Press Release: Pacto Closes US $4 Million Seed Funding to Grow Restaurant Point of Sale and Payments Software in Mexico City
Pacto, a leading point of sale (POS) software and payments company based in Mexico City, announced today that it has raised US$4 million in seed funding led by DILA Capital, a Mexico-based venture capital firm.
The round also saw participation from US and Mexico funds FEMSA Ventures, 500 Global, August Hill, and new investors Polymath Ventures (Colombia), Grupo Fame (Mexico), Georgetown Angel Investor Network, and angel investors with deep restaurant and hospitality tech experience.
Pacto was founded in 2021 by experienced entrepreneurs Rodrigo Kuri, Gordon Whitehouse, and Ryan Croft with a vision to create an easy-to-use, reliable, and affordable point of sale (POS) system for small and medium-sized businesses in Mexico.
With its cloud-based software and a range of payment options, Pacto is helping restaurants and bars manage their operations and grow their revenue and tips. The platform is simple, intuitive, and provides a seamless checkout experience for customers.
“We’re thrilled to have the support of a deep group of investors across Latin America and the US who share our vision for making digital tools more accessible and efficient for small merchants,” said Ryan Croft, co-founder and CEO of Pacto.
“This funding will allow us to accelerate our growth and continue to develop market-leading products that help our merchants grow their business.” “With this new funding, we plan to win the Mexican point of sale market for the restaurant industry,“ said Rodrigo Kuri, Pacto co-founder.
In October 2022, Pacto announced a strategic commercial and distribution partnership with Getnet, a leading merchant acquirer in Mexico and various markets across Latin America. With the alliance, Pacto fully integrated payment processing by Getnet Mexico into a bundled offering for merchants. Today, Getnet is the acquiring bank for over 15,000 restaurants in every region of Mexico.
DILA Capital, the Mexico-City based lead investor in Pacto’s seed round, is a venture capital firm that focuses on early-stage investments in technology-driven companies in Mexico and Latin America. In January, DILA announced the close of their US$115 million Fund IV. Their portfolio includes Ben & Frank, Cobee, Crehana, Fairplay, Incode, Kushki and Mattilda.
“We believe that Pacto has the potential to transform the way businesses in Mexico and beyond manage their operations and serve their customers. We’re excited to support the team as they continue to innovate and expand their reach,” said the DILA Capital team.
FEMSA Ventures is the corporate venture capital arm of FEMSA, a publicly listed Mexican beverage and retail conglomerate. 500 Global is one of the most active venture capital firms worldwide, specializing in early-stage startups.
“This new investment allows us to double down on engineering, product development, and customer success to support our growing customer base,” said co-founder Gordon Whitehouse.
With this seed raise, Pacto has raised US$6 million of outside funding to date. The 20- month-old restaurant tech startup previously announced a US$2 million pre-seed round in April 2022.
Photo courtesy of Simon Kadula.
Source: Payments Dive (link opens in a new window)
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