Meta, the tech giant formerly known as Facebook, is under scrutiny for using public Instagram posts to train its generative AI model without notifying users in Latin America, according to Rest of the World. The company’s decision has particularly impacted artists in the region, who rely heavily on social media to showcase their work but cannot opt out of this data usage. Lack of Notification and Opt-Out Options On June 2, many Latin American artists discovered that Meta had not informed them about its plans to use their public posts
Escala, a CRM platform for Hispanic small and medium-sized businesses (SMBs), has raised $12 million in its latest funding round. This milestone, led by IGNIA and Alaya Capital, marks a step in the company’s mission to empower Hispanic businesses in the United States and Latin America. High Alpha and other investors also participated in the round. Revolutionizing SMB Marketing and Sales Founded by renowned tech entrepreneur Andrés Moreno, also the founder of Open English, Escala offers a marketing and sales platform. The platform addresses critical challenges faced by Hispanic SMBs
Mexican fintech company OCN, which offers car rental models for gig workers in Mexico and the US, has successfully raised $86 million in equity and debt. The Series A funding round was led by Brazil’s Caravela Capital, with additional contributions from Collide Capital and Great North Ventures on the equity side, and New York-based i80 Group leading the debt portion. Innovative Solutions For Gig Workers Launched in 2022, OCN provides gig workers with new car rentals on a weekly fee basis, inclusive of maintenance and insurance. Users also have the
Caliza has secured $8.5 million funding. Founded in 2021 by Ezra Kebrab, the Brazil-based startup transforms cross-border transactions in Latin America through the use of crypto stablecoins. The company recently secured funding led by Initialized Capital, enabling them to expand their innovative payment solutions that leverage Circle’s USDC (USD Coin), according to TechCrunch. “Caliza is building global financial infrastructure that removes borders from commerce,” Kebrab wrote on LinkedIn. “I’m excited to unveil the latest including our recent $8.5M round.” Bringing Speed and Stability to Cross-Border Payments Unlike traditional transfers made
Venture capital (VC) investments in Latin America have reached unprecedented levels, outpacing several emerging US tech hubs, according to Revelo. This shift is driven by a growing talent pool and an increasing demand for services catering to the middle class. Revelo’s analysis, using data from the Latin American Venture Capital Association (LAVCA) and the National Venture Capital Association (NVCA), highlights how Latin America is becoming a significant player in the global VC landscape. Growth In Latin American VC Investments The Latin American venture capital market hit its second-highest level on
Latinas face the steepest drop in representation as they climb the corporate ladder, according to Lean In’s first-ever report on the state of Latinas in corporate America. Despite Latinas accounting for nearly 1 in 10 people in the US, they hold less than 1 in 20 entry-level corporate jobs and only 1 in 100 C-suite positions. Disparities in Advancement and Pay In 2023, white men’s representation increased by nearly two-thirds (64%) from entry-level to C-suite positions, while Latinas’ representation decreased by over three-quarters (78%). Latinas also experience the largest pay
Crunchbase has announced the expansion of its Diversity Spotlight feature to include companies in Europe. This expansion will allow up to one million additional companies on Crunchbase to add Diversity Spotlight tags to their profiles, enhancing the visibility of diverse founders and investors across the continent. Crunchbase’s Diversity Spotlight Crunchbase introduced its Diversity Spotlight feature in 2020 to centralize and highlight data about companies with diverse leadership and the investors who fund them. This feature indicates diversity in an organization’s leadership team, including founders and CEOs for startups and managing
Prósperos has successfully raised $3 million in seed funding to advance its mission of empowering Latine communities through innovative financial solutions. This funding round saw investments from FEBE Ventures, BAT VC, Tekton Ventures, and Courtyard Ventures, among others. Revolutionizing Financial Services For Latine Communities Founded in 2023 by Vinay Pai and Salvador Chavez, Prósperos aims to transform the financial landscape for Latine communities in the USA and Latin America. The Prósperos platform provides two bank accounts and cards: one for the account holder in the USA and another for their
Félix Pago, a fast-growing fintech startup, has recently raised $15.5 million in a Series A funding round to enhance its services across Latin America and the US, according to TechCrunch. Revolutionizing Remittances With WhatsApp Félix Pago’s approach leverages WhatsApp as its main interface, with a chatbot that makes it simple to send and receive cross-border money transfers, even with a voice message. This choice is strategic, given WhatsApp’s extensive regional user base. Users in the US initiate transactions via the WhatsApp chatbot, completing the final step by securely entering debit
Angeles Ventures, a Latine and woman-led early-stage VC fund, has announced an equity investment from Bank of America. This investment aims to accelerate Angeles Ventures’ mission to find, fund, and grow Latine ventures across the United States. Addressing the Funding Gap for Latine Entrepreneurs Even though Latine Americans make up over 20% of the U.S. population and are the most entrepreneurial group in the country, they receive less than 2% of venture capital funding. Angeles Ventures aims to change this by focusing on tech-enabled B2B and B2C startups at the
