Zebeth Media Solutions

Mexico

Perfekto bags $1.1M to find homes for imperfect produce in Mexico • ZebethMedia

Over a third of food ends up wasted across the globe, with 6% of that occurring in the Latin America and Caribbean regions. Among that waste, the majority of it, around 70%, occurs prior to the consumer stage. This is where Perfekto believes its subscription box of imperfect food can help. Launched in 2021, the Mexico-based company works with over 70 producers to “rescue” food and delivers it to consumers. Subscribers used to get a “surprise box,” but can now personalize their box and choose how much of each type of produce they want. On the backend, the company developed software that automates routing and logistics. In the past year, the company was part of Y Combinator’s summer 2021 batch, grew to over 3,000 active monthly subscribers and reached $1 million in annual run rate, Jan Heinvirta, co-founder and CEO, told ZebethMedia. Subscribers average two boxes per month. “We saw an expensive problem that needed urgent solution,” he added. “We felt like it’s time to do this because no more time should be wasted. We also saw a trend going in the direction of consumers being more responsible.” It’s an expensive problem indeed, with the cost of food waste estimated to be around $940 billion each year. And that’s while 9.7 million people across Latin America have food insecurity. Add to that, grocery delivery businesses in the business-to-consumer space are traditionally a capital-intensive business. Even highly venture-backed companies find it difficult to reach profitability. Heinvirta said it is possible to build a grocery delivery business with positive unit economics. Since December, Perfekto also grew over 10x across all key performance indicators and rescued 1 million pounds of produce. “We have been very capital efficient, reaching $1 million in ARR having spent less than $1 million,” he added. “This is possible thanks to our subscription model, efficient logistics model and strong organic growth.” Heinvirta, who grew up in a Swiss farmer village and has a background in financial services, moved to Mexico and met Anahí Sosa, the daughter of a citrus producer who told ZebethMedia that she saw how imperfections affected her father’s business. She went on to lead Uber’s grocery initiative in Latin America and later helped launch Cornershop in Costa Rica. Together Heinvirta and Sosa, chief operating officer, started Perfekto. They recently brought on Juan Andrade as the third co-founder and chief supply chain officer. Andrade was a logistics advisor to the company since it started and previously led Walmart’s e-commerce logistics operations in Mexico. Perfekto co-founders Jan Heinvirta, Anahí Sosa, and Juan Andrade (Image credit: Perfekto) The company is among a group of startups that want to save produce and other food from ending up in landfills. Today, it announces $1.1 million in pre-seed funding to expand its program across Mexico City. Over the past year we’ve seen a number of them also get venture capital backing for their approaches. For example, Full Harvest raised $23 million in Series B funding at the end of 2021 for its business-to-business marketplace that connects produce buyers and sellers so they can quickly close deals on surplus or imperfect crops. “We have a lot of interest from other cities, and I can certainly plan our international expansion, but we’re focused on Mexico City right now because it is so big,” Heinvirta said. “We plan to reach $2 million in annual run rate within the next six to eight months, and there is an opportunity to grow as much as we can.” Perfekto is also looking at some new opportunities beyond fruits and vegetables and is working with large consumer packaged goods companies that are interested in partnering to reduce food waste for other items that have a short shelf life or damaged packaging. There is also increased interest coming from businesses that are subscribing to a box of fruit each week, he added. The company just launched a crowdfunding campaign, but in the meantime, Heinvirta intends to plug the new capital into three areas: improve operations and technology, expand its catalog of products to offer customers more variety and growth in the B2B space.

Mattilda wants to take over payment collection for Latin America’s private schools • ZebethMedia

Digital payments are gaining momentum in Latin America, and startups like Mexico-based mattilda are putting their spin on streamlining financial and administrative processes for private schools while also offering credit backed by future school fees. The company was founded in 2022 by José Agote, Jesús Lanza, Juan Pablo Bravo, Adrián Garza and Ileana Gómez. Agote, Lanza and Bravo all previously worked together at Lottus Education, a university-focused educational platform in Mexico. It’s forecasted that cashless payments in Latin America will double by 2030. Debit cards are used a majority of the time, with cash a close second, according to reports. Most schools accept bank transfers and debit card payments, but are not set up for those to be made other than by driving over to the school with a card in hand. Schools also do not have an easy way to see who was still missing payments, CEO Agote said. It was while at Lottus that they saw how difficult it was for private schools to perform collections and get financing. In the United States, most private schools charge per semester. Parents can take out loans to pay for school in advance and the bank will assume the risk rather than the school. In Latin America, many of the payments are month to month, and if payment is not made, the school is the one to spend time contacting parents to collect that payment. “There is a fault in the system with schools nowadays and they’re painfully aware of it,” Agote told ZebethMedia. “The main problem is that these collection cycles are much longer than what people expect.” He explained what ends up happening is that, on average, 20% of the parents don’t pay by the due date and the school spends the next part of the month, if not more, trying to collect. For example, a school with 300 students will send 300 invoices then have to send out 300 follow-ups while also reconciling 300 payments each month. Here’s where mattilda comes in: the company provides a SaaS tool that enables parents to get a personalized payment link via email or WhatsApp and can then make tuition payments in a number of ways, including debit cards, credit cards, bank transfers and flexible credit lines, in seconds. Mattilda also manages communication with students’ families while also offering a hub for parents to easily access relevant documents and information pertaining to payments. In addition, it offers loans to schools based on their future school fees. “It’s hard for schools to get loans because banks will never execute on those assets,” Agote said. “There’s a lot of opportunity for investment in education, and no one is providing capital to these institutions, or if they are, they’re charging ridiculous rates like 30%.” Rather, Agote said mattilda is comfortable advancing the tuition payments, which means the company takes on the risk if payment is not made, but gets compensated through the advancement when they do. It is also charging cheaper lending rates, around 18% to 20%, than the banks. In addition, the company makes money on the receivables, which it buys for below face value, he added. So far, mattilda is working with 17 schools accounting for some 9,000 students, which Agote said will become 24 schools and close to 14,000 students as of November 1. Schools using mattilda average an 85% collection rate, versus the market standard rate of 70%, which he attributed to the removal of barriers to make the payment. Helping private schools with their payments is an area where startups are blooming across Latin America. Earlier this month, we reported on Argentina-based Fidu, which raised $5 million and is working with 1,000 schools. Its approach, as Natasha Mascarenhas reported, is to “build a new operating system for LatAm schools so that institutions can digitally manage everything from finances to school-wide announcements.” The company is also the latest to secure capital, raising $10 million in seed funding led by FinTech Collective. Also participating in the round was a group of investors including DILA Capital, QED Investors, GSV Ventures, Picus Capital, Emerge Education, SMP and Xochi Ventures. Carlos Alonso-Torras, head of emerging markets at FinTech Collective, told ZebethMedia via email that he heard about mattilda through an angel investor friend that had been one of the first checks in. What stood out to him initially was the “quality of the founding team.” He decided to invest when he saw how well the team was able to recruit some key hires and were responsive to recommendations on how to improve in skillset areas where they were weaker. “On the back of Lottus Education’s success, they have a unique level of nuance in their understanding of the education space, and a powerful network that can result in partnerships conducive to hyper scaling in Spanish-speaking Latin America — several are already in place,” Alonso-Torras said. “Furthermore, they are very knowledgeable of the higher education space, which opens a frontier, so to speak, that other models in LatAm within this vertical haven’t successfully tapped into yet.” Mattilda intends to deploy the new funds into expansion into other Spanish-speaking countries in Latin America, lending to schools and development of new products. Agote said there are more than 5 million students in Mexico accounting for $15 billion in tuition, so the company has a long way to go as it works to target over 30,000 schools. There are also plans for creating a marketplace so schools can find better prices for items like laptops, uniforms lab and sports equipment and even desks and blackboards. “We’re still scratching the surface in terms of penetration in Mexico and the marketplace,” he added. “We have those two different verticals we are targeting for the future of the company, and I think we can pursue both at the same time.”

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