car without the associated costs. Furthermore, the startup aims to lower traffic in Mexico City by reducing the number of active cars on the road and lowering pollution levels. The app is free to download and users can register with their identification, credit card, and driver's license. The startup currently has 25 cars distributed to locations throughout the city, with plans to expand to other regions and airports in the future.
Japanese Takeda lands in Mexico
The biopharmaceutical startup is strengthening its operations in Mexico with the establishment of an Innovation and Digital Transformation Center (ICC). The center, located in Mexico City will use artificial intelligence to enhance Takeda's technological capabilities and digital processes. The focus of the center will be on improving its supply chain and global business operations.
DFINITY announced a US$220 million investment in the ICP LATAM Hub project
The initiative aims to provide tech-driven courses for professionals in Mexico and other Latin American countries, focusing on blockchain and Web 3.0 development. The investment will support educational programs, bootcamps, funding, mentoring, and token listing opportunities for early-stage projects in the region.
Stella Choi has recently become the COO of the YC-backed startup Actipulse Neuroscience, a neurotech startup specializing in the clinical research of non-invasive brain stimulation technology for the treatment of psychiatric and neurological disorders, and more recently brain cancer.
Born in Paris, she obtained her master’s degree from the leading engineering school Ecole Polytechnique in Paris, followed by the business school HEC Paris. She has experience in Venture Capital and as a strategic consultant at Oliver Wyman.
Passionate about Latino culture, she moved to Mexico a year ago to join Actipulse as chief of staff. She has always been an adventurer and a traveler.
What would you have liked to know before starting your career?
I think that nowadays, a career is a long and evolving journey, and the choices made at the beginning of one’s career do not determine the entire trajectory. Career paths are often filled with twists, turns, and unexpected opportunities. I have met brilliant people having diverse career paths that span different companies, sectors, and functions.
What do outsiders often fail to understand about your career?
Operating a company within the clinical research field is not a sprint but a marathon. The nature of the industry, the regulatory processes, and the complexities involved in developing and commercializing products contribute to longer development times and paths to milestones, unlike SaaS-based startups (as seen in our FDA pathway for our Medical Device for Major Depressive Disorder).
What's one thing you can keep talking about for hours?
Mental health!
A few years ago, I began to take a serious interest in mental health topics, especially from a technological point of view, keeping up with the latest tech, therapeutic approaches, and innovative tools to help people improve their mental health conditions. Recently, I have been focused on mindfulness - which is an excellent complement to traditional mental health approaches.
What’s the weirdest job you’ve ever had to do?
Since my mother works in the film industry, I had the opportunity to act in a French movie. As it was the first time and I was not at all comfortable, we had to shoot the scene at least 10 times.
What makes you bullish on the Mexican startup ecosystem?
There is a growing culture of entrepreneurship here that I really appreciate. Networking events and entrepreneurial communities have been flourishing. This ecosystem fosters collaboration, knowledge sharing, and mentorship, creating a supportive environment for startups.
See you for the next edition. Have a question or any feedback? Just hit reply. We'd love to chat!