Mexico New Super VC | Ep. 123
Plus, Spin to become Oxxo Bank, BioEsol $15 million financing, and more!
Your weekly newsletter on technology, VCs, and startups in Spanish-speaking Latin America.
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Follow The Money
🇲🇽 BioEsol US$15 million financing
BioEsol, a cleantech startup offering AI-powered energy storage solutions, has launched BioEnergia Total in Mexico following a US$15 million equity and debt round. Targeting industrial and commercial sectors, the subscription-based model combines solar generation, intelligent batteries, and energy management software with no upfront costs. Amid regulatory shifts and growing energy demand, BioEsol aims to deploy over 100 projects in Mexico and expand into Colombia and Chile. The company’s Energy-as-a-Service model enables businesses to lower energy bills, avoid blackouts, and transition to renewables without infrastructure investment.
Sector: CleanTech
Founders: Felipe Arriola, Alejandra Alfaro
Investors: Ciri Ventures
🇦🇷 Ualá secures an additional US$66 million
Argentine Fintech Ualá has secured an additional US$66 million in its Series E round, raising the total to US$366 million. The additional capital comes from new investors, including TelevisaUnivision, the world’s largest Spanish-language media company, whose entry is seen as a strategic move to boost Ualá’s visibility and growth in Mexico, a country where the Fintech faces strong competition from players like Nu, Spin, and Stori. Ualá plans to use the funding to expand its financial ecosystem, enhance its insurtech capabilities alongside Allianz, and double down on product innovation, customer acquisition, and regional growth.
Sector: FinTech
Founders: Pierpaolo Barbieri
Investors: Allianz X, TelevisaUnivision, Tencent, Ribbit Capital, Monashees, and many more.
🇨🇴 Alegra raises a US$47 million Growth round
Alegra, an accounting and billing platform for SMEs in Colombia and Latin America, has raised US$47 million in a growth round to integrate AI into its suite of tools. The investment will fund the development of features like automated bank reconciliation, intelligent invoice classification, predictive financial reporting, and AI-powered e-invoicing. Aimed at cutting operational workload by up to 50 percent, the company plans to roll out these innovations in key markets including Colombia, Mexico, Costa Rica, and the Dominican Republic.
Sector: FinTech
Founders: Jorge Soto
🇲🇽 WAS Co raises US$1.5 million Pre-seed round
Mexican startup WAS Co, which develops sustainable construction materials, raised US$1.5 million in a pre-seed round led mainly by angel investors, reaching a US$10 million valuation. The startup aims to replace traditional cement with zero-emission alternatives made from mining waste. They developed five patent-pending technologies and plan to build a pilot plant producing 5 to 10 tons per month.
Sector: ConTech
Founders: Maximiliano Fernandez, Walter Mata
🇲🇽 KredFeed raises a US$1.5 million Seed round
KredFeed is a Mexico-based Fintech focused on financing small and medium-sized manufacturing businesses. As nearshoring drives demand for agile credit solutions, KredFeed aims to help underserved SMEs access working capital and maintain cash flow despite long payment terms from large corporations. With over US$24 million already financed, the startup plans to scale its platform with advanced risk analysis tools, grow its engineering team, and expand into the U.S. market while reinforcing its position in Mexico's manufacturing sector.
Sector: FinTech
Founders: Luis Jorge Sánchez, Marysol Sánchez
Investors: Carabela, Techstars, 2045 Ventures, The Pitch Fund, AngelHub, Newlin Ventures, Cacao Capital
🇺🇸-🇲🇽 Tala secures a US$150 million debt facility
Tala has secured a US$150 million debt facility to expand its lending operations and accelerate growth in Mexico, marking the largest capital markets transaction in the company’s history. With an initial commitment of US$75 million, the facility supports Tala’s mission to deliver scalable, AI-driven financial services to underserved populations. Since entering Mexico in 2017, Tala has served millions through its mobile-first platform, helping users build credit and unlock economic opportunities. This new funding underscores investor confidence in Tala’s data-powered model and its potential to reshape financial access in Mexico and emerging markets.
Sector: FinTech
Investors: Neuberger Berman
Startups News
🇲🇽 Spin to become “Oxxo Bank”
FEMSA is preparing to turn its Fintech arm Spin into “Oxxo Bank”, a move that could disrupt Mexico’s financial sector by leveraging its 22,000+ Oxxo stores as physical banking access points. Spin currently counts 13.1 million users and over 63 million monthly transactions. A full banking license would give FEMSA a significant edge over traditional banks and neobanks, especially in a country where 70% of transactions are still made in cash. The vast Oxxo network offers unmatched reach to underserved populations, potentially accelerating financial inclusion in Mexico.
🇺🇾 dLocal partners with e-commerce platform Temu
Uruguay-based Fintech dLocal has partnered with Chinese e-commerce platform Temu to enhance the payment experience for customers in 14 emerging markets across Africa, Asia, and Latin America. The collaboration aims to reduce cart abandonment and improve access to online shopping by offering localized, secure, and accessible payment methods tailored to unbanked and underserved populations.
VC - M&A News
🇲🇽 Nazca and Bridge Latam to form a super VC
Mexican Venture Capital firms Nazca and Bridge Latam are merging to form a single entity, in what might be the first VC merger of its kind in the region. The newly merged entity plans to launch Nazca Fund IV in 2025 to lead early-stage investments across Spanish-speaking Latin America. Combining Nazca’s strong track record with Bridge’s data-driven investment approach, the firm will be backed by prominent institutional investors and a powerful network of regional founders. The challenging fundraising environment for Latin American VC most likely played a part in the merger, with LPs preferring to entrust their money to stronger players that can show solid cash-on-cash track records, like Nazca early investment exits in Kavak and Zebrands.
🇦🇪 Yango Group launches a US$ 20 million CVC
Dubai-based Yango Group has launched Yango Ventures, a US$20 million corporate venture fund aimed at supporting early-stage startups across MENA, Pakistan, Sub-Saharan Africa, and Latin America. The fund will target seed to Series B investments in sectors like fintech, B2B SaaS, and online-to-offline platforms, with plans to scale as ecosystems grow. Beyond capital, Yango Ventures will offer strategic support through a network of experts in mobility, AI, and finance, while taking a founder-friendly approach that avoids excessive control.
Economy
AI is reshaping Mexico’s data center landscape
In Mexico, 43% of new data center facilities are expected to focus on supporting AI workloads, according to a study by Ciena and Censuswide. As demand for data center interconnection bandwidth surges, projected to grow sixfold over the next five years, Mexico aligns with global infrastructure needs, including higher capacity and faster data transmission. However, industry leaders warn that without major upgrades to the country’s energy infrastructure and better regulatory coordination, future investments, projected at over US$36 billion, could be at risk.
Expansion Plans
🇪🇸 Eventsost to expand into Mexico
Eventsost, a Spain-based platform specializing in sustainability certification for the events industry, is expanding to Mexico with the goal of promoting environmentally and socially responsible practices in the sector. With Mexico ranking among Latin America's top event destinations, Eventsost aims to certify over 40 companies in the next two years, positioning sustainability as a competitive differentiator in the country’s booming event industry.
🇨🇱 Khipu to expand into Mexico, Peru, and Argentina
Chilean Fintech Khipu, offering account-to-account payments and open finance solutions, has announced plans to expand into Mexico, Peru, and Argentina as part of its 2025 growth strategy. With over 4,000 clients in Chile, Khipu aims to double its customer base and deepen partnerships with financial institutions to promote digital transfers across Latin America. The startup sees high potential in Mexico's booming fintech ecosystem, Peru’s growing digital payment demand, and Argentina’s need for cost-efficient alternatives amid economic challenges.
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