Why Does Fiweex See Mexico as the Next Big Market for Their SaaS?

Fiweex seeks financing to break into the Mexican market and thereby bolster its LATAM presence.
Feweex-Mexico-Paraguay
Feweex-Mexico-Paraguay

The Paraguayan startup Fiweex, renowned for enhancing communication between businesses and their customers, already has a footprint in countries such as Chile, Colombia, and Paraguay. Founded in 2017 by Esteban Torres and Enrique Santacruz, Fiweex is a B2B SaaS solution focused on tackling operational issues of businesses, particularly in the gastronomy sector. Now, the company has its sights set on Mexico and is searching for a new investment round.

Torres, the CEO, reports that the investment round will kick off soon, targeting between USD $ 300,000 and USD$ 500,000. While he can’t divulge specifics about previous rounds, he confirms this would add to two prior rounds. Torres shares his aspirations: “We want to expand quickly in our current markets and venture into two new ones. We have potential investors lined up and hoped to close the round swiftly.” Their goal for this and the upcoming year is to partner with 10,000 businesses.

Fiweex’s tool boasts features such as Fiweex WIFI, an online link for product catalogs linked to a business’s WhatsApp chat, a QR code to view menus and make reservations, and a portal linkable to Instagram accounts.

The global SaaS landscape is evolving. According to Aspects Software, the customer interaction solutions market was valued at USD $15.52 billion in 2020 and is forecasted to soar to USD $30.92 billion by 2026. Against this backdrop, companies are embracing more SaaS solutions; on average, an organization utilizes 80 SaaS applications, marking significant growth compared to prior years.

Customer Engagement Solutions Market-Mordor IntelligenceCustomer Engagement Solutions Market. (Mordor Intelligence)

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Customer Engagement Solutions Market. (Mordor Intelligence)

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Customer Engagement Solutions Market. (Mordor Intelligence)

So, why Mexico? Although SaaS’s global growth has been pronounced, in Mexico, specifically, there has been substantial investment in the sector. In 2019, USD $66 million was invested across 28 deals, and in 2020, despite the pandemic, the investment amounted to USD $59 million in 29 deals.

Average-number-SaaS applications-organizations- 2021.Average number of SaaS applications in organizations by 2021. (Source: Endeavor)

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Average number of SaaS applications in organizations by 2021. (Source: Endeavor)

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Average number of SaaS applications in organizations by 2021. (Source: Endeavor)

Moreover, by 2022, Mexico’s SaaS venture capital industry recorded investments of USD $246 million, majorly in ERP and finance, CRM and customer experience, and business technology platforms. Due to their innovation and business models, these sub-sectors are drawing investors, positioning Mexico as an enticing emerging market for startups like Fiweex.

Distribution-ventures- type-technology- 2021.Distribution of ventures by type of technology as of 2021. (Source: Endeavor)

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Distribution of ventures by type of technology as of 2021. (Source: Endeavor)

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Distribution of ventures by type of technology as of 2021. (Source: Endeavor)

the SaaS industry’s exponential growth and Mexico’s emerging market status present a lucrative opportunity for startups like Fiweex. With significant investments in areas of ERP, finance, CRM, and other business tech platforms, Mexico is quickly becoming a hotspot for SaaS ventures.

Capital-rounds-Mexico -2021-SaaS.Capital rounds in Mexico to 2021 in SaaS. (Source: Endeavor)

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Capital rounds in Mexico to 2021 in SaaS. (Source: Endeavor)

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Capital rounds in Mexico to 2021 in SaaS. (Source: Endeavor)

Fiweex’s planned expansion, backed by its proven solutions and the growing demand for such services in Mexico, indicates a strategic move. As the global SaaS landscape continues to evolve, businesses that capitalize on these emerging markets, driven by innovation and the ability to address unique local challenges, will be best positioned for success in the coming years.

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