Pacto, is a Mexico City-based point-of-sale (POS) platform with integrated payments for restaurants and bars. The startup was founded in 2021 by Ryan Croft, Rodrigo Kuri, and Gordon Whitehouse with the vision of creating 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 variety of payment options, Pacto helps restaurants and bars manage their operations, and increase their revenue and tips, through a simple and intuitive platform that offers a seamless payment experience for the clients.
The startup recently announced that it has raised a USD $4M seed round led by venture capital firm DILA Capital with the participation of FEMSA Ventures, 500 Global, August Hill, Polymath Ventures and the Georgetown Angel Investor Network, as well as angel investors with extensive experience in Mexico such as Francisco Medina of Grupo Fame and leading investors in the hospitality and entertainment industry, including the president of Grupo Gigante, Ángel Losada.
"We are very excited to have the support of a diverse group of investors from Latin America and the United States, who share our vision of making digital tools more accessible and efficient for small merchants. This financing will allow us to accelerate our growth and continue to develop innovative products that help our customers grow their businesses," said Ryan Croft, co-founder and CEO of Pacto.
Since its founding in 2021, Pacto has demonstrated solidity and traction in its business model with a total investment of USD $6M to date, including a pre-seed round of USD $2M in April 2022. In October 2022, Pacto announced a strategic commercial and distribution alliance with Getnet México with the objective of strengthening its presence in the Mexican market and accelerating the growth of the platform efficiently.
DILA Capital, the lead investor in the round recently announced the closing of its Fund IV worth USD $115M. General Partner of DILA Capital, Eduardo Clave said they are confident in the growth potential of the Mexican startup:
"We are excited to support the Pacto team in its continuous journey of innovation and expansion, since we believe that they have the capacity to transform the way in which companies in Mexico and beyond manage their operations and serve their customers".
The newly obtained investment will boost both the technological development of the product and the growth of the company's team. According to Gordon Whitehouse, co-founder and CTO of the platform:
"this new investment will allow us to focus on engineering, product development and customer support to support this growing customer base."