IguanaFix is one of the most successful start-ups in the three largest markets of Latin America – Argentina, Brazil and Mexico. The company operates a site and mobile app that helps consumers connect with certified handymen for their electrical, plumbing and painting needs.
In 2016, IguanaFix handled more than 35,000 transactions per month to generate revenue of $10 million. For 2017, the projected revenue is $30 million. In addition to the on-demand home improvement services, IguanaFix also serves large corporations that prefer to outsource their maintenance.
According to co-founder and CEO Matias Recchia, they do serious background checks on their employees to make the marketplace more secure and safe. Another thing is to offer transparency in pricing which is big issue for some consumers particularly when it comes to specialized work.
It is not only the retail consumer that is a client but professionals in the network. The app optimizes the work route, saves time, generates more revenue and saves the client’s money. There is sufficient demand to allocate people to certain areas of cities and generate better economies for everyone.
For the start-up, raising capital in Latin America is more challenging than in North America. Aside from explaining how the company is growing and why its unit economies make sense; there is a need to prove growth opportunities and macro issues. There must be evidence that the company deserves an investment.
The services market of Latin America is huge. It is worth tens of billions of dollars but surprisingly, it is very inefficient. The big opportunity for IguanaFix is not actually content creation and information but how to compete with Google and Facebook.
Home Depot and Lowe’s have similar products in their portfolio but they do not offer their services to Latin America. This situation has certainly created a market opportunity for IguanaMix.
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