Though the financial details of the acquisition have not been revealed, we have been assured that both sides were very pleased with the deal. The acquisition represents 500 Startups’ second landing in Latin America, the first being in Brazil.
When we were last in touch with Mexican.VC’s César Salazar just a few weeks ago, he was optimistic about the future of the organization, noting the continued success of many of its startups. Notably, he mentioned that two companies accelerated by Mexican.VC had moved on to work with 500 Startups – something that tells us the idea of the acquisition was already floating about.
The seeds for the buy were likely planted in May with Geeks on a Plane’s Latin American tour, the Mexican leg of which was hosted by Mexican.VC and Salazar. There, it’s likely that 500 Startups head Dave McClure did a fair share of exploration of the Mexican technology ecosystem and Mexican.VC’s involvement in it.
César Salazar of Mexican.VC spoke with PulsoSocial’s Maca Lara-Dillon about the acquisition – the video of which you can see below. He indicated that, in light of this acquisition, Mexican.VC will look towards accelerating 60 startups over the next 24 months (a tall order considering its first acceleration class consisted of seven enterprises). Mexican.VC will also take just 10% equity from its accelerated startups as opposed to the 15% it required before.