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Buenos Aires, Argentina – Leading on-demand service provider and home improvement marketplace IguanaFix announced today its latest round of $16 million in Series B venture funding led by Temasek, the global Singaporean investment company, with participation from Endeavor Catalyst. IguanaFix is led by Argentinian Endeavor Entrepreneurs Andres Bernasconi and Matias Recchia.
The transaction, which was covered in the New York Times, is part of Temasek’s early-stage innovation investment strategy in Latin America, and IguanaFix’s second round of funding to support the exponential growth of its on-demand home improvement marketplace in Argentina, Mexico and Brazil. The investment round also includes participation from Qualcomm Ventures, the investment arm of Qualcomm Incorporated, and existing investors led by the founders of Riverwood Capital. It will bring the on-demand startup’s total funding to $20 million.
Iguanafix co-founders Andres Bernasconi and Matias Recchia with Endeavor Brazil staff member Gustavo Marujo at an event during the International Selection Panel in Madrid.
“We are incredibly excited to continue growing IguanaFix with the support of Temasek and Qualcomm Ventures. We are tapping into a multi-billion dollar market, helping service providers grow their small businesses and enter the formal market,” said Matias Recchia, Co-founder and CEO of IguanaFix. “We are committed to changing the way in which people hire services and transact in Latin America, and the new funding will help us continue our geographic expansion and strengthen our technology team overall. We are committed to providing a superior solution to our customers, who trust us everyday for their home improvement and car repair needs.”
IguanaFix allows users to access qualified home improvement professionals on its platform and schedule appointments on demand at pre-determined market prices. In under two years, the startup has experienced 30% growth month on month, and has amassed over 20,000 service providers on the platform. The growth has been driven by a three-sided marketplace, consisting of service providers, consumers and large retailer and consumer brands in the region, including LG Electronics.
Iguanafix was selected into the Endeavor network at the 64th International Selection Panel in Madrid, Spain, this past May.
IguanaFix is the leading on demand service provider for home improvement services in Latin America. The company currently has a network of over 25,000 service providers in the region and delivers over 35,000 services per month. Through its platform, individual and corporate customers are matched with service providers to easily schedule visits, compare prices and make payments for services ranging from plumbing and electrical work to everything in between. For more information on IguanaFix, please visit: www.iguanafix.com.
Incorporated in 1974, Temasek is an investment company based in Singapore. Temasek owns a S$242 billion portfolio as at 31 March 2016, with 69% of its underlying assets in Asia (including Singapore), and 27% in the mature economies of North America, Europe, Australia & New Zealand. The balance is held in markets such as Latin America, Africa and the Middle East. Its global footprint also includes 11 offices, including four in the Americas: Mexico City, Sao Paulo, New York and San Francisco. Temasek’s investment themes centre on: Transforming Economies Growing Middle Income Populations Deepening Comparative Advantages Emerging Champions Temasek’s portfolio covers a broad spectrum of industries: financial services; telecommunications, media and technology; transportation and industrials; life sciences, consumer and real estate; as well as energy and resources. Total shareholder return since inception in 1974 has been 15% compounded annually. Temasek has had an overall corporate credit rating of “Aaa” by Moody’s Investors Service and “AAA” by S&P Global Ratings since its inaugural rating in 2004. For more information on Temasek, please visit www.temasek.com.sg. For the latest Temasek Review 2016, please visit: www.temasekreview.com.sg
About Endeavor Catalyst
Endeavor Catalyst is the innovative co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies and to sustain Endeavor’s long-term operations in a mission-aligned way. Since launching in January 2012, Endeavor Catalyst has raised $35M in philanthropically donated and invested capital, and invested into more than 40 Endeavor companies in 15 countries. To date, Endeavor Catalyst has co-invested alongside a number of leading venture capital and growth equity funds, including Accel Partners, General Atlantic, NEA, Sequoia Capital and Tiger Global. Investments include Globant (NYSE: GLOB) in Argentina; Yemeksepeti.com (acquired by Delivery Hero) in Turkey and Ruma in Indonesia.
Learn more about Endeavor Catalyst by clicking here.
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