Argentina-based last-mile delivery company Treggo announced an extra $1.7 million additional funding from Newtown Partners, Verve Capital, Latin Leap, Bluewatch Ventures, Kube VC and a group of angel investors, including Alan Rutledge, Austen Allred, Matt Brown and Ivan Montoya. This gives Treggo a total of $2.8 million in funding within the past two-months.
With this funding round Treggo will target Mexico and start paving the road for a future expansion to Brazil.
Matias Lonardi, co-founder and CEO of Treggo, started the company with Nicolas Torchio (CTO) and Joaquin Wagner (COO) in 2016. They bootstrapped the company until 2020, when they raised $600,000 from a family office with ties to the logistics sector and then another $500,000 last December.
“The good thing for us is that Argentina was well-developed with e-commerce trends, so when we went into Mexico, where it is two or three years behind Argentina, we knew how to scale there,” he added. “Mexico is just getting started, and it is the fastest-growing in all the world, so there is a huge opportunity. If you do it right, and do your homework, you could be a unicorn in this space.”Matias Leonardi, co-founder and CEO of Treggo, to Techcrunch.
E-commerce across Latin America has exploded in the past two years, which has created a competitive landscape within the last-mile sector, with companies like 99 Minutos, Cubbo and Cargamos.
To date, Treggo works with thousands of last-mile providers, with 378 monthly customers and has delivered 1.8 million orders in the past 12 months, moving 220,000 parcels per month on average.