Mexico Fintech OCN Raises $86 Million in Round Led by Caravela

Mexican fintech OCN, which offers car rental models for gig workers in Mexico and the US, has raised $86 million in equity and debt to fund its growth locally as well as its international expansion.

The Series A round for the company formerly known as OneCarNow was led by Brazil’s Caravela Capital, Collide Capital and Great North Ventures on the equity side of the round. New York-based i80 Group led the debt portion of the raise.

The proceeds of the round will be used to grow the company’s tech infrastructure and to open upper management positions, said co-founder and Chief Executive Officer Mairon Sandoval in an interview.

“OCN is essentially a financial platform that offers accessibility for gig workers to have access to working capital that, because of their social economic background, credit score and other limitations, they wouldn’t otherwise have access to,” Sandoval, 22, said.

New Dynamics

The round comes as venture capital dealmaking in Latin America has hit its slowest pace in six years, in part due to a pullback from US investors in the region amid high US interest rates.

“Venture capital dynamics have changed drastically since 2021,” Sandoval said. “Access to capital was a very different game. Companies that are now getting funded are more resilient and more strategically focused. It’s not about growth at all costs, but being mindful about this growth.”

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