This post is also available in: Español (Spanish)
Contxto – The Colombian startup, Rebus Technology, raised an investment last week for US$415,000. In the round, Angel Ventures, Magma Partners, Enlaces, Quake Capital, Avalancha Ventures as well as various angels from Latin America participated.
According to its press release, Rebus Technology will use 70 percent of the investment to expand its operations in Mexico. Meanwhile, the other 30 percent will be used to further develop its product, a plug-in powered with an algorithm for event websites and platforms.
Colombian entrepreneurs Juliana Villalba and José H. Berrío founded the startup in 2017. Through its solution, organizers achieve greater sales by offering additional services, products, and upgrades to attendees.
So, let’s say you’re going to buy tickets for a Carlos Vives concert. Through Rebus Technology’s plug-in, the website might offer you additional options such as meet-and-greets or signed merchandise.
But I was feeling curious as to why Mexico and what’s to come with their product. So I hopped onto the phone with Juliana Villalba, the startup’s co-founder to find out.
Fine-tuning an algorithm
During our call, the entrepreneur explained that Mexico is a major market for events, especially sports-related ones. And that’s the reason why the startup is focusing a greater part of the investment towards this country.
As for the remaining 30 percent, Villalba stated it would be used to make their solution compatible with other platforms, such as Facebook Events. In addition, their team will fine-tune the plug-in’s algorithm so it offers organizers more precise recommendations as to what to offer attendees. Rebus Technology even wants to add a predictive component to its algorithm.
In sum, they are creating a more end-to-end solution so organizers can make the most of an occasion with additional sales.
A plug-in for all
This startup’s solution can be found in multiple countries in Latin America. It currently helps organizers in six countries: Colombia, Peru, Costa Rica, Panama, Guatemala, and Mexico.
But it doesn’t have plans to stop anytime soon.
In 2020, the startup anticipates hitting the markets in Chile, Uruguay, Bolivia, the Dominican Republic, and the United States.
With so many different markets in mind, one might wonder how they adapt the plug-in to each one. Yet that’s not Rebus Tech’s case.
According to Villalba, the startup’s plug-in was flexible for entering multiple markets because of the way it was initially developed.
“We had customers from various countries,” she explained during our call, “so the process was very collaborative. That’s why I’d consider it’s a very robust solution that’s relevant for people from various places.”
She considered that the plug-in was conceived for global use because it tendered to a global need (increasing event sales).
So, here are some final insights for entrepreneurs from Rebus Tech’s co-founder:
- Talk to potential customers before developing your product. They might have valuable input you hadn’t considered.
- Start locally, but always keep global applications in mind when developing your product. That way it can more easily enter new markets.
- Be clear with your business’ milestones and key performance indicators (KPIs) to achieve profitability, while making the best use of the investment you raise. That way, you find a balance between growth and profitability.
Share the knowledge people.
Wanna hear more? We recommend you listen to the following podcast episode: Tres exits en Brasil e inversiones pequeñas pero seguras. You can find the time stamp available in the description.
Related articles: Tech and startups in Colombia!