Ep. 60: Fervor and dynamism in Mexico's startup scene
Welcome to Miranda Scenius: Your weekly newsletter on technology, innovation, and startups in Mexico.
This week underscored the fervor and dynamism within Mexico's startup scene. Wonder Brands, after pivoting to a strategic focus on e-commerce infrastructure, bagged US$ 15.5 million in a Series A, riding high on the exponential growth of Mexico's e-commerce landscape.
As crypto becomes an increasingly significant player in the financial arena, Crecy's Ethereum-backed credit card promises to shape the way Mexicans transact while Clara is bridging international payment gaps at a time when global integration has never been more critical.
Let’s dive into these stories, and much more.
Follow The Money
Wonder Brands closes US$ 15.5 million in Series A
Initially focused on acquiring top-selling digital brands, the startup shifted its strategy towards buying e-commerce infrastructure and developing its own brands. This pivot capitalized on the growth of the e-commerce market in Latin America, particularly in Mexico, which is one of the fastest-growing online markets globally. Wonder Brands has launched 15 brands in the past year and plans to double its product offerings. With profitability achieved in 2022, and over $100 million in annualized revenues, the Mexico City-based company now aims to expand further in South America using its new capital.
Sector: E-commerce Aggregator
Total raised to date: US$ 35.5 million
Founders: Nicolás Gonzalez Luna, Federico Malek
Investors: ALLVP, Nazca, CoVenture, GFC, QED Investors, Korify Capital
Maqui raises US $1.5 million
The Colombian-Mexican startup is aiming to "digitalize" the fashion sector. Addressing the industry's issue of textile overproduction, which results in a 6% monthly loss, Maqui introduced a management platform in Mexico aimed at streamlining third-party fashion production. This aims to help brands and manufacturers manage inventories efficiently and reduce excessive production. The company's goal is to bridge the technological gap for vulnerable industry sectors, especially for small manufacturers and female workers.
Sector: Supply Chain Management
Total raised to date: US $1.5 million
Founders: Melina Cruz, Enrique Osorio, Sebastián Obregón, Andrés Londoño
Investors: Marathon Ventures, Nido Ventures, Integra Group, Kupier, Noa Capital
Metabase Q raises US$ 3 million funding round
The cybersecurity startup serves multi-national corporations in Latin America by offering the Batuta platform, which provides a comprehensive suite of cybersecurity tools, including real-time inventory management, AI-driven insights, and rapid incident responses. With a 403% quarter-over-quarter increase in new bookings, Metabase Q plans to use the funds to enhance its capital-efficient operations and influence the cybersecurity strategies of modern enterprises. To date, Metabase Q has raised a total of US$ 8 million in capital.
Sector: CyberSecurity
Total raised to date: US$ 8 million
Founders: Mauricio Benavides
Investors: SYN Ventures, GBM, and John Watters
Startups News
Crecy launches Ethereum-Backed credit card in Mexico
Launched in collaboration with Mastercard, this credit card allows users making purchases in Mexican pesos to use their crypto assets without selling tokens. Unique features include zero annual fees, a low Total Annual Cost (CAT), and worldwide acceptance at Mastercard-affiliated establishments. The company, in partnership with Meta Pool, has future plans to add benefits like cashback in Crecy Coins and a real-time crypto-linked spending card.
Clara launches an international payment services
The FinTech has unveiled a feature for international transactions, catering to the growing trend of nearshoring and aiding Mexican businesses in tapping global markets. The service will target countries such as Argentina, Brazil, Colombia, Chile, Peru, 26 European nations, and China. As global supply chains face disruptions, nearshoring options like Mexico and tools like Clara's international payment services become increasingly essential for global economic integration and bolstering Mexican business competitiveness.
VC - Accelerators - M&A News
Arkangeles partners with Cube Ventures
This collaboration offers investments starting from US$ 300 via Cube Ventures' investment vehicle, aiming to diversify Venture Capital investments while mitigating risks and boosting returns. Cube Ventures holds a portfolio of 100+ startups across 9 countries, while Arkangeles evaluates approximately 845 firms annually in the region. This alliance aims to lower entry barriers for new Venture Capital investors in the area.
Nido Ventures closes a US$ 7 million cross-border fund
The Stanford alumni duo behind Nido Ventures is set to invest in approximately 25 pre-seed and seed startups in Mexico and Latin America. Their primary interest lies in the domains of B2B Fintech, B2B Marketplaces, and Vertical SaaS, while being open to exploring all incoming opportunities.
Rest of the World
Autolab raises US$ 4.1 million to keep growing in Mexico
The startup offers management software to car service centers. Founded in 2014, the team aims to bring standardization to the car service industry. With this new funding, Autolab plans to expand its reach across more than 20 cities in Colombia and Mexico by 2024. Concurrently, Mexico's auto parts industry is witnessing significant growth, positioning Autolab favorably to benefit from this upward trend.
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