“Proeza Ventures, the venture-capital arm of Mexican industrial conglomerate Grupo Proeza, is in advanced talks to invest in a local mobile payment enabler, Managing Director Rodolfo Dieck said. The Monterrey-based VC firm expects to close the deal later this month, said the executive. The target specializes in digital data services for the mobility sector, he added. It would be Proeza Ventures’ fifth investment, and its first in Mexico, since launching its inaugural USD 50m fund in January, said Dieck.
The firm, which invests exclusively in startups in the mobility space, expects to announce three to four more deals by year-end, said the executive. It is already in talks with a potential target in Mexico and another one in Germany, he said, without offering further details.
Proeza Ventures prioritizes targets in Argentina, Chile, Colombia, Mexico, Peru, and the US, said Dieck. Around 20% of its fund is reserved for investments in Europe and Israel, he added. The firm, which also has an office in Houston, typically seeks to take part in USD 5m–USD 10m rounds, as reported. It backs startups in five verticals within the mobility space, which cover smart vehicles, electric scooters and mobility-as-a-service platforms like ride-sharing companies.
This news service reported in February that Proeza Ventures expected to announce the first three investments from its USD 50m fund in 1H20. It expects to invest in a total of 12 to 15 startups over a three-year period, the report added. Last month, it invested an undisclosed amount in Forager, a Chicago-based cross-border truckload logistics and technology company, said Dieck. The rise in e-commerce transactions due to COVID-19 has created a huge demand for delivery services and made ground transportation solutions a more attractive investment opportunity, he noted.
Proeza Ventures also considers investments in last-mile delivery platforms as well as domestic long-haul solutions, said Dieck. Logistics “is a really hot sector,” he noted. The firm has closed three other investments: Los Angeles-based electric vehicle manufacturer Xos, San Francisco-based location technology provider Bluedot, and Pittsburgh, Pennsylvania-based autonomous trucking technology platform Locomation, said Dieck.
It also manages at least two legacy assets it inherited from Grupo Proeza, including Cambridge, Massachusetts-based auto parts manufacturer Indigo Technologies and Menlo Park, California-based mobility fund Autotech Ventures, as reported. Mexico City-based CVC firm Liil Ventures, which also focuses on mobility investments, is scouting for opportunities in the mobile payments space, this news service reported last week.
Author: Dominic Pasteiner