Mendel raises $60M to consolidate its offer in the Mexican market

via Victory Park Capital

November 7th, 2022

Mendel is the B2B spend management company revolutionizing the way corporates manage expenses and make payments. The startup, founded in 2021 by Alejandro Zecler, Alan Karpovsky, Helena Polybank and Gonzalo Castiglione; raised a debt and financing round of $60M led by Industry Ventures, Infinity Ventures and Victory Park Capital.

The new investors who led this round joined existing investors ALLVP, Infinity Ventures and Better Tomorrow Ventures who participated in the company's $35M Series A round during late 2021.

The fintech industry worldwide is still playing catch-up regarding female participation. On that note, Helena Polybank, CPO of Mendel, shared the following:

"This financing round not only represents a major milestone for Mendel, but also as an inspiration for women in the technology sector. I hope that by sharing this success story I’d be able to empower entrepreneurs though my mindset of “it is possible if you really want it.”

Gonzalo, Alan, Alejandro and Helena, co-founders of Mendel

Alan Karpovsky, shared insights on the relevance of Mendel's product in today's market:

Mendel’s new round is an important statement for the Mexican Fintech market, since it reaffirms the huge potential that still exists in this sector. “It is evident that there is a pressing need from companies like Mercado Libre, FEMSA, or AB InBev (Grupo Modelo) to find a strategic partner that supports them in their path to financial digitalization. The good news is that Mendel is the right partner for this journey,” Karposvky added.

Check out the full press release here.