Mexican startup Pacto, a point-of-sale (POS) platform with integrated payments for restaurants and bars, announced a US$4 million seed round led by DILA Capital. The capital will be used to increase its engineering, product development, and customer service teams.

Venture capital funds FEMSA Ventures, 500 Global, August Hill, Polymath Ventures, and Georgetown Angel Investor Network also participated in the round, and angel investors, including Francisco Medina of Grupo Fame.

Ryan Croft, CEO and co-founder of Pacto, told Contxto that the new resources will allow them to strengthen their team and that they expect to grow in clients in the coming months. “We aim to support the growing client base and continue to innovate,” he said.

Pacto, born in 2021 and founded by Ryan Croft, Gordon Whitehouse, and Rodrigo Kuri, operates under the Software as a Service (SaaS) model, which is usual for this type of business.

Ryan Croft, CEO and co-founder of Pacto

Croft explained that the company is aligned with the incentives of acquirers and seeks to digitize the payment chain through a platform that is the control point for the daily operation of restaurants and bars. Also, with their platform, it is possible to control operations through any device with the internet, have access to real-time reports and take orders.

“We want to improve the efficiency and profitability of gastronomic businesses through a comprehensive platform,” he said.

With the new round, Pacto already has a total financing of US$6 million. It also has an alliance with Getnet Mexico, Santander’s collections and services platform, with which it seeks to strengthen its presence in Mexico and accelerate the startup’s growth efficiently. “We hope to reach at least 1,500 restaurants,” said Croft.

Asked about its current clients, the company did not disclose how many it has or provide any names of clients currently working with them. 

Croft added that for now, they want to gain market share in Mexico since, according to the National Chamber of the Restaurant Industry (CANIRAC), there are about 640,000 restaurants, most of which operate “the old-fashioned way”, with paper and pencil. 

 

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