Ep. 52: Two more funding rounds and new Miranda Scenius content
Welcome to Miranda Scenius: Your weekly newsletter on technology, innovation, and startups in Mexico. In addition to new funding rounds from Glitzi and Clivi, we wanted to let you know about some personal plans.
As Miranda Scenius continues to grow, not only will we continue to provide our weekly roundup, we will also explore different themes in the Mexican start-up landscape. Each week we will dive into a different topic that is central to the future of technology and driving Mexico’s startup ecosystem.
We hope these deeper insights will not only expand your knowledge but provoke discussion and responses in the Scenius community! We will begin with a focus on venture debt, and expand to sectors such as health, education, finance, and the climate. Scenius would be nothing without you, our readers, and so we would love any feedback as we begin this new approach!
Enough about us, back to this week’s highlights.
Follow The Money
Glitzi raises US$2.8 million
Founded in 2019, the startup links customers with highly skilled professionals in the beauty sector for a range of services tailored to their needs and schedules. Currently operating in Mexico City, Querétaro, and Monterrey, Glitzi has over 700 beauty professionals who have provided nearly 170,000 services. With plans to expand into three additional cities in Mexico and broaden its service range, Glitzi is aiming to tap into the Latin American beauty and spa services market, a sector with an estimated annual value of $34 billion.
Sector: BeautyTech
Total raised to date: US$2.8 million
Founders: Ana Ramos, Luis Vázquez, Leonel Campos
Investors: Act One Ventures, Y Combinator, Goodwater Capital, Gaingels, Spice Capital, Harvard Management Seed Capital
Clivi closes a US$10 million seed round
The startup is helping diabetic patients manage their condition more effectively by providing access to endocrinologists, nutritionists, and psychologists via their preferred communication channel. Additionally, the company supplies medical equipment such as glucometers, test strips, and medication. Since its launch in October 2021, Clivi has helped thousands of patients, with 94% successfully controlling diabetes within six months. It currently has an average of 2,000 new patients each month and has reached MXN$ 1 million in annual recurring revenue over the past 15 months.
Sector: HealthTech
Total raised to date: US$10 million
Founders: Ricardo Moguel
Investors: Dalus Capital, Foundation Capital, Cathay Innovation, Femsa Ventures, Quiet Capital, 500, Next Billion Ventures, Conexo
Startups News
Investment App Flink partners with Rappi
Despite a 60% rise in investment accounts this year, the number of people from Mexico who invest lags behind countries like the U.S. The joint initiative aims to show people that investing can be as easy as using a smartphone to order food, thereby changing the narrative around investment. Users will be incentivized to start investing with rewards equivalent to the monthly cost of a Rappi Prime Basic or Rappi Prime Plus subscription. The partnership hopes to bridge the gap in access to financial services and democratize investment in Mexico.
VC - Accelerators News
New Europe X Latin America fund
Boost Capital Partners is a new European and Latin American venture capital fund focused on startups with exceptional user experience. The London-based VC was founded by Alvaro Alvarez del Rio, who has previously backed around 100 seed-stage companies including Deliveroo and Supercell, and which closed US$35 million for its first fund. Alvarez del Rio intends to invest in companies that bring a gaming-like experience to their products. Boost Capital Partners plans to invest in pre-seed and seed companies with initial tickets of up to $750,000, participating in follow-on rounds, and focusing on sectors like health, wellness, education, sustainability, entertainment, and finance.
Rest of the World
Colombian FinMaq to land in Mexico
With a focus on financial inclusion with social impact, the company provides digital solutions to individuals and SMEs, helping them finance their productive assets and solve their working capital issues. Its recent funding round consisting of US$3.5 million in equity and US$20 million in funds is set to support its growth strategy and regional expansion into Mexico.
Olx Group cuts 800 jobs as it shuts down Mexico
The online marketplace and classifieds business division of Prosus, is closing down its Olx Autos business unit in several markets, cutting approximately 800 job cuts globally. In Mexico, the company is shutting down its operations after failing to find potential buyers or investors. Despite this, Olx Autos will continue to sell vehicles, though it will no longer be accepting new transactions. The move comes after Olx Group's decision earlier this year to exit the Olx Autos business and subsequent explorations of potential buyers or investors.
Crypto Vita Wallet to debuts in Mexico
Vita Wallet, a fintech company specializing in international payment processing, is entering the Mexican market as part of its global expansion strategy. Initially starting as a medical consultants' payment startup in Venezuela, the company had to pivot its business model due to economic issues and market demand. Vita Wallet found its niche in 2019, focusing on QR codes and Bitcoin-based payments.
See you for the next edition. Have a question or any feedback? Just hit reply. We'd love to chat!