Mexico’s Finance Ecosystem Needs More M&As: Endeavor

Q: How has Endeavor evolved over the years, and how does it support entrepreneurs in Mexico?
A: Endeavor’s mission is to transform Mexico through Multipliers. We work directly with entrepreneurs, constantly identifying, selecting, supporting,g and investing in the most promising scale-up ventures. We are industry-agnostic and focus on companies in the scale-up stage, not early-stage startups. Across the 40+ countries where we operate, we apply a consistent global methodology to identify entrepreneurs with the highest potential for outsized impact. Once selected, we support them through a robust, tailored scale-up journey designed to help them grow and create a powerful multiplier effect in their communities.

Q: How does this multiplier effect benefit the companies and the local economy?
A: Multipliers create value on multiple fronts: economic wealth by generating jobs and attracting capital; social wealth by solving real-world problems and driving inclusion; and cultural wealth by inspiring others to dream bigger and take risks. This multiplier effect is central to Endeavor’s mission. While our methodology has remained consistent, the profile of the entrepreneurs we support has evolved. A decade ago, we worked with companies like Daniel Espinosa, TANYA Moss, Café Punta del Cielo, and Tequila Milagro. Today, we partner with digital-native scaleups such as Clip, Kueski, Biso, Rappi, Kavak, 99Minutos, and Jüsto—companies that are transforming industries through technology and ambition.

Q: How has Endeavor adapted its services to support these newer entrepreneur profiles?
A: While our core methodology remains the same, the services we offer are customized based on the unique context and needs of each entrepreneur. In addition to working directly with founders, we also support corporations in designing and executing innovation strategies that connect them with the entrepreneurial ecosystem. We act as a bridge, connecting visionary entrepreneurs with forward-thinking corporate leaders to build collaborative, open innovation models that deliver long-term value.

Q: What characteristics does Endeavor look for in the companies it represents?
A: We rely on our powerful global network of mentors, investors, and Endeavor Entrepreneurs to source top-tier founders. From there, we apply a rigorous selection process focused on four core elements: founding team, business model, inflection point, and multiplier effect. This evaluation combines data, structured methodology, and expert judgment. Only with full consensus from our selection panels do entrepreneurs join the Endeavor network.

Q: Once an entrepreneur becomes part of the network, how does Endeavor continue to support their scaling journey?
A: Every journey is different. Our role is to support entrepreneurs through pivotal moments—those high-stakes decisions that can either accelerate or challenge their growth. These might include transitioning leadership, launching a new product, international expansion, or strategic acquisitions. We have identified a set of these critical moments and designed tailored support strategies for each, leveraging our global network and resources.

Q: Have you observed a particular country in Latin America where scaling activity has increased in recent years?
A: Brazil and Mexico are the region’s leading markets. Brazil has a unique ecosystem—large, Portuguese-speaking, and often operating independently. Mexico, in contrast, is a strategic gateway. For any Spanish-speaking company looking to scale regionally, succeeding in Mexico is essential. It offers the largest addressable market and plays a central role in the regional innovation landscape.

Q: How has the investment environment evolved in recent years?
A: The past few years have brought major shifts. During the pandemic, excess liquidity fueled a surge in venture investment. That period was followed by a market correction starting in 2022, which brought a return to fundamentals. The capital is still there, but investors are now more selective, seeking mature companies, experienced founders, and sustainable growth models. The companies that made hard but necessary decisions in 2022 are now stronger and better positioned for long-term success.

Q: What needs to change to push more companies to enter stock exchanges?
A: Going public remains a challenge in Mexico, and listing activity has declined. That’s why at Endeavor, we believe in fostering complementary paths to scale and liquidity. One key lever is helping corporations evolve into more active players in the ecosystem by running pilots, investing in venture capital, and ultimately becoming acquirers. A vibrant M&A market is essential for a healthy entrepreneurial cycle. Without it, the ecosystem remains incomplete.

Q: What factors make exits and M&As so complicated in Mexico?
A: There are multiple factors. Some established companies may feel less urgency to innovate, particularly if they have dominated their markets for decades. Others may lack familiarity with how to engage with startups through acquisitions or partnerships. But this is changing. As new technologies emerge and industries are disrupted, more corporations are realizing that sustainable leadership requires agility, openness, and a willingness to adapt. Market dominance will no longer come from scale alone—it will come from the ability to move fast and think forward.

Q: Fintech, retail, and logistics sectors are experiencing shifts. What other sectors are on the verge of transformation?
A: Fintech is the great unlocker. Without digital payments, you can’t build modern e-commerce or mobility platforms. Once fintech infrastructure is in place, it enables growth in logistics, and together they open the door for transformation in other sectors, like education, healthcare, proptech, gaming, and even sports. These are all areas where we’re seeing entrepreneurial innovation take off.

Q: What are your expectations for the remainder of this year and the next five years in terms of investments, trends, and the entrepreneurial ecosystem?
A: At Endeavor, we’ll continue to double down on our role as a trusted leader in innovation and entrepreneurship. Through research, data, and thought leadership, we aim to shape the conversation and the agenda. We'll remain deliberate about who we support and how we add value. Looking ahead, corporate engagement will be key. A thriving ecosystem requires corporations that actively engage through pilots, partnerships, CVCs, and acquisitions. If those pieces fall into place, we’ll see more exits, stronger scaleups, and a more dynamic path to sustainability and global impact.

For over 25 years, Endeavor has been leading the global movement of High-Impact Entrepreneurship—driving economic, social, and cultural transformation by selecting, supporting, and investing in the most promising entrepreneurs worldwide. By 2022, Endeavor Entrepreneurs, backed by our global network of trust, had created a powerful multiplier effect: generating over 4 million jobs, more than US$50 billion in annual revenues, and inspiring the next generation to dream bigger, scale faster, and pay it forward. Endeavor now operates across 40+ markets around the world.