Mendel, a Mexico City-based enterprise spend management platform, has raised $35 million in Series B funding.
Investors
The round was led by Base10 Partners, with participation from PayPal Ventures, Endeavor Catalyst, Infinity Ventures, Industry Ventures, and Hi.vc.
Base10 is a San Francisco-based venture capital fund investing in founders who believe purpose is key to profits and in companies that are automating sectors of the Real Economy. The firm investing in automation across traditional industries like finance, healthcare, and logistics. It manages over $1.3 billion and supports diversity through scholarships and HBCU partnerships.
Mendel Use of Funds
The company will use the funds to scale its AI capabilities, expand into new markets, and enhance its corporate travel module. Mendel plans to expand into Chile, Colombia, and Peru in 2025, with Brazil targeted for 2026.
About Mendel
Founded in 2021, Mendel provides a spend management platform designed to automate financial operations for enterprises in Latin America. Its platform streamlines expense management, payments, and corporate travel, giving finance teams real-time control. From setting rules to tracking expenses and travel bookings, Mendel provides a centralized, intuitive platform tailored to LATAM’s unique complexities. The company has served over 500 customers, including major enterprises such as Mercado Libre, FEMSA, Adecco, and McDonald’s.
Funding Details
Company: Mendel
Raised: $35.0M
Round: Series B
Funding Date: March 2025
Lead Investor: Base10 Partners
Additional Investors: PayPal Ventures, Endeavor Catalyst, Infinity Ventures, Industry Ventures, Hi.vc
Company Website: https://mendel.com/
Software Category: Financial Management
Source: https://www.businesswire.com/news/home/20250327463208/en/