Mexican startup Pacto, a point-of-sale (PoS) platform with integrated payments for restaurants and bars, announced a $4 million seed round led by DILA Capital, a Mexico-based VC, that focuses on early-stage investments in technology-driven companies in Mexico and Latin America.
Launched in 2021 and founded by Ryan Croft, Gordon Whitehouse, and Rodrigo Kuri, Pacto operates under the Software as a Service (SaaS) model, with an aim to create an easy-to-use, reliable, and affordable point of sale (PoS) system for small and medium-sized businesses in Latin America.
With its cloud-based software and a range of payment options, Pacto enables restaurants and bars to manage their operations efficiently and grow their revenue and tips. The startup aims to make its digital tools accessible to the country's restaurant industry of about 640,000 restaurants, most of which operate "the old-fashioned way," with paper and pencil.
According to the CEO and co-founder of Pacto Ryan Croft, the new resources will allow them to strengthen their team and grow their client base in the coming months. It will also foster their plans to develop market-leading products and win the Mexican point-of-sale market for the restaurant industry.
The round also witnessed participation from Venture capital funds FEMSA Ventures, 500 Global, August Hill, Polymath Ventures, Grupo Fame (Mexico), Georgetown Angel Investor Network, and a slew of other angel investors.
This latest round brings Pacto's total financing to date to a total of $6 million. The 20-month-old restaurant tech startup had previously announced a $2 million pre-seed round in April 2022.