Parrot raises $ 9.5 million to expand in Mexico

The Mexican startup Parrot, dedicated to providing technology to restaurants, raised a Series A financing round for 9.5 million dollars. The round was led by the US investment fund F Prime Capital, specialized in early stage investment in the technology and health sectors.

Parrot is a company founded in Monterrey, the capital of the state of Nuevo León, by Roberto Cebrian and David Villarreal. The startup, which began operations in 2021 and currently has 60 workers, plans to allocate the resources obtained in this investment round to improve its product ParrotConnect and to expand its services to the entire Mexican territory, according to a statement sent by the company.

ParrotConnect It is a software as a service (SaaS) that “centralizes the operation of restaurants with functionalities such as the integration of orders from delivery apps; table service; online order module to have its own online store integrated into the point of sale; configuration of personnel permissions; menu editor; management of kitchen areas; Payment types; and reports on time from a single administrator portal ”.

Restaurant industry

Since the beginning of its operations, in 2021, Parrot It has added 500 restaurants to its list of clients, in the capital of New Leon, Mexico City and the Riviera Maya.

“This capital raise represents the beginning of a new stage for Parrot, as well as another step in our mission to contribute to the digitization of the restaurant industry. We continue to grow and work to offer our technology to optimize the operation of the sector’s businesses in Mexico and Latin America, ”announced Roberto Cebrian, Parrot’s CEO, according to the statement.

The restaurant industry represents 12.2% of all businesses in the country and 7.5% of all jobs, according to the document “Getting to know the restaurant industry”, From the National Institute of Statistics and Geography (Inegi). Until 2021, there were 641,279 small, medium and large restaurants in Mexico and the GDP of this industry grew at a faster rate than the Mexican economy as a whole.

$ 4.272 million from Venture Capital in 2021

Series A raised by Parrot begins venture capital investments in Mexico in 2022. Another of the financings with which the year begins in the country is the one that made the funds Sequoia Capital, Kaszek Y Bullpen Capital in Draftea, a company that allows users to form line-ups of sports teams to enter virtual competitions and that will start operations in the first quarter of 2022.

Until November 2021, the funds from Venture Capital they had invested in mexican startups 4,272 million dollars, which represents an amount that almost triples that of the same period of 2020, according to information from Transactional Track Record (TTR). In total, there were 146 transactions during the previous year, which represents an increase of 58.70% compared to 2020.

The funds that invested the most in Mexican startups in 2021 are the Argentine Kaszek Ventures, the American FJ Labs, Angel Ventures México, also Mexican ALLVP, the American 500 Startups, the Chilean Mountain Nazca Mexico, the also Chilean Magma Partners and german Picus Capital.

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