Mexican retail tech startup Zubale secures $25 million in funding, plus other top funding stories across LatAm

Below are the venture funding activities we are tracking in the Latin American region this week.

Zubale Secures $25 Million in Funding

• With the Latin American e-commerce market projected to reach $300 billion in revenue by 2027, Zubale, a Mexican retail tech startup, has raised $25 million in a funding round led by QED Investors to expand its e-commerce solutions for retailers. NFX, Kevin Efrusy, and other investors participated.
• Founded in 2019, Zubale offers tools and services that empower retailers to expand their digital channels and scale their e-commerce operations. The company operates in multiple Latin American countries and has over 115 clients, including Grupo Walmart, Liverpool, Chedraui, Super Aki, and Petco.
• The funds will be used to consolidate the company's presence in Mexico and Brazil and strengthen its software catalogue.

DiMO Raises $1.2 Million in Pre-Series A Financing Round

• DiMO, a leading fintech in Central America, has successfully closed a Pre-Series A financing round, raising $1.2 million in equity and a line of credit with Endless Ventures leading the financing. The round also saw participation from North American funds Endless Ventures and HAguilla Investments.
• The El Salvadoran fintech is recognized for providing SME financing. It offers access to financial services and credit lines to a greater number of SMEs, improving financial inclusion and user experience in the Latin American fintech landscape. The company plans to impact the lives of over 200,000 Salvadorans in the next two years by providing affordable and reliable credit services.
• The funding aims to support DiMO's expansion in the region and contribute to DiMO's mission of promoting financial inclusion and accessibility in El Salvador and Central America.

Meddi Raises $1.7 Million in Seed Funding

• Mexican HealthTech startup Meddi has successfully closed a $1.7 million seed funding round led by European fund Medical Device Resources LTD, along with participation from Grupo CAPEM, Irrazonable, Enlaces, and angel investors.
• Founded in 2018, Meddi operates in the healthcare sector, offering a comprehensive health and wellness solution through its Software as a Service (SaaS) platform. The startup has already benefited over 540,000 people, emphasizing technology, prevention, timely care, and coverage for unforeseen events in its offerings.
• The funds will be used to accelerate Meddi's growth, strengthen its value proposition, and expand its presence in Latin America and globally, prioritizing affordability and accessibility for everyone.

Brinta Raises $5 Million in Seed Funding Led by Kaszek

• Uruguayan startup Brinta, founded in 2023, has secured $5 million in seed funding led by Kaszek.
• The company specializes in tax compliance solutions, automating tax processes to streamline and facilitate compliance in the Latin American market. Brinta converts accounting data into real-time tax filings and electronic invoice generation, catering to a range of clients, including Chilean fintech Xepelin and Uruguayan PedidosYa.
• The funding round also included participation from DST Global Partners, 17Sigma, Broadhavn, and Latitud. Brinta plans to utilize the investment to further develop its solutions and expand its operations in the region, including the Brazilian market.

Moonflow Raises $700,000 in First Financing Round

• Moonflow, a fintech startup has successfully concluded its pre-seed round, raising $700,000. The round exceeded its initial goal and saw participation from major funds in the region, including Magma Partners, Salkantay Ventures, Amador Holdings, and Morro Ventures.
• Moonflow's platform addresses the challenge of debt management with an innovative approach, providing companies with tools for conducting collection processes, including communication infrastructure, payment gateways, and ERP integrations. Moonflow has already established its presence in 10 countries in the region, including Brazil, and serves clients such as Manpower, Galgo, Divibank, and Payjoy.
• The funds raised will be used to acquire new clients and strengthen the capabilities of its collections management platform.

InDrive Launches $100 Million Corporate Venture Capital Division to Boost Startups in Latin America

InDrive, a global mobility and urban services platform, has introduced a Corporate Venture Capital division with an investment budget of $100 million.

Led by entrepreneur and investment professional Andries Smit, the New Ventures division aims to transform the startup landscape, focusing on post-seed and pre-Series A stage startups, particularly in emerging markets like Latin America. InDrive seeks companies with proven products, a focus on social impact, and rapid organic growth.

The initiative is crucial for the developing startup ecosystem in Latin America, which has seen fluctuations in investment but holds significant potential. The division has received over 300 inquiries from venture capital firms and startups, primarily from Latin America.

The move reflects the growing importance of Latin America in the global startup ecosystem, attracting attention from international investors.

Follow our full coverage of the Latin America startup and technology scene and get up to date with what's happening in the key markets within the region.