Mexico-based Miferia, an online wholesale marketplace, has raised a $7 million seed round co-led by Bain Capital Ventures and Tiger Global, with participation from Canary, Latitud Ventures, and Asymmetric Capital Partners.
Miferia operates a curated wholesale marketplace that connects independent retail shops in Mexico with domestic brands in categories such as cosmetics, food and beverage, and home décor.
The platform features thousands of products from over 500 brands, with over 30 new brands being onboarded each week.
Despite the rapid growth in e-commerce, over 90% of retail in Mexico still takes place in its 2 million physical stores.
This market remains completely unserved by digital tools, with less than 1% of B2B transactions moved online.
Miferia enables Mexican shopkeepers to digitally consolidate their offline relationships and helps them grow by expanding their product selection and providing access to improved credit terms.
Meanwhile, Miferia is still in its early stages.
Miferia has spent several months putting together a team, building a minimum viable product, and working with customers.
Now the company is ready to accelerate growth and will use the new capital to build liquidity in the marketplace and add to its team of 30.