Quinio, a Mexican e-commerce aggregator startup has closed a $40 million equity and debt round to acquire more brands in Latin America.
- The equity portion of the round was led by Northgate Capital, bringing the total amount raised by the startup to $40 million, after a $20 million seed round last year.
- Launched in 2020 by Juan Gavito, Santiago Gavito, and Iker Garay, Quinio acquires, operates, and builds consumer-packaged e-commerce brands across Latin America.
- It focuses on brands in the areas of home and kitchen, beauty and personal care, baby, health and household items. It already owns and operates several brands that have a presence in Mexico, Colombia, Chile and the U.S.
- Latin America’s e-commerce market continues to be one of the fastest-growing regions in the world and is expected to grow over 50% by 2025. The startup expects to rake in over $50 million in annual recurring revenue by the end of 2022 as its brands are reporting solid growth while gaining a regional presence.
- According to the CEO, Quinio is a profitable company with over 100 employees and is growing rapidly. Adding that it will use the funding to acquire, operate and boost more brands in Latin America.