2 minute read | August.04.2023
Accion Venture Lab and Brick & Mortar Ventures led a $3.4 million funding round for Licify, a Latin American procurement and financial software startup serving the construction industry. The investment will enable Licify to scale to Mexico. Orrick advised Accion Venture Lab.
Accion Venture Lab is a seed-stage investor that provides capital and support to fintech startups that improve the reach, quality and affordability of financial services for the underserved and that have the potential to scale. Venture Lab has invested in more than 60 startups in 30 countries worldwide. Venture Lab is a part of Accion, a global nonprofit committed to creating a fair and inclusive economy, with a pioneering legacy in microfinance and fintech impact investing.
Based in Colombia, Licify seeks to transform the construction supply chain by leveraging technology to provide accessible and inclusive digital solutions connecting builders and suppliers. The company offers innovative products and services that streamline procurement planning, bidding, billing and payment conciliation. One goal: Speeding up payments in the construction industry.
The funding round will enable Licify’s to expand into Mexico.
“At Licify, our mission is to empower and connect the construction industry in Latin America by providing them with world-class technology and inclusive financial services. This investment will enable us to scale our operations, enhance our technological capabilities, and expand our reach with our new operation in Mexico,” said Licify CEO Fernando Olloqui. “We are thrilled to have Brick & Mortar Ventures, Accion Venture Lab, and our other esteemed investors join us on this journey as we revolutionize the construction industry in our region.”
The investment marks Accion Venture Lab’s first investment in construction tech.
“We believe that Licify’s solutions to facilitate connections and alleviate key pain points for small businesses in this large industry represent a great opportunity to catalyze growth for a key segment of” small and medium-sized companies, Accion said in a statement, “and we can’t wait to continue supporting them in this journey.”