Mexico’s Jüsto Raises LatAm’s Largest Series A in Past Decade

This week, Mexican startup Flink raised $12 million Series A for consumer investing in Latin America. The Colombian Association of the Gastronomic Industry (ACODRES) reports that half of the country’s gastronomic sector has vanished in less than a year due to lockdown measures. Brazil’s Monkey also secured $6M Series A for a financial marketplace platform.

This week, Mexican startup Flink raised $12 million Series A for consumer investing in Latin America. The Colombian Association of the Gastronomic Industry (ACODRES) reports that half of the country’s gastronomic sector has vanished in less than a year due to lockdown measures. Brazil’s Monkey also secured $6M Series A for a financial marketplace platform.

Mexican Online Grocer Jüsto Raises $65M Round: LatAm’s Largest Series A in Past Decade

Jüsto, an online supermarket based in Mexico City, announced it has raised $65 million in a Series A round led by General Atlantic. Existing backers also participated in the round, including Foundation Capital and Mountain Nazca.

TechCrunch reports that while the amount is sizable for a Series A in general, it’s supersized for a Latin American startup. According to PitchBook data cited by General Atlantic, the recent round represents the largest Series A raised in Latin America in the past decade.

The financing brings Jüsto’s total raised to over $100 million. Other investors include FEMSA Ventures, S7V, Elevar Equity, Bimbo Ventures, Quiet Capital, Sweet Capital, H2O Capital and SV LatAm Capital, among others.

Ricardo Weder, former President of Ridesharing platform Cabify, founded Jüsto in 2019 with a mission to “disrupt the Latin American grocery industry.” The company claims to be the first supermarket in Mexico with no physical store. Customers can buy their groceries directly from the website or via the app and Jüsto delivers the order to the customer’s location of choice.

Accel Backs Mexican Startup Flink’s Effort to Bring Consumer Investing to Latin America

In Mexico, a country of more than 120 million people, only a tiny fraction of the population have the ability to invest in the capital markets. In response to the widespread imbalance, Mexico City-born Sergio Jiménez Amozurrutia created Flink: an app-based consumer trading platform.

After selling Easy Credit, a consumer lending platform, Amozurrutia set out to give Mexicans access to something he believed they’d never had access to.

TechCrunch reports that the platform has attracted the attention of Silicon Valley-based venture capital firm Accel, which just led a $12 million Series A for the company.

The demand for Flink’s product offering is clear. Since launching its first brokerage product in July of 2020, Flink has surpassed 1 million users and 800,000 active brokerage accounts, making Flink the largest retail brokerage service in Mexico, according to Amozurrutia.

The platform averages 6,000 new customers a day. The Flink app was recently ranked in the top 10 of all apps downloaded in Mexico via Google Play; surpassing Spotify and Facebook app downloads, according to Amozurrutia.

“Most legacy Mexican banks cater to less than 1% of the population — meaning most Mexicans don’t have a bank account, let alone a brokerage account...At Flink, we’re guided by the belief that Mexico’s financial system should work for everyone — not only a select few,” he said.

Half of Colombia’s Gastronomic Sector Vanishes in Less Than a Year

Before the economic crisis, there were more than 90k restaurants that supported 1.5 million families nationwide, according to The Colombian Association of the Gastronomic Industry, or ACODRES.

Of the 90k, only about 42k of those restaurants have survived the lockdowns, with the other 48k restaurants were victims of the pandemic (Local 10).

ACODRES estimates the restaurants’ closures left about 720k unemployed, including 230k restaurant workers and 490k who had indirect jobs.

Brazil’s Monkey Secures $6M Series A for Financial Marketplace

Monkey, a financial marketplace for receivables in Latin America, has raised $6 million in Series A funding. Quona Capital and Kinea Ventures co-led the round.

Founded in 2016, the São Paulo-based startup has developed what it describes as Supply Chain Finance (SCF) programs for small and medium enterprises. The company pairs SMEs with large enterprises (such as Brazilian petrochemical giant Petrobras and Fiat Chrysler) and banks. Through its network, the company claims that buyers can “find the best receivables in the market, suppliers get the best sales conditions, and sponsors strengthen their businesses and production chains.”

Monkey was founded on the premise that the Brazilian financial system is highly concentrated among just a few players, with little competition.

Monkey’s goal is to solve SMEs frustrations by creating “a competitive environment that brings multiple financial institutions onto Monkey’s platform to compete for the purchase of SMEs’ receivables with top tier buyers,” Müller explained.

Today, Monkey has 55 large companies on its platform- many of whom signed on in 2020- leading the startup to see its trading volume surge from about $187 million to $1.5 billion over the course of the year.

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