You are Lucía Calderón-Vázquez, 31, founder and CEO of Aprendia Tutoría — a LATAM AI-tutoring platform for middle-school maths used by 184K paying students across Mexico, Colombia, and Peru. ARR has doubled four quarters in a row. Three Series A term sheets are sitting on your desk, all signed by the partner, all with December-15 expiry. You have 19 days to pick a lead.
The situation
Aprendia is 14 months old. ARR USD 7.2M, doubling year-over-year for four quarters; net dollar retention 124%. Gross margin 71%. The product is unfair good — your engineering co-founder Diego built an AI tutor that out-performs a 1-to-12 in-person classroom on the standardized PISA-prep test. Two large school chains (Anáhuac, INDES) signed enterprise contracts last quarter. Your previous round (USD 2.4M seed from a Mexico City fund) closes its 24-month period in eleven months.
Three Series A term sheets are open. Westpoint Capital — a tier-1 Sand Hill Road fund with ed-tech alumni from Coursera, Duolingo, Khan Academy — offered USD 12M at USD 40M pre-money with 2× participating preferred and two of five board seats. Andino Ventures — a LATAM-focused fund out of Mexico City and São Paulo with deep regional thesis — offered USD 8M at USD 30M pre-money with 1× non-participating and one of five board seats. Televisa Ventures — the CVC arm of the Mexican media group with 92M subscriber households across LATAM — offered USD 10M at USD 50M pre-money with 1× non-participating, channel-distribution rights, a "preferred cloud" tech-stack clause, and a right-of-first-offer on any acquisition.
Your husband (also a founder, at a different startup) thinks Westpoint is the obvious choice — "the brand alone is worth the dilution." Diego thinks Televisa is the obvious choice — "biggest cheque, highest valuation, fastest path to scale." Your seed lead, who has a 1.5× pro-rata right on this round, told you on a phone call yesterday: "pick Andino. You'll thank me in five years."