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Contxto – Last week, GINcapital signed an investment agreement with HolaCode in hopes of better integrating migrants in Mexican and Latin American industries.

Who is HolaCode?

“Hackers without borders” is what they call themselves.

Equipped with educational tools, technology and plenty of empathy, the Mexican startup promotes social mobility for migrants, no matter their circumstances.

Whether you’re a returnee, deportee or refugee in Mexico – participants sign up for a five-month program to gain high-demand skills in addition to learning new technologies.

Not only have they contributed to solving a current issue, but they’ve developed a very clever business model around it. Students don’t have upfront costs, meaning they only start paying until they secure a tech-related job.

The company has financial partners willing to lend the students money at a below-average rate so they can repay once they’ve fully integrated with a company.

I took a look at the website. According to the company, 90% of the students have landed jobs as software developers, with an average monthly salary of 30,000.

This is genius. They were able to kill two birds with one stone: the difficulty of immigrants to reintegrate to the workforce, and the scarcity of highly skilled software developers.

GINcapital joins the cap table

GINcapital, the corporate fund from GINgroup, invested in the startup with aims of helping early-stage startups with positive social impact thrive.

The undisclosed investment round will be used to strengthen the company’s growth in the region and the development of new services, such as HolaDev.

Marcela Torres, HolaCode’s CEO, declared that Mexico City headquarters will oversee the company’s regional growth, not to mention the development of new products.

We are very excited about this partnership. Working together will lead us to scale and grow a lot. This is a great opportunity to continue innovating and expanding our work.

Marcela Torres, HolaCode CEO

Moreover, this isn’t the first time HolaCode appeared in the media. During the Sao Paulo edition of the World Economic Forum celebrated in March 2018, the International Finance Corporation named them one of the 50 most influential startups transforming Latin America.

Besides apparently good intentions, HolaCode’s talent didn’t go unnoticed by the GINcapital team, either. The firm built around advancing human capital seems satisfied with the agreement.

We saw in Marcela and her team a great determination to give a new quality of life to their students

Diego Armenta, Managing Partner in GINcapital.

Why is this a big deal?

Let’s be honest – this is a huge deal for immigrants. Many of these people are Mexicans themselves returning to their homeland after spending decades elsewhere.

Imagine living most of your life in another country only to come back to your birthplace unable to speak the language or understand local customs. More often than not, this makes the job hunt even more cumbersome.

Keeping this in mind, let’s applaud HolaCode for their initiative. Besides benefiting immigrants, enterprises will also have a wider pool of talented applicants to choose from. Without a doubt, this could propel the economy.

Personally, this seems like an all-around positive move for Mexico – not just for migrants and businesses, but also human rights. Human development for the win.

-CM

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