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November 12th, 2019

REDWOOD VENTURES LEADS INVESTMENT ROUND TO ACCELERATE PARCO'S OPERATIONS

Redwood Ventures announces the integration of Parco to its portfolio. Also participating in the round were Polígono Capital and angel investors from previous rounds.

Parco is a Mexican startup that allows digital payments through its mobile application, providing its network of shopping centers and affiliated stores, the possibility of using proximity marketing strategies to create loyalty with its users and customers.

Parco started operations in 2017 and since then it has had high growth in the number of users and market penetration. The company allows payments for more than 30 services, among which are: parking, airtime for cell phones, electricity, gas, cable television services, among many others, so, thanks to its highly scalable integration model, the company is capable to enable its service platform in an agile and remote way, which allows them to be more efficient in its expansion model, optimizing operating costs.

With previous experience as an entrepreneur of technology-based companies, Juan José Leaño, Founder and CEO of Parco, leads the company's efforts to achieve the planned technological development and expansion nationally and internationally, with the aim of having a presence in the most important cities in Mexico and Latin America.

“We are sure that Parco will position itself as a leading digital payment platform. Parco is making this industry evolve and we are excited to invest in a team that has managed to achieve excellent results in an accelerated manner. We are proud to be part of Parco's growth and support them in their growth and consolidation process.” Mentioned Ian Paul Otero, Managing Partner of the fund.

Redwood Ventures made its first investment in March 2018 and since then it has been an active agent in the detection of disruptive companies. Less than two years after its first closure, it adds eight companies to its portfolio, which includes: Ares Materials, Billpocket, Gurú de Viaje, Yotepresto, Troquer, Crabi, Sojourn and now Parco. With this investment, the fund reaffirms its leadership in the ecosystem by making investments in technology-based companies with great scalability.