Veikul

This is Runway by Whitepaper, a weekly newsletter covering Latin America’s vibrant startups shaping tomorrow’s business landscape. If you haven’t subscribed, do so to get this content directly in your inbox:

The gig economy centers on flexible, temporary, or freelance jobs, often facilitated by online platforms that connect clients with workers.

In Mexico the gig economy is set to double to 10.6 million workers by 2027, with 4.7 million projected to be car-less.

Let's dive in.

Explain it like I'm five

Veikul is an app that connects car-less gig workers with companies needing reliable workers.

• Companies can meet their workforce demand without hiring more drivers, streamlining operations without the hassle of administering and managing them.

• Users gain access to cars without the need to buy them, allowing them to earn extra income on their own time.

• Car rental companies can lend their unrented cars to Veikul, helping them maximize their fleet's profitability.

Why are we watching? The gig economy is growing, but costs, environmental and regulatory issues are rising. New tech in shared vehicles and cloud fleet management can offer a solution to companies in the space.

The ABCs

• Industries: Market Network, Logistics, Marketplace

• Headquarters: Monterrey, Mexico

• Year Operations Started: 2023

• Team Size: 11

• Raised: $82k USD (Raising Seed)

• Investors: Friends & Family

• Business Model: B2B & B2B2C

Background check

What we like:

• Traction: Veikul is on track to increase its revenue from $1 million in 2023 to $1.8 million this year. Additionally, they have grown their user base from 28 to 1,400 and expanded their fleet from 10 to 100 cars, all within a single year.

• Users: Around 59% of new vehicle purchases in Mexico are financed through credit, often under unfavorable terms. Therefore, a significant portion of the 5.8 million gig workers who finance their cars need sustainable access.

• Companies: From working with a sole client in 2023, Veikul has expanded to partner with top tech companies in the country, including Mercado Libre, Didi, Moova, Cubbo, and many others.

Roadblocks:

• Security: They could face challenges such as car theft and verifying the reliability and trustworthiness of workers. Ensuring the safety of their fleet and maintaining a high standard for worker verification are crucial for expansion.

• Regulation: New laws for gig workers are being considered by the Mexican Congress, which could impact all companies in the space.

• Scalability: For Veikul to continue scaling, they need a larger fleet of cars, which is costly. Currently, they operate in major Mexican cities: Monterrey, Guadalajara, and Mexico City.

The Architects

• Sebastian Peña Laris, Co-Founder & CEO.

• Fernando Medina Bolio, Co-Founder & COO.

• Jose Ortiz de la Garza Huerta, Co-Founder & CFO.

Merchant of the Week

Finsolar offers smart solar energy solutions for businesses, focusing on renewable energy savings without investment or risk.

• No upfront investment: Finsolar provides financing for solar energy projects, allowing businesses to switch to solar power with no initial investment.

• Fixed price: Businesses benefit from a fixed price for solar energy, ensuring predictable and often lower energy costs than traditional sources.

• Sustainable impact: Emphasizes reducing CO2 emissions and supporting community development through renewable energy projects.

_{Sponsored content*}

LatAm Startup Office Spotlight

This week, Acapella gave us a sneak peek into its offices in Monterrey, Mexico!

Acapella is an omnichannel smartwear apparel retailer native to Mexico.

They offer an array of accessible premium products, ranging from their own in-house label to a curated selection of multi-brand apparel, footwear and accessories.

Check them out here.

Last Startup Poll Results

Thanks for reading. That’s all from us today, see you soon!

—Manuel and Diego