Weekly Tech Pulse
Mercado Libre Becomes the Most Valuable Company in LATAM, Aviva secures a $5.5M Seed Round and Neon nabs $25M Microsoft investment.
US & International Startup & Tech News
Database startup Neon nabs a Microsoft investment
Neon, a startup developing an open-source AWS Aurora Postgres alternative, secured a $25 million investment from Microsoft's M12. The funds will boost R&D, expand Neon's Azure presence, and enhance database features. Founded in 2021, Neon offers easy Postgres management and has grown rapidly, thanks to demand for AI application databases. With a total of $130.6 million in funding, Neon aims to increase its workforce and engineering efforts.
Source: Tech Crunch
Clara - Better home care for seniors
Clara is an AI-powered home care marketplace that matches families with vetted caregivers, simplifying hiring processes. It handles payroll, taxes, and insurance, offering a cost-effective, legal alternative to traditional agencies. By enhancing care quality and caregiver compensation, Clara serves the rising demand for affordable in-home care while reducing caregiver turnover, benefiting both families and caregivers.
Source: YCombinator
Sequoia-backed Knowde raises Series C at a valuation cut
Knowde, an online marketplace for chemicals and polymers, has raised $60 million in a Series C round, valuing the company at over 20x ARR but below its previous $500 million valuation. The round included new investors Blue Cloud Ventures and Point72 Private Investments, alongside existing backer Sequoia. This brings Knowde's total funding to over $150 million since its launch in 2017. Founded by Ali Amin-Javaheri, who has deep industry roots, the company now features over 8,000 suppliers and collaborates with major brands like Unilever, Johnson & Johnson, and P&G.
Source: TechCrunch
Anduril raises $1.5B at a $14B valuation
Anduril, a defense tech startup founded by Palmer Luckey, has secured a $1.5 billion funding round, boosting its valuation to $14 billion. The company aims to disrupt the defense industry by leveraging a Silicon Valley approach to innovation and recently won a contract with established firms to develop unmanned fighter jet prototypes. The new funding will support the expansion of its Arsenal manufacturing platform for autonomous military systems. Co-led by Founders Fund and Sands Capital, this funding round marks a significant leap from Anduril's previous valuation of $8.5 billion, establishing the company as a serious contender in the defense sector.
Source: TechCrunch
LATAM Startup & Tech News
Aviva Raises $5.5 Million in Seed Capital to Boost Expansion in Mexico
Aviva, a phygital financial platform, has announced that it has secured a $5.5 million seed round with participation from Krealo, Ignia Partners, Carao Ventures, Rainforest Capital, DCG, and other current investors. With this investment, Aviva plans to expand its portfolio to over 500 million pesos and enhance its suite of products for individuals and micro-businesses. Additionally, the company aims to increase its presence in more than 50 cities by the end of the year. Aviva, founded in 2022, focuses on offering financial services to Mexicans in the informal sector through an innovative conversational credit application.
Mexican fintech Stori to broaden offerings with fresh $212 million funding
Stori, a Mexican fintech startup focused on serving unbanked individuals, has successfully raised $212 million in funding. This investment will launch new products and expand its current offerings. The largest funding round announced by a Mexican startup in the past year consists of $105 million in equity and $107 million in debt. Stori provides credit cards with limits starting at 500 pesos, savings account with a 15% yield and has plans to offer investment services. With a customer base of over 3 million individuals, Stori aims to solidify its position as a leading fintech company in Mexico.
Bitso Business and PMI Forge Alliance for Remittances from the U.S. to Mexico
Bitso Business and PMI have formed an alliance to integrate Bitso's blockchain-based payment infrastructure with PMI's cross-border payment solutions, providing a more efficient channel for money transfers from the U.S. to Mexico. This collaboration aims to set a new standard of efficiency and accessibility in cross-border payments, benefiting many Mexicans who send and receive remittances. In June, Bitso Business managed over 10% of the total remittance volume in the Mexico-U.S. corridor, highlighting the potential impact of this partnership.
Mercado Libre Becomes the Most Valuable Company in Latin America
Mercado Libre has become the most valuable company in Latin America, achieving a market capitalization of $93.25 billion after its shares surged 12% following the announcement of strong second-quarter results. The company reported a net profit of $531 million, significantly exceeding analysts' expectations, and a 42% increase in revenue to $5.1 billion. This milestone coincides with the company’s 25th anniversary, highlighting its growth and dominance in the region’s e-commerce and digital payment sectors.
Ranking of the Most Valuable Companies in Latin America:
Mercado Libre: $93.25 billion
Petrobras: $87.386 billion
Walmart Mexico: $58.149 billion
Itaú: $56.649 billion
NU: $55.170 billion
América Móvil: $50.657 billion
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