Clara, the Mexican expense management unicorn for companies in Latin America, announced the closing of a $60 million investment round led by GGV Capital.
Clara also announced that Hans Tung, Managing Partner of GGV, has joined the startup’s Board of Directors.
The capital received will be used to promote the technological development of the digital payment and expense management platform, in addition to consolidating its market leadership in the region in a challenging environment for startups around the world due to the 54% drop in risk investments or venture capital, according to data from the firm CB Insights.
Other new partners have participated in the round such as Acrew Capital, Citius, Citi Ventures, Endeavor Catalyst, Ethos, Commerce Ventures, Goanna Capital, Bayhouse Capital, Fluent Ventures, and LAGO Innovation Fund.
Also joining the round are current Clara investors such as Monashees, Coatue, Picus Capital, DST Global Partners, Alter Global, General Catalyst, and more than a dozen angel investors.
In August 2022, Clara announced that she obtained a credit line from Goldman Sachs for US$150 million, in a year in which Latino startups resorted to this type of financing due to the caution of risk investors due to high rates. of interest.
Clara received this mega round of capital at a time when, specifically in Mexico, the amount of venture capital investments fell 60.83% in the first three months of 2023, to reach $154 million, based on the platform of Transactional Track Record (TTR) analysis.
With more than two years of operations in the Latin American markets, Clara has secured $160 million in equity financing and reports more than $5 million of credit card transactions equal to $1 billion at an annualized rate.
Today the startup reports that it works with around 10,000 companies in Latin America, which use Clara’s suite of products to automate and simplify their daily operations.
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