Cometa led a USD20m seed round for Quinio, a Mexican e-commerce aggregator, with participation from DILA Capital, GBM Ventures, AlleyCorp, Western Technology Investment and angel Adalberto Flores (Kueski).
(Press Release) – Quinio, a Mexican company dedicated to acquiring and
scaling high-performing Latin American brands, announced the closing of a USD$20
million debt and equity round. The round was led by Cometa, a Venture Capital
firm that invests in high-growth technology companies. AlleyCorp, DILA Capital,
GBM Ventures, Western Technology Investment, and several high-profile
entrepreneurs such as Adalberto Flores, Founder & CEO of Kueski, also participated.
The capital will be used to acquire more than 30 brands and scale the company’s
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 Mercado
Libre or Amazon. Post acquisition, the Quinio team focuses on increasing sales,
making operations more efficient, and optimizing cost structures.
Quinio was founded by Juan Gavito, Iker Garay and Santiago Gavito, who have
extensive experience in e-commerce, marketing, private equity, venture capital,
and building and scaling high-growth companies. Additionally, Quinio has
attracted world class talent from companies like Mercado Libre, Unilever, and Uber,
and has a seasoned software development team with impressive experience
building e-commerce solutions to automate key business decisions.
The team’s experience has allowed Quinio to achieve double-digit growth each
month for its new portfolio of brands. This initial traction underlines the enormous
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 USD$10M revenue run rate, and accelerate its
acquisition pace to establish Quinio as an industry leader.
“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 Juan Gavito, CEO of Quinio.
“Cometa is delighted to join Juan, Santiago, and Iker on their mission to catalyze the
growth of Latin American e-commerce brands. 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.