Uruguayan technology startups presented their projects to national and international investment funds.

Several technology companies pitched to Urucap investors and were prepared by the American accelerator WAVE.
Publication date: 24/11/2023

The Uruguayan IT ecosystem gathered at the Technological Laboratory of Uruguay (LATU) during the CUTI Business Forum to explore the latest technological trends, digital strategies, and solutions revolutionizing the businesses of the country's main industries. Business leaders, entrepreneurs, market analysts, and consultants intervened, and Uruguay XXI supported technology companies in an Investment Bootcamp that allowed them to pitch to investors from the Uruguayan private equity association, Urucap.

Previously, these companies, with the organization of Uruguay XXI and the support of Urucap, the Uruguayan Chamber of Information Technologies (CUTI), and Uruguay Innovation Hub, participated in training with the startup accelerator WEVE, which focuses its program on expanding companies into the U.S. market. Twelve Uruguayan startups underwent a four-week training to refine their sales pitches, conduct proper market analysis, and enhance their positioning with international investment funds.

The program, now in its second edition, culminated in a Demo Day before accelerator investors. Finally, at the CUTI Business Forum, some of these startups presented their pitches again, this time to Urucap investors.

Meet the startups that worked with WEVE:

TripWip is an application that connects owners and small car rental companies with car renters seeking a more affordable solution and aiming to reduce their environmental impact. Manuel Romero, their communications director, mentioned that WEVE provided them with the opportunity to connect with American investors, which "blew their minds." Additionally, the startup accelerator opened doors for them to facilitate business with American and Mexican entrepreneurs and investors.

Viatik is a travel platform designed to save costs on medium and short-distance city-to-city transfers. Their CEO, Renzo Costanzo, told Uruguay XXI that the training was "of very high quality," with good mentors, excellent attention, and very formal. "We are very grateful for the connections they facilitated and how they helped us grow," he said about Uruguay XXI's initiatives to promote the Uruguayan IT ecosystem.

Enteria and Future Biome are biotechnology startups focused on intestinal microbiota. Seglico Software develops technological solutions applied to business management, Ixalab offers traceability solutions, and Little Rebels is an educational platform created to inspire girls.

Boxes, another company that participated in the training, develops interactive dispensers equipped with technology, allowing them to be monitored and controlled remotely. The company successfully expanded its exports, and Uruguay XXI supported them with invitations to fairs and events in Latin America, Asia, and Europe.

Boxes' director, Fernando Machín, stated that the WEVE program allowed them to continue expanding their network in the United States. "It's a country that operates a lot through very closed contact networks, and this helped us increase our reach in the northeast of the country," he said.

"Today our startup, which develops software and hardware, already has a presence in Texas and Minnesota, so it was a great opportunity to learn and connect with mentors and potential partners," he added.

Other participants included the high-precision agriculture company Seedorina, the application connecting gyms with companies and their employees, TuPase, the scientific data laboratory Datalab, and the technological and commercial solutions platform Tucuota.online.

Investing in Uruguay:

Uruguay XXI, through its investment project manager Alvaro Brunini, along with the Investment Promotion and Post-Investment specialist Paola Mancino and the Export Promotion specialist Agustin Mimbacas, presented the tools that the agency offers for internationalization, investor support, and capital raising.

"Uruguay is reliable, stable, respects the rules of the game, offers ease of doing business and tax incentives, and has a great quality of life," said Brunini.

Recently, as part of its foreign investment attraction efforts, Uruguay XXI created its Investment Projects Portfolio, which includes various projects, from state-owned ones, technology-based and biotechnological startups, companies in mature sectors (agribusiness, industry, tourism, real estate, among others), and companies in bankruptcy proceedings.

The goal is to facilitate the encounter of these companies with foreign investors. To achieve this, the agency developed a website in Spanish and English that enables registration of both parties and allows showcasing projects to a network of foreign investors seeking opportunities in Uruguay. It's the first website that systematically presents the vast majority of public and private investment opportunities in Uruguay.

Companies and investors interested in being part of this initiative can access more information and register on the website proyectosinversion.uruguayxxi.gub.uy.