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The Mexican company Quinio announced the closing of a US$20 million equity and debt round, which was led by Cometa. Quinio is dedicated to acquiring e-commerce companies to improve their online presence.
Also participating in the round were AlleyCorp, DILA Capital, Western Technology Investment, GBM Ventures, Bridge Partners and Adalberto Flores, founder and CEO of Kueski.
Quinio announced that the new capital will be used to acquire more than 30 brands in Latin America and expand the company’s team.
Quinio’s CEO and co-founder, Juan Gavito, says that the e-commerce market in Latin America is the fastest-growing, reaching US$105 million a year. For this reason, the company wants to encourage entrepreneurs to grow their businesses.
The company, which is also founded by Iker Garay and Santiago Gavito, has a strategy similar to Merama’s: to acquire medium-sized brands, with an annual turnover of approximately US$250k, to position “unique products” as best sellers. The sales focus is their own websites, as well as Mercado Libre, or Amazon.
When Quinio acquires a brand, they implement strategic actions to make them efficient, increase sales and optimize cost structures.
In this way, the Mexican company claims that the companies it has acquired are maintaining double-digit monthly growth.
Thus, with their new funds, Quinio wants to start 2022 with 10 brands in its portfolio and a US$10 million revenue run rate. The company expects to accelerate its pace of acquisitions and consolidate its position as a leader in Latin America.
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