September 4, 2013
Entrepreneurs multiplying in Mexico’s startup scene
From the Middle East to Mexico, tech hot spots continue to spring up around the world (Silicon Valley Siblings was one of our 100 Things to Watch in 2012), in areas not previously known for digital innovation. In Mexico City, “new tech developers who used to work at a bank, today they’re making their own startups,” Twyxt co-founder Bianca Loew recently told us. “It’s a very exciting time for the country, because an entirely new community is emerging.” A couples app, Twyxt is based in San Francisco with an office in Mexico City.
Latin America as a whole is becoming a tech powerhouse, as All Things D reported last year, and Mexico boasts the second-largest economy in the region. One major advantage, as ABC News notes, is location, since Mexico is relatively close to Silicon Valley and time zone-compatible. In February, Dave McClure’s 500 Startups incubator presented some of the Mexican companies it has nurtured since merging with a Mexican venture fund last year. And last year Mexican VC firm Alta Ventures closed a new $70 million fund to invest in Mexican startups. Startup Weekend, funded by the Kauffman Foundation, now has 13 chapters in Mexico, more than anywhere outside the U.S., and AngelHack, one of the leading hackathon organizations, has included Mexico City on its roster.
While small businesses can find Mexican banks difficult to deal with, Loew says there’s money in the startup scene. The government is moving to better support entrepreneurship, and according to one report, Mexico has 10 active VC firms.
Image credit: Rob Young