Business

Mexican e-commerce aggregator Quinio closes $20 million seed round

The company will use the capital injection to acquire more than 30 brands and scale their operations

quinio startup
From the left: Santiago Gavito, Juan Gavito and Iker Garay: Quinio founders. Photo: Courtesy

Dedicated to acquiring and scaling high-performing Latin American brands, Mexican startup Quinio announced a $20 million debt and equity round. The seed round was led by venture capital firm Cometa, AlleyCorp, DILA Capital, Western Technology Investment, GBM Ventures, Bridge Partners, and entrepreneurs such as Kueski’s CEO, Adalberto Flores, also participated.

The company will use the capital to acquire more than 30 brands and scale its team. Quinio’s strategy is to acquire medium-sized brands that have unique, “best seller” products and that are focused on selling online through their website, or marketplaces such as Mercado Libre or Amazon. Post acquisition, the Quinio team focuses on increasing sales, making operations more efficient, and optimizing cost structures.

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Founded by Juan Gavito, Iker Garay and Santiago Gavito, Quinio combines its team’s know-how in e-commerce, marketing, private equity, venture capital, scaling high-growth companies with software development to automate key business decisions.

The Mexican company has achieved double-digit growth each month for its new portfolio of brands. This initial traction underlines the growth potential for acquired companies that have the right combination of expertise, technology, and capital. The company will begin 2022 with a portfolio of 10 brands, which represents a $10 million revenue run rate, and accelerate its acquisition pace. The goal is to establish itself as an industry leader.

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“We are excited to participate in the fastest growing e-commerce region in the world. The Latin American market is worth $105 billion and continues to grow at impressive rates. We estimate that there are over 100,000 sellers that fit our investment thesis, and that number is increasing every day. This makes it the perfect time to build on our momentum and help sellers grow their businesses or capitalize on their success,” said Quinio’s CEO, Juan Gavito.

“In the few months since it launched, Quinio has been gaining traction and already has surpassed our expectations. We are confident that the team is well positioned to take advantage of the enormous e-commerce potential in the region”, added the Cometa team.

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