Quinio is Mexico’s answer to Thrasio. This is an exciting market, and the seed money will likely help this start-up aggregator gain footing in the competitive field.
A new company is entering the crowded e-commerce aggregator space to acquire and scale high-performing Latin American brands selling on MercadoLibre, Shopify or Amazon.
Quinio, a Mexico-based company, announced today it secured $20 million in a debt-and-equity round that will be used to add more than 30 brands to its portfolio.
The company was founded last year by Juan Gavito, Iker Garay and Gavito’s brother, Santiago Gavito. CEO Juan Gavito, who was previously in digital advertising, and Garay have backgrounds in private equity and venture capital, while Santiago Gavito was scaling startups.
“Iker introduced us to Thrasio’s business model and we got excited,” Juan Gavito told TechCrunch. “We thought this is the way to capture value, so we started working on everything from creating the pipeline, team, tools and understanding the specifics of doing the acquisition.”
Quinio isn’t focused on any certain categories, but is going after medium-sized brands that bring in between $100,000 and $20 million in annual revenue. After acquisition, the Quinio team focuses on increasing sales, operations efficiency and optimizing cost structures.
The company will kick off the new year with 10 brands representing $10 million revenue run rate. That has enabled Quinio to realize double-digit growth each month so far. And although the company is initially looking at acquiring 30 brands, Gavito estimates there are 100,000 sellers across Latin America that fit its strategy among a market worth $105 billion.