Konfío, a technology company aimed at boosting the growth and productivity of companies in Mexico, has closed a $110 million extension of its series ‘E’ capital raising round at a $1.3 billion valuation.
This completes Konfío’s Series E round for a total of $235 million. Konfío, founded and led by David Arana, will use the funds to primarily expand its platform offer in Mexico, and to boost the market reach of Konfío’s payments solutions and business tools. Konfío’s use of capital has become increasingly efficient as the number of funding options has continued to increase, and funding terms improve on the back of Konfío’s track record. Additionally, Konfío will continue to be on the look-out for acquisition and integration opportunities that will help consolidate Konfío’s offer as the operating system of choice for SMEs in Mexico.
The round extension was co-led by Tarsadia Capital and QED Investors, and was joined by existing Konfío shareholders Softbank, VEF, Kaszek Ventures, IFC, and Lightrock. The investors’ support reflects strong belief in Konfío’s team, Konfío’s achievements so far and the immense potential and unique opportunity the Mexican SME sector offers to be served better.
“Small and medium sized businesses are the economic engine of Mexico, accounting for 88 per cent of private sector employment,” says Ravi Bellur, Portfolio Manager at Tarsadia Capital. “Konfío’s platform of merchant solutions helps its clients improve profitability and productivity and, over time, will be a meaningful driver of GDP growth, increased economic formality, and financial inclusion. We are inspired by management’s mission to empower these owner-operators and their employees.”
Read more/Source: Private Equity Wire
