Ep. 69: AgTech X FinTech
Welcome to Scenius Mexico: Your weekly newsletter on technology, innovation, and startups in Mexico.
This week, the focus on AgriTech and FinTech is unmistakable. Verqor and Solena AG are both announcing their Series pre-A and Series A rounds. Both startups are leveraging AI and data analytics in novel ways—whether it's Verqor using weather trends to underwrite credit or Solena employing soil microbiome data to optimize farming.
Also, the increasing role of corporate venture capital in the startup ecosystem is significant. Yara Growth Ventures leading Verqor’s investments, along with Grupo Bimbo's partnership with Kamay Ventures, indicate a closer alignment between corporates and startups. This suggests not just capital infusion but also the potential for deeper industry partnerships.
Let’s dive in!
Follow The Money
Verqor raises a US$ 4 million pre-Series A + US$3.5 million in debt
The FinTech is focused on digitalizing Mexico's agricultural sector, and aims to provide cashless credits to farmers for buying essential agricultural inputs, with 55% of users accessing credit for the first time. The funding will help Verqor expand its operations and create the country's largest network of agricultural suppliers. The startup's unique underwriting process utilizes data such as weather trends and yield information to assess credit viability, aiming to offer a faster and more efficient alternative to traditional financing in an industry where over 90% of farmers lack access to formal credit. The round was led by Yara Growth Ventures the corporate venture capital arm of Yara International ASA (a crop nutrition and agriculture company headquartered in Norway), and the debt part comes from Co_Capital, and Addem Capital.
Sector: FinTech - AgTech
Total raised to date: US$6.5 million Equity + US$3.5 million Debt
Founders: Hugo Garduño Ortega, Valentina Rogacheva
Investors: Yara Growth Ventures, Accion Venture Lab, SP Ventures, Glocal, Amplifica Capital
Solena AG closes a US 6 million Series A round
Solena specializes in soil microbiome research and aims to make agriculture more sustainable and profitable. The investment will help Solena expand its AI-driven Prometheus platform, which turns diagnostic soil data into actionable insights for customized farming solutions. The round was led by The Yield Lab Latam whose focus is on sustainability and early-stage startups in the AgriFoodTech sector, particularly in high-potential markets like Mexico.
Sector: AgTech
Total raised to date: US$ 6+ million
Founders: Erick Soto, Guillermo Aguirre, Irving Rivera, Octavio González
Investors: The Yield Lab Latam, CerraCap Ventures
Startups News
Didi launched a credit card, called DiDi Card
The DiDi Card will be available in Mexico, and offer an average initial credit line of 3,000 pesos. Designed to foster a more inclusive financial ecosystem, the card aims to help Mexicans who haven't had access to financial products. Users can apply for the card through the Didi app and start using a virtual version almost immediately. The card also comes with features like real-time purchase notifications and dynamic CVV for secure online shopping. Additionally, it offers a 3% daily cashback on various purchases and plans to introduce interest-free installment options in the coming months. One more startup going the FinTech route.
Spin see a 100% increase in its user base in just one year
Oxxo's FinTech platform has grown from 4.3 million to 8.8 million customers. The platform's monthly transactions also rose by 15.6%, averaging 41.8 million. According to Femsa, Oxxo's parent company, Spin has a steady monthly growth rate of 6.2%, and a 72.5% of its users are active on the platform. In addition, Spin's loyalty program, Spin Premia, attracted 3.8 million new users in the last quarter, bringing the total to 36.6 million, a 66% year-over-year growth. It seems like the flywheel is spinning for them.
VC - Accelerators News
Mexico famous bakery, Grupo Bimbo, joined Kamay Ventures
Kamay Ventures is a Latin America corporate venture capital fund which already works alongside industry giants like Coca-Cola and Arcor. The partnership aims to accelerate innovation and bolster early-stage investment in regional startups, focusing on sectors like digital commerce, fintech, IoT, Ag-Tech, and environmental solutions. Corporate ventures have been gaining traction since the beginning of the Startup winter in Mexico, and the trend seems to keep going.
Japan 5-years bet on LATAM and developing countries
Japan has announced a five-year investment target of USD$13.3 billion to support developing countries, including Latin America. The investment will come from Japanese companies and be backed by public aid, as stated by Japan's Minister of Economy, Trade and Industry, Yasutoshi Nishimura. The initiative aims to tackle social challenges such as carbon emissions reduction and digitalization in emerging markets. It also seeks to strengthen Japan's supply chains by building relationships with essential mineral-producing countries and reducing dependence on China. The ties between Asia and Mexico are getting stronger.
Rest of the World
Chilean Enerlink expands into Mexico
The Startup has successfully raised US$ 3.6 million in a funding round and plans to use a part of the capital to expand its operations into Mexico. The company specializes in smart metering and energy optimization for electric vehicle charging. With this new capital injection, Enerlink aims to grow its presence in Mexico, as well as continue its existing operations in Peru and Colombia.
See you for the next edition. Have a question or any feedback? Just hit reply. I'd love to chat!
Arnaud