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Investments

52

Portfolio Exits

3

About Justin Mateen

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Here's an exclusive look at the pitch deck that the Latin American e-commerce aggregator Riogrande used to raise $12 million fro...

Apr 12, 2022

Riogrande is an e-commerce aggregator that bundles small-business brands from Latin America. The startup raised $12 million from YC and angels like Justin Mateen and Arielle Zuckerberg. "Some people call us the pigs who find the truffles," its cofounder Tono Mandly told Insider. Mexico City-based Riogrande is an e-commerce aggregator — meaning it buys businesses intending to grow them on marketplaces like Amazon — focused specifically on Latin American home goods, kitchen, and beauty brands. The startup recently closed a $12 million seed round led by Y Combinator and Wollef, with participation from angel investors like Justin Mateen and Arielle Zuckerberg. While the market for US Amazon aggregators is so overflowing that it's brought consolidation and even some layoffs , the Riogrande cofounders Ivan Amelong, Tono Mandly, and Federico Naides don't consider their company "just" an e-commerce aggregator. "Early 2020 we realized Latin America is the fastest going e-commerce market in the world,"  Mandly said, "but the market is still very immature." Wealthier consumers often choose to purchase pricier, higher-quality goods, often from the US, while middle-class and poor consumers favor lower-priced goods that might be imported from China, Mandly explained. This presents an opportunity for his startup to find local and affordable Latin American brands. More often than not, Riogrande helps to build the e-commerce business of such companies from scratch rather than just swooping in once they are already successful on Amazon and acquiring them. "Some people call us the pigs who find the truffles," Mandly said. The trio founded the company formally in 2021 and was quickly accepted into the startup accelerator Y Combinator's winter batch. They were hesitant to join after the program went virtual but were glad that they followed through, citing YC as the main reason they were able to raise a large seed round, Mandly said. Check out the 12-slide pitch deck Riogrande used to raise $12 million:  A slide in Riogrande's pitch deck. Riogrande

Justin Mateen Investments

52 Investments

Justin Mateen has made 52 investments. Their latest investment was in Playdex as part of their Seed on June 6, 2022.

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Justin Mateen Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

6/2/2022

Seed

Playdex

$2M

Yes

1

3/1/2022

Seed VC - II

Riogrande

$12M

Yes

3

1/25/2022

Seed VC

dNovo

$2.7M

Yes

3

1/11/2022

Seed VC

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$99M

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10

12/15/2021

Seed VC

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$99M

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10

Date

6/2/2022

3/1/2022

1/25/2022

1/11/2022

12/15/2021

Round

Seed

Seed VC - II

Seed VC

Seed VC

Seed VC

Company

Playdex

Riogrande

dNovo

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Amount

$2M

$12M

$2.7M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

1

3

3

10

10

Justin Mateen Portfolio Exits

3 Portfolio Exits

Justin Mateen has 3 portfolio exits. Their latest portfolio exit was Aeris on November 18, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/18/2021

Acquired

$99M

2

12/3/2020

Acquired

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$99M

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10

9/22/2015

Acq - Talent

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$99M

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10

Date

11/18/2021

12/3/2020

9/22/2015

Exit

Acquired

Acquired

Acq - Talent

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

2

10

10

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