Ep. 86: Mexico has a new VC
Plus, Welbe Series A, Ruedata Seed round, Qatar cooperation, and more.
Welcome to Scenius Mexico: Your weekly newsletter on technology, innovation, and startups in Mexico.
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Follow The Money
Welbe closed a US$ 7 million Series A round
The HealthTech offering occupational health management solutions, has secured the funding from Brazilian firm Volpe Capital and the International Finance Corporation from the World Bank Group. Launched in 2021 after the CEO hospitalization due to COVID-19, Welbe provides an integrated health platform for HR departments, doctors, and employees, streamlining access to health clinics and labs for over 100 major companies. The funding will fuel commercial expansion in Mexico’s states near the U.S. border, targeting regions influenced by the nearshoring of new industries. Welbe's solutions have notably improved health management efficiency and reduced related costs, while increasing preventive health screenings among its users. The team goal is to democratize access to quality healthcare and optimize occupational health management for large and medium-sized enterprises in Mexico and Latin America.
Sector: HealthTech
Total raised to date: US$14 million
Founders: Marcus Paiva, Eduardo Medeiros
Investors: Volpe Capital, International Finance Corporation, NAZCA, Kortex, GreenRock, Marathon, Parceiro Ventures
Ruedata raised a US$ 2 million Seed round
Ruedata provides a platform to track tire wear and expenses, primarily serving the Mexican and Brazilian markets. The startup plans to use the recent funding to expand sales internationally, enhance hiring, and develop a marketplace for fleet operators to purchase tires and access repair services. The team aims to triple its platform coverage from 40,000 to 120,000 vehicles by 2025. The investment was led by Brazilian Barn Investimentos, which focuses on supporting GreenTech startups linked to Latin America but addressing global challenges.
Sector: Fleet Management
Total raised to date: US$2 million
Founders: Sebastian Baquero, Marcelo Ramos, Alfredo Rivera
Investors: Barn Investimentos, New Ventures Capital, Avalancha Ventures, Grupo Flecha Amarilla
Startups News
MercadoLibre wants to secure a banking license in Mexico
The famous e-commerce & FinTech company has started the discussions to secure a banking license in Mexico, with the process estimated to take 12 to 24 months. The company, which currently operates under a FinTech license allowing it to offer services like a wallet app, would benefit from a banking license by being able to handle payroll deposits and increase credit issuance capacities. With this license, MercadoLibre could offer a broader range of financial products, in addition to the already 1 million credit cards it issued and the credit services it offers in Mexico.
VC - M&A News
Mexico has a new VC fund: Semilla Ventures
Semilla Ventures has announced the first close of its new fund for US$ 9.25 million. This fund is set to invest in tech startups at the pre-seed stage across Spanish-speaking Latin America, particularly those that drive the digitalization of businesses, industries, and consumers. Semilla Ventures is led by José Vielma, managing partner with over nine years of experience doing business angel investments. He invested in approximately 80 startups, including Billpocket, Nowports, Zenfi, 100Ladrillos, Boletomovil, Nexu, Bego, Parco, Eden, Beek, Prixz, Crabi, among others.
Mega Fund to invest in LATAM
Aarna Holdings, which manages capital from Indian and the United Arab Emirats, has entered into a strategic alliance with Argentina’s Grupo Werthein to invest in various sectors across Latin America, particularly in Argentina, Brazil, and Colombia. This partnership, confirmed to Bloomberg Línea by Grupo Werthein, aims to deploy approximately US$2 billion in investments in the next few years. The collaboration will leverage Grupo Werthein’s extensive regional experience and market presence to facilitate Aarna’s entry into the Latin American market, with initial major investments projected for the first quarter of 2025, valued between US$300 and US$500 million. Hopefully, Mexico will also be on Aarna Capital's radar in the coming years.
Rest of the World
Colombian Mejor CDT expands to Mexico
The FinTech startup specializing in comparing profitability across fixed deposit certificates (CDTs), is preparing to expand into Mexico and Brazil. Founded during the pandemic by Carlos Correa, former operations director at Uber Colombia, the platform was developed to simplify the process of finding the most profitable CDT for Colombians. Since its inception, it has attracted over 150,000 users. Carlos Correa shared that following the completion of their upcoming investment round, Mejor CDT plans to enter Mexico by October of this year and Brazil the following year. The team's goal is to facilitate safer and more profitable investment opportunities for users looking to securely grow their savings, capitalizing on the region’s increasing interest in CDTs due to rising bank rates.
Uruguayan Prometeo comes to Mexico
The Open Banking startup is set to expand its operations to Mexico in 2024 as part of its strategy to consolidate its presence in the region. This move is accompanied by plans to increase its workforce by 50% within the year to support product development, commercial operations, and market expansion. The company currently operates in ten countries and services major clients like Citibank and JP Morgan. The expansion into Mexico is supported by recent funding, which will also enhance Prometeo's multi-banking data and payment capabilities across Latin America.
Economy
Mexico strengthens its relationship with Qatar
Mexico and Qatar are enhancing their technological and commercial cooperation in the agricultural sector, focusing on areas like arid zone farming, post-harvest infrastructure, irrigation systems, and expanding agri-food trade. The collaboration, fostered by the Mexican Ministry of Agriculture and Rural Development (Sader) and the Qatari Embassy in Mexico, also seeks to advance scientific exchange, particularly in date palm cultivation, employing sustainable agricultural practices and improved variety management. Future initiatives include a bilateral agreement for scientific student exchanges, internships, workshops, and seminars, enhancing mutual understanding and facilitating technological and knowledge transfer.
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Arnaud