The Mexican fintech Valoreo announced a $80M Series B funding round led by L Catterton.
The company is a next-generation consumer conglomerate. The fintech acquires small e-commerce businesses and then invests to help scale their platform and operations. Valoreo and the recent unicorn Merama are both brand aggregators but they have different business models.
āWe acquire brands in full and consolidate operations. We are able to add new products, improve the ones that already exist, and even create brands from scratch. Meramaās strategy is to invest in the brand to become partners, keeping the entrepreneur in the businessā, explained Alexander Gruell, co-founder and co-CEO.
The startup has already raised $80M in funding across two rounds in 2021. The fintech is now close to reaching the 1 billion mark. Although Valoreo did not disclose its valuation, Gruell commented that there has been significant growth since the last funding round.
Following the Series A, the Mexican fintech Valoreo made significant team hires in technology personnel.
āWe chose top talent from the region to build the best in class operations and machine technology,ā said co-founder Stefan Florea.
The new funding will enable the company to speed up acquisitions of prominent e-commerce brands in Latin America. The platform will also continue to invest in technology ahead of new expansion plans.
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