The Mexican e-commerce aggregator Quinio raised $40M in equity and debt. The equity was provided by Northgate Capital, Cometa, Dila Capital, AlleyCorp, Western Technology Investment, Alchimia Investments, and angel investors.
Quinio’s business model is similar to Merama’s, a Mexican unicorn startup. Quinio acquires, operates, and builds e-commerce brands created by local entrepreneurs that have growth potential.
The e-commerce industry is shifting after two years of unprecedented online shopping and as shopping habits move closer to what they were pre-pandemic:
“This shift created a more challenging environment for e-commerce aggregators who benefited strongly from the rapid acceleration seen during 2020 and 2021 (…) We expect the market to settle down a bit during this year and get back to pre-COVID growth rates for 2023,” Juan Gavito, Quinio’s CEO explained.
Quinio continued to grow in this context. The company currently operates with 100 employees and owns brands in Mexico, Colombia, Chile, and the U.S., in home, beauty, and health areas. Quinio is also expecting to end 2022 with $50M in annual recurring revenue.
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