treinta Secures $500K+ Funding for Microbusiness App

Treinta Secures Seed Funding for Latin American SMB Software

Treinta, a startup participating in the Winter 2021 Y Combinator program, has announced a funding round exceeding $500,000. This investment will fuel the development of their bookkeeping and inventory management software, specifically designed for small businesses throughout Latin America.

Funding Details and Sources

The raised capital originates from a combination of sources. These include an initial friends-and-family investment, direct funding from Y Combinator, and an additional $220,000 secured in early 2021.

Focus on Micro-Enterprises

Based in Bogotá, Colombia, Treinta currently employs a team of 13 individuals. Their core mission is to facilitate digital transformation for very small businesses, particularly those operated by a single person.

Digital Transformation for All Business Sizes

The shift towards digital workflows isn't limited to large corporations. While digital transformation is frequently discussed in the context of bigger companies, Treinta believes that even the smallest businesses require modernized operational methods.

Rapid User Growth

Treinta’s solution – providing transaction recording, expense tracking, and inventory management capabilities to Latin American micro-businesses – is experiencing significant traction. Co-founder Lluís Cañadell reports a 400% increase in monthly active users in the months following their August 31, 2020 launch.

Initial projections anticipated 300% growth and 30,000 monthly active users in January. However, the company surpassed expectations, reaching 35,000 users last month, as confirmed by Cañadell in a recent email to TechCrunch.

Continued Expansion and Transaction Volume

The company forecasts continued growth at approximately 100% month-over-month for the coming months. Furthermore, Treinta has already processed over $25 million in gross transaction volume through its application.

Impact of the Pandemic

The rapid growth is partly attributable to the lockdowns in Colombia, which compelled many small businesses to establish an online presence. Treinta is providing a crucial first digital tool for many of these companies, aiding their survival.

Future Service Offerings

Treinta intends to expand its service offerings to its small and medium-sized business (SMB) user base. Potential additions include integrated digital payment processing.

Credit facilities are also being considered as a future service, as mentioned by Cañadell to TechCrunch.

Market Opportunity and Future Outlook

The startup has sufficient funding to operate through the summer of 2021 and has ambitious plans for expansion. Cañadell estimates that there are 50 million microbusinesses in Latin America – including Brazil, a market Treinta has not yet entered – with 90% still relying on paper-based record-keeping.

With smartphone penetration exceeding 80% in Colombia, Treinta is well-positioned for substantial future growth.

Y Combinator Demo Day

Regarding participation in Y Combinator’s demo day, Cañadell indicated a willingness to engage with investors but remains undecided on specific plans. TechCrunch will be present at the event.