Palenca, a Mexican startup that offers an application programming interface (API) to validate employment data, raised $2.6 million in funding to consolidate its growth.
The round saw the participation of global funds such as 500 Startups, Y Combinator, Gilgamesh Ventures, Uncommon Capital, Moving Capital, and Kima Ventures. In addition, entrepreneurs such as Gerry Giacomán, Co-founder of Clara, Courtney Mclogan, CEO of Runa, Samuel Fishman, CEO of Argyle, and Max Werner, Palenca's first employee, joined the round.
The capital obtained will be used to increase the volume of payroll systems and strengthen integrations with new use cases in the countries where it operates, such as automatic collection.
Company: VECH SOLUCIONES EN TRANSPORTE S.A.P.I. de C.V.
Round: Seed Round
Funding Month: January 2022
Additional Investors: 500 Startups, Y Combinator, Gilgamesh Ventures, Uncommon Capital, Moving Capital, Kima Ventures, Gerry Giacoman, Courtney Mclogan, and Federico Antoni
Company Website: https://www.palenca.com/
Software Category: Employee management software
About the Company: Founded in June 2021, by José Carlos Aguilar, Pierre Delarroqua, and Antoine Nguyen, who previously worked at Uber. Palenca is a smart employee management software that allows you to view each worker's personal information, profile, and earnings with a single click. With this software, you can get a comprehensive view of past profits and real-time information about your users. Palenca is an API to verify data of any worker, such as employment, income, and identity, by connecting to employers’ payroll systems. The main objective of the company is to offer employees financial services such as personal loans, automobiles, and insurance. Palenca has integrated more than 40 employers totaling nearly 50 million workers. More than 30 companies are using the Palenca API in six countries: Mexico, Brazil, Colombia, Argentina, Peru, and Chile.
Source: https://www.palenca.com/blog/anunciando-nuestra-ronda-2-6-mdd-de-palenca/ https://www.forbes.com.mx/emprendedores-startup-mexicana-palenca-levanta-una-inversion-de-2-6-mdd/