TasteSpace was formed from the merger of SeMeAntoja and SinImanes in early 2013. We invested in October 2013–it was our second Latin American Venture Capital investment.
SeMeAntoja was started as a web based online food ordering marketplace (SeMeAntoja.com) in Mexico, similar to the USAs Seamlessweb or GrubHub, and quickly evolved into a mobile solution targeting students in upper middle class colleges in Mexico. It was natural for them to focus in Monterrey, Nuevo Leon.
SinImanes also begun life as a web based online food delivery marketplace (SinImanes.com) in Argentina and prior to its merger with SeMeAntoja focused on young professionals in Buenos Aires.
I first met one of the founders (Tavo Zambrano) when searching through AngelList for startups in LatinAmerica. Only a short year and half ago (early 2013) I was only able to find few (less than 5) Latin American startups listed there (today a similar search including Argentina, Chile, Colombia, Mexico and Peru results in 1991 startups to browse through). Together with Ignacio Guglielmetti, they formed a great team with the right skill sets and determination to grow in a highly competitive market that included Rocket backed Hello Foods and Pedidos Ya and was likely to see other heavy weights such as Delivery Hero, Just-Eat, and Movile enter the fray.
We believed that the leading position of SeMeAntoja and SinImanes held in Mexico and Argentina (respectively) was not only sustainable against the new entrants but highly covetable by them and decided to join a large seed funding round together with 500 Startups and NXTP Labs to further fund the growth of the TasteSpace (the combination of SeMeAntoja and SinImanes).
Our investment thesis includes:
a) Defensible leadership position in a digital marketplace
b) Demonstrated agility to innovate and stay ahead against powerful rivals
c) Agile and well rounded team (5 founders in TasteSpace)
d) Food delivery opportunity is enormous in Latin America and ripe for disruption
The main risks to this investment:
a) The team’s ability to execute a mobile first strategy ahead of competition
b) Over-investment (low ROI) by large players with the hope of buying share