Booming VC Funding for Global Companies’ Latin American Expansion Continues in 2021
Lithuanian startup Trafi announces plans to expand beyond its home European market to tackle Latin America, beginning in Bógota. Valoreo, a Mexico City-based acquirer of e-commerce businesses, raises one of the largest seed rounds by a Latin American startup; further supporting evidence of increased investor interest in the region’s booming venture scene. ProcessMaker closes a $45 million Series A for operations in Bogotá and beyond.
Trafi Takes its Mobility-as-a-Service Platform to LatAm, Beginning in Bógota
Lithuanian startup Trafi’s platform that helps users plan, book and pay for various modes of transportation within a city. The company has announced plans to expand beyond its European home market to tackle Latin America: one of the most congested urban areas in the world.
Tech Crunch reports the company said it has reached an agreement to provide its mobility-as-a-service platform in Bógota, Colombia.
In Bógota, the platform will pull together all forms of public transportation- including buses, trams, local taxis, anx e-bikes- and provides a single-payment system to book and pay for the various modes of transit. The app also includes real-time departure information, a “nearby function” that will show all mobility options available within their location and “intermodal routing,” which proposes combinations of up to three different modes such as taking an e-bike to the bus stop.
Trafi Co-Founder and CEO Martynas Gudonavičius told TechCrunch that Bógota is just the beginning, as the company plans to expand to other Latin American cities.
Valoreo Closes on $50M to Roll up Latin American E-Commerce Brands
Valoreo, a Mexico City-based acquirer of e-commerce businesses, announced that it has raised $50 million of equity and debt financing in a seed funding round. While this funding is substantial for any seed round, it ranks as one highest ever raised by a Latin American startup; further supporting evidence of increased investor interest in the region’s booming venture scene.
Founded in late 2020, Valoreo aims to invest in, operate and scale e-commerce brands as part of its self-described mission “to bring better products at more affordable prices” to the Latin American consumer.
Valoreo- which the company says is an extension of the Spanish word “valor,” meaning to add value- acquires businesses that operate their own brands and primarily sell on online marketplaces such as Mercado Libre, Amazon and Linio.
“Our mission is to be a pan-Latin American player providing value to the entire region...Latin America in general and Mexico in particular are in a distinct situation which provides phenomenal opportunities for e-commerce merchants on the one hand but also presents particular challenges on the other hand,” Co-Founder Martin Florea said.
Bogotá’s ProcessMaker Raises $45 Million USD Series A Funding From Aldrich Capital
ProcessMaker announced it has closed $45 million in Series A funding from Aldrich Capital Partners. The financing marks the first outside investment for the previously bootstrapped technology company with operations in Bogotá, Colombia and a legal headquarters in North Carolina.
ProcessMaker has grown to 140 global employees, several million open-source downloads, and hundreds of customers across 52 countries; focusing primarily on applications for mid-market banking, higher education, and manufacturing.
Customers include community banks, multi-nationals, and over 150 universities.
“At ProcessMaker our mission is to make every second count...This resonates in everything we do. At the most obvious level, it means empowering organizations to make their business processes more efficient. On a deeper level, it means giving customers a way to quickly build and deploy beautiful, engaging digital business processes that users love,” explained CEO and Co-Founder, Brian Reale.
The global process automation market is expected to reach nearly $17 billion by 2023 with a CAGR of 5.8% according to a recent report. The investment from Aldrich Capital will allow ProcessMaker to continue to invest in its market leading digital process automation platform and build out its presence in community banking, higher education, and manufacturing.
Podcast: Univision's Jorge Ramos on Mexico’s Critical Moment
This week’s featured podcast discusses how Mexico has found itself at a critical moment in history: its populist president, Andrés Manuel López Obrador (AMLO), appears unable to get control of the rampant violence that he promised to curb or of the raging coronavirus that he himself was just infected by. And during this moment of crisis, Mexico’s most important trading partner, the United States, has just elected a new president. Ian Bremmer speaks with acclaimed journalist and Univision anchor Jorge Ramos.