Mexico, the promised land for Argentine startups

A large group of Argentine entrepreneurs He leaves his homeland to go to Mexico. His goal is to increase the initiatives they are carrying out and to bless themselves with the investment in the digital transformation that the Aztec market has faced.

One case is this Mofiler, which offers a location-as-a-service platform and just launched in Mexico. Founded in 2018 and funded with $275,000, it has already had clients in Mexico for two years, “but for our company, it is important to have a local presence that allows us to reach potential clients more directly,” he said. Brian Stoll, co-founder of the initiative. “Mexico represents a great opportunity because it is a very affordable country to provide services from abroad. Its proximity to the United States also breeds innovation-driven consumer habits,” he added.

Brian Tafel, co-founder of MofilerBrian Tafel, co-founder of Mofiler

The company’s plan is for an annual turnover of 2.5 million US dollars thanks to the launch in Mexico. “We work with channels that help us create traction and understand the market. We take advantage of their local presence and their reach to important customers, while they offer complementary services with our solutions,” Tafel explained.

Population density and consumption are the main factors that tempt Argentine startups. “Mexico is one of the largest markets in Latin America, with more than a million retail outlets,” he confirmed. Eugenio Harakawho became a co-founder Sensitize in 2019, dedicated to services that avoid shrinking food and beverage cold chains and obtain commercial information. It also uses software as a service format for this.

In December, Sensify raised $535,000 in investment from Kamay Ventures and Innventure, along with Brazilian fund CVC Novus, and is using it for commercial development in the Mexican market.

“Becoming a local player in Mexico also gives us a competitive advantage in terms of pricing compared to companies from Europe and Asia,” said Jaraca, who noted that 40% of Sensify’s turnover will come from foreign markets this year and that Mexico represents 80% of these revenues. “The goal is to reach one million dollars in sales with the help of local partners that allow us to understand certain consumer habits, behaviors and customs,” he said.

Approximately the same logic, only in relation to health care services, is explained by the paratrooper A Vibration in February last year. “In Mexico, there are 30 million overweight and hypertensive people and 15 million with diabetes. And only 9% of the population has private insurance,” he explained. Matias Sieleckiwho co-founded HealthTech in 2019 after raising US$1 million in investment.

Wiri offers services to both users and healthcare companies, and Sielecki expects to bill $1.25 million (75% of the total) in the Mexican market this year.

Matias Sielecki, co-founder of WiriMatias Sielecki, co-founder of Wiri

For Gabriela Ruggerimanaging partner of the company Hand Ventures, the regional venture capital fund of Coca-Cola, Arcor and Bimbo, “Mexico is a promising destination for Argentinian founders. “It allows those looking to grow their business to access a wider and more diverse consumer base.”

Another important sector in Mexico is fintech, where it is making inroads. THIS IS ITWhite label as-a-service payment platform founded in 2021.

“Mexico stands out as one of the greatest commercial opportunities. The growing demand for digital financial solutions, combined with the need to reduce cash management in the distribution chains of large corporations, makes it a strategic center,” he analyzed. Enrique Cortes Funes, co-founded the initiative, which has already raised $2.7 million from Globant, Newtopia, Banco Comafi and Kamay Ventures. Cortes Funes expects Mexico to account for 40% of its sales, with a turnover of US$1.9 million in its first year of operation.

Enrique Cortés Funes, co-founder of INIEnrique Cortés Funes, co-founder of INI

Another example of an Argentinian startup aiming to cross borders and adapt its solutions to different markets is Takenos. Established in late 2021 with a capital investment of US$400,000, it began expanding in January to bring its services closer to the Mexican market. “We give freelancers access to stablecoin and local currency, meeting their international financial transaction needs,” explained its co-founder. Lucas Posada.

The initiative’s customers are mainly concentrated among professionals in the technology industry. “Mexico is positioned as a leader in the export of knowledge services. Therefore, this opens up a significant opportunity for more than five million professionals who are looking for inclusive and efficient financial solutions,” he noted.

Thanks to transfer commissions from companies and platforms to independent workers, Takenos projects a turnover of US$5 million in Mexico, representing 25% of annual revenue. “Although we face competition from traditional entities such as Western Union and banks, we are focused on optimizing the user experience and expanding our presence in the country in order to strengthen our position in Latin America,” he concluded Position.

Risky investments

One of the pioneers when it came to obtaining capital financing in Mexico was Nubitywhich offers professional cloud application migration and management services, in late 2013. “There is a lot of competition, but also expansion as companies need to innovate and adapt their old technologies to make them more efficient,” he noted. Juan Azino Caligari, co-founder of the initiative. He estimated sales in that market at $5 million this year.

John Ozina Caligaris, co-founder of NubityJohn Ozina Caligaris, co-founder of Nubity

digital number, founded in 2012 Maximiliano Jakri and Fernando Derbini, It started its operations in Mexico in 2019. There, he offers data transfer and artificial intelligence, software development and information technology, surveillance and security services supported by Microsoft and AWS to Slim Group companies. “While it is true that we have faced a need for talent and investment, the curve will continue to grow exponentially,” explained Jorge Linares, Nubiral’s Chief Revenue Officer, who led the company’s internationalization project. In this sense, the sales target for 2024 is USD 4.1 million.

Founded in late 2014, a provider of content and solutions based on augmented reality CamOn XR It has been present in Mexico since 2020 and expects to exhibit more than a million dollars in this market this year.

“Not only because of GDP and population, there are more opportunities. In addition, it is a stable economy in terms of monetary policy and inflation, which allows us to predict sustainable growth. And in general, there is a very good environment for business. Although the first commercial agreements are usually concluded for a long time, if you manage to start working with a client, it is very likely that you will continue,” he noted. Damian Alcalaco-founder of the initiative.

Damian Alcala, co-founder of CamOn XRDamian Alcala, co-founder of CamOn XR

“On the contrary, the Argentine situation does not help. Personally, I have experienced all kinds of crises and structural changes that do not allow for planning. For a company, the best way to counter these imbalances is to not depend on the domestic market and focus on internationalization. Meanwhile, in Argentina we have talent that can work in the most demanding markets, and this is a big advantage,” he concluded.

Federico AntonI am the managing partner Hello Ventures. In addition to the initial investment in Nubity, it also made the same in Wonder Brands, Mendel and a fourth bet, not yet announced, totaling more than $10 million in Argentinean entrepreneurs. And his optimism about the expansion into the Aztec lands is extraordinary: “In the coming years there will be ten MercadosLibres. Some of them are already working in Mexico.”

Check Also

Does national strike threaten APEC succession?: The time Chile canceled the event due to mass demonstrations

The unions have announced demonstrations at APEC if their demands are not met. | Photo …

Leave a Reply

Your email address will not be published. Required fields are marked *