Ep. 61: Mexican Startups are changing the game – exciting developments in e-commerce and mental health
Welcome to Miranda Scenius: Your weekly newsletter on technology, innovation, and startups in Mexico.
As Mexico City gears up to host the Startups Latam Week, promising ventures in the country are making big announcements. Leadsales has secured US $3.7 million in seed funding to supercharge mobile commerce through WhatsApp, while Devolut bagged US $600K to redefine reverse logistics in e-commerce.
On the startup news front, Mental Health-focused Yana has adopted Generative AI which led its user engagement rates to skyrocket, while Banxico is trying to democratize digital payments with its new real-time transaction tool.
Let’s not forget the foreign startups setting foot in Mexican soil: Chilean Botanical Solutions, with a fresh US $7 million Series A round, aims to combat agricultural diseases, while Colombia’s Cluvi is digitizing Mexico's restaurant scene one establishment at a time.
Read on for an in-depth look at these exciting developments!
Follow The Money
Leadsales secures US $3.7 million in seed funding
The startup is targeting the mobile commerce market in Latin America with a conversational commerce tool for WhatsApp. The platform enables SMBs to manage sales and customer interactions through WhatsApp and social media. It offers features like customizable columns and sales funnel automation. The team aims to double its customer base by the end of 2023 and increase its annual recurring revenue tenfold in 2024.
Sector: CRM
Total raised to date: US $4.1 million
Founders: Roberto Ortega, David Villa
Investors: Ulu Ventures, Blue Pointe Ventures
Devolut raises US $600K in Pre-Seed funding
The startup is streamlining the notoriously inefficient reverse logistics processes in Latin America's booming e-commerce market by offering an end-to-end solution for handling product returns, which currently take 40 to 50 days for refunds due to traditional carriers. Devolut's network of "city points," like pharmacies and convenience stores, and automated software aim to simplify returns and provide instant refunds, saving merchants up to 50% in returns management costs. The company also utilizes AI to encourage product exchanges over refunds.
Sector: E-commerce sector
Total raised to date: US $0.6 million
Founders: Agustin Shutte, Emiliano Monge
Investors: Seedstars, FJ Labs, Far Out Ventures, Forum VC, Pareto20
Startups News
Mental health startup Yana now integrates Generative AI
Founded by Andrea Campos in 2016, Yana boasts over 13 million users across 35 countries and has facilitated over 2 billion user conversations. The implementation of AI has significantly boosted user engagement, doubling weekly downloads and increasing messaging by 1,900%. The team aims to democratize access to mental health support, leveraging its AI-powered chatbot to serve a region where nearly 20% of the population is affected by mental disorders, according to WHO statistics.
Banxico releases its new digital payment tool
Called Dimo (for Dinero Móvil), Banco de México now offers users the ability to send and receive money in real-time using just a mobile number. Integrated within banking apps, the service aims to simplify and democratize payments, allowing transactions without the need for an 18-digit CLABE account or 16-digit card number. Dimo operates on the SPEI rails, ensuring transactions are processed in real-time, 24/7.
VC - Accelerators News
Mexico City is set to host Startups Latam Week
The event, taking place from September 5-7 at the Co-Madre Polanco venue, aims to boost the Mexican entrepreneurial ecosystem. Organized by the content hub Startups Latam, the event will feature panels, workshops, and expert interviews focusing on capital raising, business expansion, and ecosystem connectivity. The free event will see participation from startups like Nowports, Fairplay, and Nuvocargo, as well as venture capital firms and government representatives. Registration is open and free for those interested in attending.
Rest of the World
Chilean Botanical Solutions expand to Mexico
The biotech startup has recently secured a US $7 million Series A round. The team plans to use the funding to develop a sustainable supply chain for its vaccine adjuvant and expand its agricultural product, Quillibrium, into various markets, including Mexico. Quillibrium targets global agricultural diseases like Botrytis, which can affect up to 30% of crops. The Mexico expansion is part of the company's broader strategy to make a significant impact in both the pharmaceutical and agricultural industries.
Colombian Cluvi lands in Mexico
Cluvi, the startup which has boosted sales for over 5,000 restaurants in Latin America, recently expanded into Mexico, making it the seventh country for the company's growth. Within Mexico, Cluvi has already digitalized 842 establishments, including notable clients like Buffalo Wild Wings and Carl's Junior. The Colombian startup also recently launched CluviPay at Monterrey's Rayados Stadium.
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Brilliant read - thanks for sharing