Mexico has become a great location for startups, especially those operating in the tech industry. It was ranked second in Latin America in terms of entrepreneurial ecosystems in the beginning of 2024, jumping two spots from the year before. Globally, Mexico is now 37th in the world.
According to research conducted by PWC, venture capital investment in Mexico has increased by four times since 2017 and there are also significantly more new companies emerging every year.
Mexico City, Guadalajara and Monterrey are the top three cities in the country in terms of numbers of startups and investors. However, while investors are increasing, most startups still receive small amounts of investment from family and friends. Indeed, while the landscape certainly is improving dramatically and quickly, Mexico still has a way to go.
As of the beginning of 2024, Mexico City now has a total of eight unicorns.
Top 6 Unicorns in Mexico
After the country’s massive increase in venture capital in 2019, Mexico finally became home to its first-ever unicorn. Kavac achieved its $1 billion status in 2020 after having received a funding injection of $400 million.
The industries in Mexico with the highest growth rates are beauty and wellness; transportation and mobility; agriculture; information technology; financial services; and business services.
Here are the top 6 unicorns in Mexico.
1. Kavac: $8.7 Billion
Kavac, launched in 2016, is Mexico’s most successful unicorn as of 2024, and it currently has a valuation of $8.7 billion. Founded in Lerma de Villada by Carlos Julio Garcia and Roger Laughlin, the business has been through six funding rounds and has a total of 24 investors.
Kavac is an online marketplace for buying and selling used cars, providing users with a real-time trading platform that can be used from anywhere. The service also provides additional functions, including collection, delivery and some financing options.
2. Bitso: $2.2 Billion
Bitso is the developer of an online platform that allows for the exchange of Bitcoin and the trading of other cryptocurrencies. Users can use the exchange marketplace to buy any amount of crypto and make payments by means of their cell phones.
Having been through nine funding rounds and a total of 20 investors, Bitso has about 630 employees. The company was founded by Ben Peters, Daniel Vogel and Pablo Gonzalez in Mexico City in 2016, and today, it’s worth $2.2 billion.
3. Clip: $2 Billion
Clip is a digital payment platform that is designed to assist businesses increase sales and ultimately, growing their businesses. The platform allows for payments to be accepted from all types of credit and debit cards and contactless technology. It avoids monthly fees and minimal sales, making the process easier for businesses with fewer hoops to jump through.
Founded in Mexico City in 2012, Clip was founded by Adolfo Babatz and Vilash Poovala and has now been through a total of 10 funding stages and has 30 different investors. Having received a total of just under $400 million, Clip now has about 800 employees.
4. Konfio: $1.3 Billion
Konfio, valued at $1.3 billion, is the developer of an online lending platform designed to offer micro-business loans. It offers a service that is designed to complement traditional financial analysis. It gives clients access to credit options by combining data and technology to measure their credit scores.
The aim is to help people who often aren’t able to receive loans and other services from traditional banks, helping them grow their businesses when they otherwise may not have been able to.
The business was founded by David Arana and Francisco Sanchez in 2013. Based in Mexico City, Konfio now has about 800 employees and 16 different investors.
5. Stori: $1.2 Billion
Stori was founded by Bin Chen, GY Liu, Manuel Medina, Marlene Garayzar, Nick Chen and Sherman He in 2011, and today, it’s worth $1.2 billion.
The company is the developer of a tech-driven financial platform that provides credit, investment, deposit and payment services to clients. It does so by means of a unified mobile application.
Stori makes use of advanced technology to simplify and secure financial management which allows users to save, borrow and invest all from a single platform.
6. Merama: $1.2 Billion
Merama was founded in 2020 by a team of Felipe Delgado, Guilherme Nosralla, Olivier Scialom, Renato Andrade and Sujay Tyle. The company has received $450 million worth of investment and 10 different investors.
Launched in Lomas de Chapultepec, Merama is an e-commerce platform. It partners with the sellers of e-commerce products. The startup has 10 different investors, about 200 employees and is now valued at $1.2 billion.
