Mexican startup Quinio, which raised US$20 million last year in a seed round, now announced the closing of a US$40 million round made up of equity and debt, although without disclosing the amounts of each part.
TechCrunch broke the news today, where its CEO, Juan Gavito, said that the company is already profitable, has 100 employees, and expects to close this year with more than US$50 million in annual recurring revenues (revenues that can be counted on in the future for the same period).
The equity portion of the round was led by Northgate Capital, with the participation of Cometa, Dila Capital, AlleyCorp, Western Technology Investment, Alchimia Investments, and angel investors.
Quinio’s strategy is based on buying mid-sized e-commerce brands with an annual turnover of at least US$250 thousand that sell quality products and have a good reputation among buyers. If the brand owners do not want to sell the brand, there is also a partnership option. Quinio says it evaluates the possible businesses to be purchased free of charge. More details are provided on its website.
Quinio already owns several brands in Mexico, Colombia, Chile, and the U.S., in areas such as home, beauty, and health.
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