Payment startup Parco from Mexico wraps up undisclosed investment round led by Redwood Ventures

Contxto – Payment startup Parco just parked it. Where? Well, where else other than Redwood Ventures’ portfolio, of course. For how much? For an undisclosed amount, according to a recent press release.

Others joining Redwood on this occasion were Polígono Capital and past angel investors. Moreover, this startup from Guadalajara now accompanies Gurú de Viaje, Troquer, Yotepresto, among others, as part of Redwood Ventures’ startup community.

Regardless of the actual investment amount, it looks like leadership at Parco will be using these funds to expand its business throughout key Mexican cities and abroad. For Ian Paul Otero, a managing partner at Redwood, he’s confident that Parco will succeed in its mission.

“We’re certain Parco can position itself as a leading digital payment platform,” said Otero. “Parco is making the industry evolve and we’re excited to invest in a team that’s shown its ability to achieve excellent results so quickly. We’re proud to be part of Parco’s growth and help them in their expansion and consolidation process.”

Payment solution

Parco realizes that paying for parking can be a real pain, especially if your head’s in the clouds and you forget the parking pass in your car. Or worse, you don’t have enough change to pay the valet.

To solve these inconveniences, this startup from Jalisco began operations in 2017 to facilitate payments for parking and valets at various restaurants. Just use Parco’s app to scan the QR code on the token you’re given once you’re ready to pay. The platform completes transactions through users’ credit or debit cards and voila, you’re good to go.

According to Parco’s website, if users don’t have access to electronic payment methods, there’s another alternative with the Parco Wallet. This prepaid option allows customers to make cash payments at the nearest OXXO (the Mexican equivalent to 7Eleven) to replenish accounts.

However, Parco goes beyond just parking. Thanks to its flexible integration model, the app can rapidly connect clients to various nearby services. Specifically, transaction solutions for over 30 services are available over the platform. Some of these include prepaid phone plans, electricity bills, cable TV, and more.

Such versatility certainly attracted investors to Parco.

For Redwood and company, it means Parco is a highly scalable business with low operational costs. Now this, dear readers, is the essence of what investors love about tech-based startups.

-ML