Mexican startup Pacto, a point-of-sale (POS) platform with integrated payments for restaurants and bars, announced a $4 million seed round led by DILA Capital.
The capital will be used to increase its engineering, product development, and customer service teams.
Venture capital funds FEMSA Ventures, 500 Global, August Hill, Polymath Ventures, and Georgetown Angel Investor Network also participated in the round, and angel investors, including Francisco Medina of Grupo Fame.
Ryan Croft, CEO and co-founder of Pacto, told Contxto that the new resources will allow them to strengthen their team and that they expect to grow in clients in the coming months. “We aim to support the growing client base and continue to innovate,” he said.
Pacto founded in 2021 by Ryan Croft, Gordon Whitehouse, and Rodrigo Kuri, operates under the Software as a Service (SaaS) model.
Croft explained that the company is aligned with the incentives of acquirers and seeks to digitize the payment chain through a platform that is the control point for the daily operation of restaurants and bars.
Also, with their platform, it is possible to control operations through any device with the internet, have access to real-time reports and take orders.
With the new round, Pacto already has total financing of $6 million. It also has an alliance with Getnet Mexico, Santander’s collections and services platform, with which it seeks to strengthen its presence in Mexico and accelerate the startup’s growth efficiently.
Croft added that for now, they want to gain market share in Mexico since, according to the National Chamber of the Restaurant Industry (CANIRAC), there are about 640,000 restaurants, most of which operate “the old-fashioned way”, with paper and pencil.
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