Great North Ventures has invested in Mangxo, a company set to revolutionize the way construction material suppliers extend credit terms to subcontractors in Latin America.
Mangxo provides an online credit tracking system for material suppliers. This innovation enables suppliers to offer flexible, interest-free credit options to subcontractors, fostering smoother financial operations and project execution. They are currently focused on expanding the number of material suppliers that use Mangxo in Mexico, along with adding material procurement and tracking capabilities over time.
We believe Latam markets have historically been underbanked, making it an attractive region for new technology-driven startups to launch solutions to better service pent-up demand. Mangxo’s rapid customer adoption since launch shows evidence of the pent-up demand for better financing offerings within the construction vertical, and we are excited to support Mangxo’s rapid, continued growth.
Founded in July 2022 by Sergio Angelini (CEO), Luis Morales (COO), and Patricio Naumann (CTO), Mangxo draws on its founders’ diverse expertise. Angelini brings growth strategies from his tenure at a Y Combinator-backed grocery delivery startup, Morales contributes deep construction industry insights, and Naumann offers technical prowess from fintech consultancy.
CEO Sergio Angelini states- “We are thrilled about the funding from Great North Ventures. Rob and his team share our excitement to innovate an industry still stuck on old-fashioned pen-and-paper procedures with almost no financial solutions. Our team knows this firsthand, and we have experienced it for the last three generations. That’s why we’re committed to creating a solution that’s perfect for our users, with products and financing options tailored to their needs.”
Previous investors in Mangxo included Brick and Mortar Ventures, First Check Ventures, and Built Tech Ventures.
