The round was led by the Mexican venture capital fund ALLVP with the participation of Seaya Ventures, which led an initial round in April
This Series B round raised total financing to 20.5 million dollars, which the company will use to continue its expansion throughout Latin America, ending 2020 with 150 kitchens
MUY Tech is committed to transforming the food industry through its own technological platform, with more efficient restaurant management and a better user experience through innovation
After just over a year in the market, MUY already has 21 sites in Bogota, Colombia and recently opened its first branch in Mexico City; and it already has its eyes on Brazil
Bogotá, 13th November 2019. MUY Tech is a technology platform for restaurants that currently has 21 restaurants in Colombia and one in Mexico. It has closed a 15-million-dollar financing round, one of the largest investments in Foodtech in Latin America. This round was led by the venture capital fund ALLVP and also involved Seaya Ventures, which led the previous round in April. This Series B round brings the company’s total financing to 20.5 million dollars.
MUY Tech will use this financing round to continue its international expansion. It has already taken its first steps in Mexico, with the opening of a restaurant in Mexico City, and has now set its sights on Sao Paulo. MUY Tech expects to have 150 kitchens in Colombia, Mexico and Brazil by the end of 2020. The financing will also help boost the development of its proprietary technology. MUY Tech will also use these funds to continue strengthening its team, aiming to create new business lines and increase operational efficiency to exceed its current 10x growth rates.
MUY Tech was founded by Colombian serial entrepreneurs José Calderón (CEO) and Miguel McAllister, who previously founded Domicilios.com, which was acquired by Delivery Hero and was part of its IPO.
Several food delivery platforms have been established in Latin America over the last decade to exploit the benefits offered to customers, with shorter delivery times and a wider variety of restaurants. However, these benefits have only reached the top 5-10% of the market, as prices are very high relative to income in the region. “MUY Tech wants to democratize access to food orders, through an experience that combines the off- and online worlds. Our vision is to provide access to affordable, high quality food through Artificial Intelligence, producing food according to demand. This will contribute to reducing food waste and standardizing production and logistics processes in a more efficient way” said José Calderón.
The company enables users to place personalized orders through self-managed screens and their own app in their physical restaurants. «MUY Tech will soon exceed 200,000 dishes per month,» he added.
MUY Tech’s founder also said: “this technology is designed to make ordering and home delivery more efficient in high-density cities, where a growing middle class has to eat outside their homes due to their long working hours and the length of time they spend commuting”.
MUY operates in a region where other alternatives, such as full-service restaurants, are very expensive in terms of time and money, but traditional informal restaurants do not meet quality standards. A large segment of the market – around 40% of the population – takes their own lunch to work. But as consumption capacity increases and household size decreases, more and more people will avoid cooking at home.
“We are very happy to continue being part of this innovative project, which is opening up access to a good and healthy diet in more and more cities throughout Latin America. Seaya Ventures has worked closely with the management team since our last investment and we will continue to support the company in its international expansion,” said Pablo Pedrejón, head of investments at Seaya Ventures in Latin America.
The investment in MUY Tech also reflects Seaya Ventures’ focus on the Foodtech sector: “Seaya Ventures has bet heavily on the food sector, with investments in Sin Delantal Mexico and Glovo. We continue to believe that this sector has great potential for disruption,” he added.
About ALLVP: ALLVP is the leading venture capital firm in Mexico. Founded in 2012, ALLVP has 150 million dollars under management. It has invested in more than 30 technology companies in Latin America. ALLVP’s investments include Cornershop (the Latin-American e-commerce leader), Fintual (investment platform), Slang (education app) and Flat (property marketplace).
Contact: Mariana Carranza | email@example.com
About MUY Tech: MUY Tech is a technological platform that seeks to build the tools restaurants need to optimize their internal processes and user interactions. MUY Tech also manages its own restaurant network, where it uses its technology to give users access to affordable, quality food with a MUY experience. The company currently operates in Colombia and began operating in Mexico in October 2019. It expects to have a presence in the main Latin American capitals in the coming years. The company has attracted more than USD $20 million in various investment rounds.
Contact: José Calderón | firstname.lastname@example.org
About Seaya Ventures: Based in Madrid, Seaya Ventures has been backing the best entrepreneurs and teams from Spain and Latin America since 2013. Seaya focuses on supporting founders in scaling their businesses enabling them to become global leaders.
Contact: Nazaret Rodríguez | email@example.com