- Manutara Ventures and CEMEX Ventures invested in the second round of investment for Ipsum, a startup that created a technological platform to improve construction site management.
- Part of the Wayra’s portfolio in Chile, Ipsum already has presence in Peru, Argentina, Mexico, and Paraguay, with clients that are recognized leaders of national and international industries such as Flesan, Graña and Montero and Caputo, among others.
- In August 2017, CB Insights recognized the company as one of 100 platforms that are changing the global construction industry.
Santiago, Chile, January 9, 2018. The Chilean company Ipsum announced today that, after a second round to raise capital, it just received investment from the Chilean fund Manutara Ventures and CEMEX Ventures. This investment is expected to allow Ipsum to expand in Latin America, where it is already present in Peru, Argentina, Chile, and Paraguay, with clients such as Ingevec, Echeverría Izquierdo, Flesan, Graña, and Montero and Caputo.
Specialized in technology startup investment, the Manutara Ventures fund pays special attention to the articulation of exit strategies.
Launched in 2017, CEMEX Ventures, CEMEX’s open innovation and venture capital unit, seeks solutions that help to solve the main challenges of the construction ecosystem. Ipsum is its first investment in Chile. Gonzalo Galindo, CEO of CEMEX Ventures, said, “We decided to invest in Ipsum, since it is a startup that offers solutions to different day-to-day challenges in the construction industry. We appreciate the way in which it improves the labor coordination and planning within the construction industry through Lean-BIM technologies. Startups like this are important parts of our investment portfolio.”
Claudio Barahona, the Chilean country manager for Telefónica Open Future and Wayra, which invested in Ipsum in 2016, pointed out that this is excellent news for the country. “The participation of two funds like these in this second round of investment demonstrates that the level of solutions we can offer from Chile is excellent. This type of investment also strengthens the national ecosystem because a Chilean startup’s growth is escalating internationally in the hands of two large corporations such as Telefónica and CEMEX.” According to Barahona, the best way to promote innovative startups such as Ipsum “is for more companies to develop their arms of corporate investment, as CEMEX has done internationally, which exemplifies what should happen in Chile.”
The Ipsum web system and mobile application is a collaborative virtual platform that enables improved coordination and planning among the different actors involved in a construction project. Conceived in 2014, when its founder and CEO, Franco Giaquinto, had the opportunity to conduct research on a construction site and realized that there was much to improve and optimize in terms of information flow, documents, planning issues, and coordination, among others.
Currently, Ipsum’s founder is confident that its market holds considerable upside industry potential. “While the construction industry produces US$15 trillion per year and continues its global growth, its productivity and adoption of new technologies has lagged behind other industries. Nevertheless, the industry’s leading corporations realize that the industry is behind in these matters and must do something about it,” said Giaquinto. “Construction is fundamental for the world economy. Accordingly, the impact of the digital world like the one we represent, applied to construction can be huge for a country’s economy and also globally,” he added.
“2017 has been a very good year for Ipsum. Many construction companies in Chile and the region have adopted new technologies and tried new software and platforms to optimize their management at different levels,” said Giaquinto. With only three clients in its first year, Ipsum closed 2017 with a client portfolio in excess of 30, marketing its Proplanner solution in five countries and 80 parallel construction sites. In the hands of Wayra, according to Giaquinto, in 2017 Ipsum experienced important growth that “allowed us to learn a lot. We have the support of an incredible team that has helped us grow fivefold in one year in addition to optimizing innumerable internal processes, working with corporate strategies, approaching investors, and much more.”
According to the CEO of Ipsum, the investments from Manutara and CEMEX Ventures complement each other very well since one is focused on how to commercially expand its services worldwide, while the other aims to optimize internal issues related to teamwork, strategy, sales, finance, among others. “We have found a powerful formula and we both understood it that way, which has allowed negotiations and relationships to be transparent, clear, and efficient,” said Giaquinto.
Additionally, in its third year of life, Ipsum was ranked as one of the 100 platforms that are revolutionizing the global construction industry by CB Insights, an international site specialized in technology analysis and digital trends.
CB Insights’ recognition was a great incentive for Ipsum, because in addition to the nomination, it put Ipsum on a par with referents such as Procore. “This means that we are doing things well and other countries recognize us as a company that is changing the industry. All the team takes great pride for the incredible work they have done, “said Giaquinto.