Mexico strengthens its position as one of Latin America´s leading startup ecosystems in 2025
Victor Aguirre - Founder BlackBox
According to TTR Data, the total value of venture capital transactions in Mexico grew by 65.8% in the first quarter of 2025 compared to the same period in 2024 — increasing from approximately US$163 million to US$271 million.
In the second quarter, Mexico also surpassed Brazil in total startup investment volume, with US$437 million raised by Mexican companies versus US$350 million by Brazilian startups, according to MexCham.
This growth reflects the maturity and international appeal of Mexico’s innovation ecosystem, which continues to attract attention from global funds such as:
500 Global (formerly 500 Startups), a reference in early-stage investments across Latin America;
Kaszek Ventures, one of the region’s largest funds, actively investing in fintech and healthtech startups;
Mouro Capital, a global fintech-focused fund originated by the Santander Group;
IDC Ventures, expanding its presence in Mexico through growth-stage investments.
These movements reinforce Mexico’s position as a strategic hub for venture capital and entrepreneurship in Latin America, with strong growth prospects for the coming years.
hashtag#VentureCapital hashtag#Startups hashtag#Mexico hashtag#Innovation hashtag#Investment hashtag#Entrepreneurship hashtag#LatAm hashtag#StartupEcosystem hashtag#Fintech hashtag#LatAmVC hashtag#Kaszek hashtag#500Global hashtag#MouroCapital hashtag#IDCventures
Legal Alert: Major Reforms to Mexico´s Amparo Law
Carlos Aguerrebere - Founder BLACKBOX
The decree modifying the Amparo Law, the Federal Tax Code, and the Organic Law of the Federal Court of Administrative Justice has been published. These changes, already in effect, will directly impact litigation and interim measures.
What you need to know:
1. Digitalization & Communications
• The Electronic Signature (Firma Electrónica) is now the official means of access to the Judiciary's electronic system.
• All authorities involved in an amparo proceeding must create a user on the Online Services Portal.
• Notifications to authorities will be primarily electronic.
2. Limitation of Access to Amparo via Legitimate Interest
• To access amparo proceedings by claiming "legitimate interest," it's now necessary to prove a real and differentiated individual or collective legal injury. This may lead judges to dismiss more claims without an in-depth analysis.
3.Restrictions on the Suspension of the Challenged Act
• Key Point: In amparo proceedings challenging general norms, the suspension will NEVER be granted with general effects.
• Suspension will require a balanced analysis of the prima facie case (apparent good right) and social interest.
• In tax matters, the suspension of the collection of final tax credits will be discretionary and will require a guarantee.
4.Other Key Changes
• Appeals under the Federal Tax Code against acts requiring the payment of final tax credits are now inadmissible.
• The Federal Court of Administrative Justice (TFJA) will no longer have jurisdiction over these cases.
Bottom Line: These reforms aim to streamline the system and limit the use of the amparo for dilatory purposes, particularly in tax matters. It is essential for lawyers, accountants, and managers to review their legal strategies.
hashtag#LegalReform hashtag#AmparoLaw hashtag#Mexico hashtag#TaxLaw hashtag#MexicanLaw hashtag#BusinessInMexico hashtag#LegalUpdate hashtag#TFJA
LEGAL ALERT: Mexico's New AI Law at a Crossroads: Risk-Based Regulation vs. Innovation.
Victor Aguirre - Founder BLACKBOX
Frank founder, Charlie Javice, was convicted in March 2025 for orchestrating a massive fraud during JPMorgan Chase's acquisition of her startup. The basis of the fraud was the manipulation of essential valuation metrics:
The Deception of the Numbers: Javice claimed to have over 4.25 million users on her student aid platform. The reality, proven in court, was approximately 300,000 real customers. A difference of more than 93% achieved by hiring a data scientist to create 4.2 million synthetic profiles.
Where Did JPM's Due Diligence Fail?
Gigantic institutions like JPM are also vulnerable when it comes to digital assets. Investigations revealed critical process failures:
Speed Over Substance: Pressure to close the deal quickly (partially due to fear of competition) led the M&A team to sacrifice the depth of forensic analysis.
Insufficient Verification: Instead of demanding direct, supervised access to the core database, JPM accepted a third-party company to count data fields. The fake, but well-formatted, data passed this superficial test.
Ignored Red Flag: Javice initially denied access to the real data, citing concerns about user privacy and terms of service. This is a fundamental red flag that should have halted the DD process.
The New Standard for FinTech Due Diligence: Zero Data Risk
The Frank case proves that trust in the founder (Javice was a Forbes 30 Under 30) must be replaced by uncompromising technical verification.
To protect capital and reputation in FinTech M&A, the new DD protocol must be:
Direct Access to the Source (DADA): Demand secure, supervised access to the core database to audit the authenticity and provenance of the data, not accepting third-party verifications.
Forensic Pattern Analysis: The DD team must include data science experts to analyze timestamps, IP distribution, and, crucially, engagement rates to detect statistical anomalies typical of synthetic data.
Engagement-Based Earn-Out: Structure the acquisition payment based on post-acquisition performance metrics (like customer retention and LTV), rather than solely on pre-acquisition user volume.
The lesson is clear: in the digital economy, transparency is not a courtesy; it is a mandate. Rigorous Due Diligence is the only effective insurance against corporate fraud.
hashtag#DueDiligence hashtag#FinTech hashtag#MA hashtag#CorporateFraud hashtag#CharlieJavice hashtag#JPMorgan hashtag#Risk
The Charlie Javice Fraud and the Critical Importance of due Diligence
Frank founder, Charlie Javice, was convicted in March 2025 for orchestrating a massive fraud during JPMorgan Chase's acquisition of her startup. The basis of the fraud was the manipulation of essential valuation metrics:
The Deception of the Numbers: Javice claimed to have over 4.25 million users on her student aid platform. The reality, proven in court, was approximately 300,000 real customers. A difference of more than 93% achieved by hiring a data scientist to create 4.2 million synthetic profiles.
Where Did JPM's Due Diligence Fail?
Gigantic institutions like JPM are also vulnerable when it comes to digital assets. Investigations revealed critical process failures:
Speed Over Substance: Pressure to close the deal quickly (partially due to fear of competition) led the M&A team to sacrifice the depth of forensic analysis.
Insufficient Verification: Instead of demanding direct, supervised access to the core database, JPM accepted a third-party company to count data fields. The fake, but well-formatted, data passed this superficial test.
Ignored Red Flag: Javice initially denied access to the real data, citing concerns about user privacy and terms of service. This is a fundamental red flag that should have halted the DD process.
The New Standard for FinTech Due Diligence: Zero Data Risk
The Frank case proves that trust in the founder (Javice was a Forbes 30 Under 30) must be replaced by uncompromising technical verification.
To protect capital and reputation in FinTech M&A, the new DD protocol must be:
Direct Access to the Source (DADA): Demand secure, supervised access to the core database to audit the authenticity and provenance of the data, not accepting third-party verifications.
Forensic Pattern Analysis: The DD team must include data science experts to analyze timestamps, IP distribution, and, crucially, engagement rates to detect statistical anomalies typical of synthetic data.
Engagement-Based Earn-Out: Structure the acquisition payment based on post-acquisition performance metrics (like customer retention and LTV), rather than solely on pre-acquisition user volume.
The lesson is clear: in the digital economy, transparency is not a courtesy; it is a mandate. Rigorous Due Diligence is the only effective insurance against corporate fraud.
Victor Aguirre - Founder
hashtag#DueDiligence hashtag#FinTech hashtag#MA hashtag#CorporateFraud hashtag#CharlieJavice hashtag#JPMorgan hashtag#Risk
The Capital Focus Has Shifted — 2024–2025
Over the past two years, Latin America has proven that resilience and profitability can coexist with innovation.
The region’s venture landscape evolved from rebound to maturity — where discipline, selectivity, and sustainable growth define the new investment paradigm.
- Above-Average Growth (2024–2025):
Capital raised in LATAM grew 26% in 2024 and maintained strong double-digit growth in 2025, surpassing Europe and diverging from slowdowns in North America and Asia. Investors are doubling down on the region’s fundamentals — large markets, digital adoption, and operational efficiency.
- Late-Stage Priority:
Across both years, over 60% of total capital was allocated to Growth and Late-Stage rounds.
The focus has shifted toward proven business models with clear profitability paths, emphasizing companies with financial discipline and scalable infrastructure.
Case Studies: Profitable Unicorns and Benchmark Exits (2024–2025)
(i) QI Tech (Infrastructure Unicorn):
QI Tech continues to validate LATAM’s new mandate — profitability since Year 1 and a strong regulatory moat (SCD/DTVM). Capital increasingly flows to B2B fintechs building the embedded finance backbone of the region.
(ii) RD Station (The SaaS Benchmark):
The ≈ USD 370 million acquisition by TOTVS remains a reference point for SaaS valuations.
M&A activity accelerated through 2025, driven by corporate buyers seeking profitable digital assets and regional expansion.
(iii) NotCo (AI + FoodTech Efficiency):
By blending artificial intelligence with sustainable food innovation, NotCo reached profitability in core markets and expanded global partnerships (including Kraft Heinz).
It exemplifies LATAM’s ability to compete globally through tech-enabled efficiency and product innovation.
(iv) EBANX (Cross-Border Payments):
EBANX consolidated its position as LATAM’s gateway for global merchants, combining disciplined growth with a robust regional regulatory edge.
Its evolution underscores the long-term value of compliance-based scalability in fintech.
(v) Emerging Frontiers (2025):
New capital waves are targeting Energytech, AI Infrastructure, and Deeptech — verticals that align LATAM’s innovation cycle with global priorities such as sustainability and automation.
Strategic Conclusion
The era of “growth at all costs” is over.
Between 2024 and 2025, capital in LATAM became more selective, more strategic, and more performance-oriented.
The winners are founders who build financially solid, tech-driven, and sustainably scalable companies — and investors who see beyond hype to long-term impact.
Carlos Aguerrebere - Founder
There comes a time when You can't do it all!
Hiring C-Level executives (CTO, CFO, COO, etc.) is the turning point for a Startup's scale. But be careful: hiring the wrong C-Level can be fatal. In a fast-paced environment, the criteria are different from a large corporation. You don't just need experience; you need an Entrepreneurial DNA. What truly matters in a Startup C-Level hire: "Hands-On" Mindset & Resilience: In Startups, there are no large support teams. The leader must be a strategist who is willing to get their hands dirty daily and can handle uncertainty. Total Cultural Alignment: They will be the architects of your culture. Misalignment at the top can undermine the morale and cohesion of the entire team. Cultural fit is non-negotiable. Focus on High-Impact Results: Define 3 to 5 critical goals they must deliver in the first 12 months. The focus isn't on the job title; it's on the impact they will generate for the next growth phase. Insider Tip: Don't hire for a title, hire for a PROBLEM! What is your most urgent pain point? If it’s fundraising and financial health: CFO. If it’s product scalability and infrastructure: CTO. If it’s professionalizing processes and operations: COO.C-Level hiring is an investment decision in your future. Align vision, culture, and compensation (with significant equity!) and prepare for takeoff!-Which C-Level hire does your Startup need most right now to unlock growth? Share your thoughts below!#Startup #Leadership #CLevel #Recruitment #Entrepreneurship #CSuite
Iván Guzmán - PARTNER
BlackBox Startup Law advises Clivi on JICA’s strategic investment
Victor Aguirre: We are proud to have supported Clivi in such a landmark transaction. This investment by JICA not only validates Clivi’s innovative approach to digital health, but also reinforces Mexico’s potential as a hub for global impact ventures.
We are proud to share that Blackbox was the company responsible for facilitating the partnership between the Japan International Cooperation Agency (JICA) and the Mexican startup Clivi – a historic investment agreement that strengthens digital health in Mexico. In just four years, Clivi has already transformed the lives of more than 10,000 patients with a 100% digital model that combines cutting-edge technology, medical science, and professional support to address critical challenges such as diabetes, obesity, and overweight. With more than US$100 billion in assets under management, JICA chose Clivi for its first direct investment in Mexico – reinforcing its global commitment to expand access to healthcare and accelerate the United Nations’ Sustainable Development Goals (SDGs). The outcome of this alliance Expanded access to digital healthcare in Mexico. Greater innovation in the fight against chronic diseases. A significant step toward a future with better quality of life. At Blackbox, we believe in the power of building strategic bridges between companies, investors, and markets. Our purpose is to create the pathways that make stories like this possible. The future is about impact, and Blackbox is part of this transformation.
Victor Aguirre - Founder
https://www.jica.go.jp/english/information/press/2025/20250716_12.html
#Blackbox #Innovation #ImpactInvestment #DigitalHealth #JICA #Clivi #SDGs
Funding Opportunities for Latino Founders
Victor Aguirre - Founder
One of the biggest challenges for Latin American entrepreneurs is still access to capital. In this context, initiatives like Angeles Investors are becoming increasingly relevant.
Their mission is clear:
•Find, fund, and grow the most promising Latino-founded startups.
This movement is not just about investment, but about representation and impact.
•More capital means more innovation.
•More innovation means more opportunities for the global Latino community.
The message is simple: the talent already exists. What we need are strong bridges between founders and investors to transform ideas into businesses that change reality. BlackBox Startup Law
Startups in Latin America: Challenges and opportunities we cant`t ignore
Victor Aguirre.
The innovation ecosystem in Latin America is at a decisive moment.
Despite macroeconomic fluctuations, there are still unique opportunities for founders who truly understand the local context.
•Marketplaces: According to funds like Magma Partners, there is still room for solutions that address structural inefficiencies in traditional sectors. The fragmentation of markets such as logistics, healthcare, and education opens the door for platforms that can connect supply and demand more efficiently.
•SaaS: Unlike the U.S. or Europe, in Latin America SaaS must be more than just “efficient software.” Here, management solutions need to adapt to local realities such as bureaucracy, lack of regulatory standardization, and even low digital penetration in certain sectors.
But along with these challenges comes a blue ocean of possibilities:
- Accelerated digitalization of small and medium-sized businesses
- Growing financial inclusion and new payment methods
- Young talent increasingly connected to global hubs
For founders in the region, the key is not to “copy Silicon Valley models” but to adapt global frameworks to the complexity of Latin America.
Blackbox Startup Law
Mexico City-based Jüsto, a 100% digital supermarket, raised US$10 million, in a round led by Mountain Nazca.
Jüsto, a 100% digital supermarket, raised US$10 million.
On October 22, 2019, Justo, Inc. (“Jüsto”), a 100% digital supermarket based in Mexico City, raised US$10 million in funding from various investors in a round led by Mountain Nazca, a Venture Capital firm that backs bold entrepreneurs who seek to build tomorrow's breakout and transforming technology-enabled businesses.
Additional investments from FEMSA Ventures, Foundation Capital, Quiet Capital, among others, were received and will be used to support the company’s continued growth.
The BlackBox team acted as legal advisor to Jüsto in the transaction.
How to incorporate in Mexico?
We usually are asked this question, so we have tried to explain it as simply as possible by preparing a set of two infographics.
What is Bitcoin according to Mexico’s legal system? Here is the anwer.
Bitcoins growth and acceptance is not stopping, and it is expanding to countries outside the US, like Mexico. What does Mexico has to say about this?
In a former post I gave a slight characterization of Mexico’s commercial laws, as old-world laws; however, it would be important for you to know a couple of additional things about Mexico’s legal system.
We are not a common law system, like the US or UK (and commonwealth countries), so our law is not made by judicial decisions (although we care about Mexico’s Supreme Court’s interpretation of our statutes and rules); instead, we are a civil law system (like France, J'aime la vie!), so we submit to the rule of statutes enacted by Mexico’s House of Representatives (or state legislatures) and to the regulations issued by the executive branch, always that such regulations are in accordance with the statutes (yeah man, when such regulations are against or not foreseen by statutes we do not need to comply with them! And our courts will acknowledge that).
Notwithstanding we live under a civil law system, we have freedom of contract in its purest form that enables us (and foreigners in Mexico) to do whatever we want, unless a statute enacted by Mexico’s House of Representatives “expressly” prohibits such activity or transaction. So if it is not expressly prohibited we can do it, and if it is prohibited no matter if such prohibition is against common sense, free-market or the benefit of the parties, any agreement to the contrary will be considered null and void by a Mexican court.
The actual practice of our Mexican civil law legal system, gives a great value to legal-formalism or formality in transactions and civil-procedures; so if the legal requirements are not met, the transaction is invalid and the civil-procedure is lost even if there is a honest underlying will or intention. A very powerful Mexican (which was CEO of Pemex, our state owned petroleum company) used to say that “formalism is substance”; for example if you lend me money and ask me to write you a promissory-note, and I issue the promissory-note in your favor, but I fail to write the word “promissory-note” in it, then the document is worthless and is not legally considered a negotiable instrument or even a proof of debt.
Bro thanks for the information, how kind, but I started reading because you were going to tell me what is Bitcoin according to Mexico’s legal system!
I used to go on Mondays to the Bitcoin Center NYC and afterwards to the Belfry to have some drinks (and afterwards to the Beauty Bar, and then to Artichoke Pizza, but you do not need to care about this) with the Discuss bitcoin over drinks' guys to talk about rising criptocurrencies and Bitcoin, and at that moment I did not even started to understand what Bitcoins are, and sometimes they asked me about how are they considered in Mexico; months of close study to Bitcoins and Mexican laws, have given me the opportunity to come with this straight single answer, Bitcoins are this:
Oops! I got lost, I think you lost your train of thought! For your information I didn’t, because Bitcoins are “nothing” in Mexico’s legal system, the actually do not exist.
And are you saying this on your own, or is there any one to support you? Yes, precisely Mexico’s Central Bank feels pretty up the same about this, such authority released a press communication on March 10, 2014, saying that Bitcoin or any cryptocurrency:
- Is not legal tender in Mexico.
- Is not issued or backed by Mexico’s Central Bank (hey thanks for telling us!).
- Does not have any capacity to cancel payment obligations (as money does, in accordance with Mexican laws).
- Is not regulated nor supervised by Mexico’s Central Bank (as securities and derivatives are, take note of this for blockchain based autonomous "contracts").
- May not be used by Mexican banks, nor they are authorized to engage in transactions with them.
Bitcoins are not recognized or acknowledge by any statute, they do not have any similarity to anything else, nor they represent any kind of juridical-right; so I was telling you before about the importance of legal-formalism and being “expressly” mentioned in a statute, so if this does not happens, then to the eyes of Mexico’s legal system you do not exist. Maybe that is the reason why Mexico’s Central Bank issued a press release and not some rules, regulations or binding recommendations (as it is constitutionally entitled to do, in order to regulate currency-exchanges, brokerage and financial services)?
At Bolido App (the company I mentioned you in another post, which I’ve cofounded) we have been working with Mexico’s House of Representatives for the last 2+ years, doing the digital communication to all the new acts and bills that are passed, and I can tell you (this is no private information either) that there is no reform in the loop to start acknowledging Bitcoin. I personally don’t think there would be one for the next 2-3 years, since they are more preoccupied by economic-energy reforms, like breaking a 75-year state monopoly on oil drilling in order to attract companies such as Exxon Mobile Corp. to invest in Mexico.
So where does this leaves us? It leaves us with a blank paper in front of us in which we can write whatever we want; the only limit is our vision. You could open in Mexico an online Bitcoin casino, that would only take Bitcoins (yeah, no money) and you would have no problems from a legal perspective; also, you could do any Bitcoin-regulated activity in any other part of the world, and in Mexico you wouldn’t have any problem (hey, this is no Lettre de Marque! So surely the other country would try to prosecute you or your company).
As finale, I think that Mexico might become a type of Bahamas, an offshore financial centre, for Bitcoin.
Author: Victor Aguirre
When did I find out about the 500+% gap of the average salaries of software engineers in US versus Mexico?
There is an abysmal difference between the cost of labor in US and in Mexico, even for qualified labor such as software engineers.
At that moment I was living a “comfort life”, working as a senior associate at a Mexican boutique firm (Bufete Carillo Gamboa, S.C.), we were helping Kirkland & Ellis LLP get their clients close some M&A deals in Mexico, I was having the opportunity to once again work with one of the best lawyers and human beings I have ever met, Sergio A. Urias (partner at K&E).
When working with Sergio at Creel, García-Cuéllar, Aiza y Enríquez, S.C. and living in a IPO, structured finance, M&A deals-world, he mentioned to me about Venture Capital and gave me a paper about Silicon Valley (this is back in 2005) which would be the spark for my entrepreneurial flame, and shed me some light about how much money was needed to be raised when launching a startup and how much was usually allocated to employees’ salaries.
I got out of this “safe” environment and cofounded Bolido App, an innovation-digital agency focused in building smartphone apps; at the beginning we had only one employee and I was worried of money for salaries, nevertheless we started growing our team every time we closed a deal and, hence, got hired for more work (the company currently has 25+ employees).
Thanks for the background information, but what does this relates to the 500+% gap!
For our type of business at Bolido App, where we weren’t developing a product for its future sale (rather developing for already closed sales), we didn’t had to get investors of any kind we just grew organically; because, in Mexico the labor is cheap and people are usually hired on a month-to-month basis (as Mexican founders, you usually do not need to give stock to employees or even get many cofounders that will work for free).
An average salary of a software engineer in Silicon Valley is of $90,000 versus a $72,000 average salary in any other place of the US (according to Business Insider); the foregoing, versus a $17,500 average salary of a software engineer in Mexico City and a $13,000 salary in Guadalajara. The salary gap of a Silicon Valley person versus a Mexico City one is of 500%, and against a person of Guadalajara 675%; obviously, this gap becomes bigger when you consider there is an upper crust in Silicon Valley where software engineers go from $125,000 (Twitter) up to $180,000 (Google).
When going to unqualified labor, the gap broadens much more; the minimum wage of San Francisco is of $10.74/hour versus an $8.00/hour of New York, both versus a minimum wage of $0.93/hour of Mexico City and Guadalajara (both cities share the same minimum wage). This means that a minimum wage San Francisco employee is 1,150% above a guy in Mexico City or Guadalajara, and a New York one 860% above.
There is a great opportunity for new startups in Mexico to prosper and with smaller amounts of investment (even more when aiming the international market, since selling prices are standard), considering there is a fair size of qualified labor graduating each year as Nathaniel Parish of Forbes mentions “With more than 600,000 people already working in IT and another 65,000 new professionals graduating each year from the country’s technical and engineering schools the U.S.’s southern neighbor is already home to more than 2,000 IT companies.”
Author: Victor Aguirre
Carlos Slim is richer than Bill Gates, why should a VC care about this when investing in a Mexican startup?
VCs are starting to look at Mexican startups to invest, what important thing they need to know about Mexico's commercial laws?
Mexican law is essentially different from US law, nevertheless at some points very similar and at others almost totally incompatible. In Mexico our commercial laws have roots in European monarchic/aristocratic values, which do not care about startups or innovation, but that love big old-fashioned businesses, like mining, real estate development, public works, factories, banks, and container shipping.
Our current commercial laws were made (in 1889 AD) favoring businesses that require enormous amounts of investment; which, at such moment were sourcing from monarchical endowments or antique warfare spoils. Such age-old laws were made not considering people that could bring innovative ideas to the world, and disrupt existing markets; otherwise, they were made to protect the status quo, where few people had access to money and glory (whether earned or inherited).
You might laugh at this but if a Mexican corporate lawyer slept in 1889 for 125 years and woke up today, a lot of the provisions he studied would be exactly the same and others would have minor changes; so she would be able to start advising again almost immediately (actually, things that were nationalized in the 20th century, are now on this 21st century privatized and open to international investment as they once were, so this person would see no change from that part). (I would love to think that a physician or a physicist could do the same, could live in the same world as they once lived so many years ago.)
As mentioned, these commercial laws are somewhat favorable to good old-fashion investments and businesses in Mexico, so many alike investments American corporations do, tend to flourish and generate great revenue; and you can see these type of investments since the late 19th century.
When you look at Forbes World’s Billionaires list and find out that a Mexican is number one, it makes you think, that its like having two neighbor households, one is a MTV-crib where things are totally cool, flowing with technology and luxury, and the other one is a trailer home, aged and stingy, nevertheless a member of the family of the trailer ends up summing more money than the richest family members of the crib.
Today new technologies are bringing light to unknown horizons and nontraditional markets, to which Mexican laws will need to take a big jump in order to catch up. One big benefit is that we have a Mexican principle of law that states that “whichever activity is not regulated, it may be freely engaged by particulars” (no matter if it goes against common sense).
Ok, so get to the point, why when a Venture Capital firm (VC) invests in a Mexican startup, it should care that Carlos Slim is richer than Bill Gates?
Because we gather two things in one same place, old-world laws and large spaces of no-regulation, that allow a VC to have the protections of a 19th century investor in a new-world market where startups can grow fast (Mexico is number 14 in the GDP rank and 11 in the world's population list). When a VC invests in a Mexican startup, it can be sure that Mexican commercial laws (which by the way are all Federal, no such thing as state commercial laws) are favorable to investors, and that in most cases the high-tech or innovative service/product offered by the startup will not be regulated (so there would be a very low regulatory expense/risk), and therefore freely exploited.
The VC should only be worried of not pushing so much the lawyer drafting the investment documents that they are done not in full accordance with the Mexican commercial laws (because such lawyer is trying to satisfy the VC's requests). Nevertheless, there is a great margin to adapt Mexican deals to standard VC terms.
I am positive that Mexico is a great place to invest, to do business and to prosper startups, notwithstanding the laws are slightly old; just remember that investing in "traditional" businesses (that have a lower growth rate than startups) a man became the richest person in the world.
I would like to finish by saying, that I really look forward for the investments that MITA, Alta Ventures, IGNIA, and others will start and continue to do in Mexico.
Author: Victor Aguirre