Ep. 95: Spotlighting the Venezuelan Startup Ecosystem
Plus, Conduit $6 million round, Veikul $3 million Seed, Faroo VC new Fund, and more!
Your weekly newsletter on technology, VCs, and startups in Spanish-speaking Latin America.
Venezuelan startup Cashea joining the prestigious Endeavor Scale Up program this week underscores the exceptional resilience and optimism of Venezuelan founders.
They are literally playing the startup game in hardcore mode. It inspired me to add my two cents to the ecosystem — I’m offering free advertising spots in the Newsletter for Venezuelan founders.
If you're a Venezuelan founder or know someone who could benefit from this opportunity, please respond directly to this email or share it with your friends.
Let's work together to amplify the voices of Venezuelan entrepreneurs and contribute to the growth of the LATAM startup ecosystem.
Follow The Money
Conduit raised a US$6 million financing round
Conduit, a B2B cross-border payments platform, has raised US$6 million to expand its services from Latin America into Africa. Originally focused on crypto, the Fintech pivoted to traditional banking to address the high costs and inefficiencies of cross-border payments in emerging markets. Conduit now enables businesses to make swift payments in U.S. dollars directly to bank accounts without needing a U.S. entity. Following its expansion into Africa, Conduit's transaction volume has surged to over US$5 billion, with plans to extend its reach further across the continent and other regions, while aiming for profitability by the end of the year. Another great example of the Global South opportunity!
Sector: FinTech
Founders: Kirill Gertman
Investors: Helios Digital Ventures
🇲🇽 Veikul raised a US$3 million Seed round
Veikul is a Mexican startup focused on mobility and logistics services. Founded in 2022, Veikul operates a marketplace that connects independent drivers and couriers with digital platforms requiring reliable delivery services. The startup, which has completed over 300,000 tasks and has 120 active drivers, plans to further grow in the gig economy by offering comprehensive logistical solutions and supporting independent workers with vehicles and fuel. The funds will enable Veikul to expand its operations and enhance its technology, particularly in major Mexican cities like Mexico City, Guadalajara, and Monterrey.
Sector: Marketplace
Founders: Fernando Medina Bolio, Sebastian Peña Laris
Investors: First Check Ventures
🇦🇷 Tucán raised a US$1 million Seed round
Tucán is an Argentine SaaS startup specializing in e-commerce, logistics, and marketing for the restaurant industry. The funds will be used to strengthen Tucán's technology and customer support teams to enhance its services in Argentina and Latin America. Founded in 2020, Tucán has already helped over 2,000 restaurants in Argentina, Chile, and Uruguay establish direct online sales channels, processing more than 2.5 million orders. The team aims to consolidate its market presence by expanding its services, particularly targeting large restaurant chains and exploring potential growth in Mexico by 2025.
Sector: SaaS
Founders: Agustin Perrotta, Facundo Caldora, Facundo Gregorini
Investors: Shefa (CVC of Grupo IRSA)
Startups News
Uber launches Uber Rent in Mexico
Uber has launched Uber Rent in Mexico, allowing users to rent vehicles through the app for daily or weekly periods, thanks to a partnership with CarTrawler. Available in Mexico, the U.S., Canada, and nine European countries, the service offers a simple booking process where users select their rental period and confirm their reservation through the app. Uber Rent will provide a reliable option for travelers looking to enjoy weekend getaways and explore Mexico's magical towns.
🇻🇪 Cashea is Venezuela’s first startup to join Endeavor
Cashea, a Venezuelan "buy now, pay later" platform, has been selected by Endeavor to join its Scale Up program, placing it among the likes of MercadoLibre, Rappi, and Kavak. Endeavor, which has supported over 2,600 entrepreneurs globally, offers the Scale Up program to help up-and-coming tech companies accelerate their growth with expert guidance and valuable resources. Cashea expressed pride in representing Venezuela and emphasized its commitment to helping Venezuelans access interest-free installment payments while supporting the growth of local businesses. A great news for the talented Venezuelan startup ecosystem!
VEMO partners with BMW Mexico
VEMO and BMW have partnered to install 144 public charging points for electric vehicles across 20 key locations in Mexico, aiming to grow the country's electromobility infrastructure. This initiative aligns with recent data showing a 23% increase in EV charging infrastructure in Mexico during the second quarter of the year. VEMO, which already operates the largest charging network in the country, will lead the installation. This news follow last month partnership announcement with BYD.
VC - Accelerators News
Faroo VC to invest 5 million euros in LegalTech startups across LATAM
Faroo VC is set to invest US$ 5.46 million in LegalTech startups across Latin America and Europe through its new "Legal Fund". The fund will support technologies such as smart contracts, case management platforms, and compliance solutions, with a focus on making legal services more intuitive and user-friendly. Faroo VC, which recently expanded to Barcelona, plans to allocate 80% of the capital to Latin American projects, and 20% to European ventures.
MINI Impact Program is coming to Mexico
MINI Impact Program in Mexico is a 4-week program that offers startups the opportunity to tackle urban challenges with innovative tech solutions. In addition, participants will get a fully covered week in New York City at URBAN-X, a platform powered by MINI that provides access to world-class engineering, design resources, and a global network. The deadline to apply is August 25th and can be done here.
Expansion Plans
🇨🇱 Regcheq to expand into Brazil
Chilean startup Regcheq is expanding into Brazil to assist sports betting and online gaming operators with compliance using artificial intelligence (AI). The startup, created by Gonzalo Restini, Cristián Neely, Pedro Feres, and Cristobal Concha, aims to automate processes related to anti-money laundering and regulatory compliance. With Brazil's new regulatory guidelines for betting operators, Regcheq sees a significant opportunity to help companies streamline compliance functions. AI can play a growing role in addressing compliance challenges in Latin America.
🇨🇱 ETpay to expands into Mexico
Chilean payment platform ETpay, which specializes in cardless digital payments, is expanding into the Mexican market with the goal of replicating its success and promoting financial inclusion. ETpay enables account-to-account (A2A) payments, allowing users to make transactions directly from their bank accounts, bypassing the need for credit cards. Since its launch in 2020, ETpay has processed 50 million transactions worth nearly US$ 3 billion in Chile. The startup aims to double its growth in Mexico within 12 months by offering a more efficient payment model that reduces fees and improves cash flow for businesses, while maintaining high security standards.
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Arnaud