Mango Secures Seed Funding to Expand Operations
Mango, a financial infrastructure platform based in Mexico, has successfully raised $6 million in a seed funding round. The round was led by Brick & Mortar Ventures, with participation from Ironspring Ventures. Mango offers a unique commercial credit platform tailored for the construction industry, allowing builders to purchase from over 50 distributors in Mexico with deferred payment options.
Company Vision and Leadership
Founded by Sergio Angelini, who serves as CEO, alongside co-founders Patricio Naumann and Luis Morales, Mango aims to streamline financial processes within the construction sector. "Our goal is to empower construction businesses by providing them with the credit tools they need to thrive," said Angelini.
Strategic Allocation of Funds
The newly acquired funds will be directed towards several key areas:
- Platform Expansion: Mango intends to broaden its platform capabilities, enhancing its data infrastructure to better serve its users.
- Product Development: The company plans to launch four new financial products aimed at improving access to credit for construction businesses.
- Geographical Growth: Expansion efforts will focus on increasing Mango's presence throughout Mexico and other parts of Latin America.
- Team Growth: Over the next nine months, Mango aims to increase its workforce by 44% to support its expanding operations.
Current Achievements and Future Plans
Mango has already established a substantial network, working with over 230 distributors and construction companies. The platform has processed transactions exceeding $16 million and experienced a growth rate of 762% over the past year.
Looking ahead, Mango is poised to continue its trajectory of growth and innovation within the construction financing sector. The support from Brick & Mortar Ventures and Ironspring Ventures will be instrumental in achieving these ambitions.
For more information on Mango and its services, visit their website here.