The Uruguayan car rental platform for individuals closed a seed round of 4.2 million dollars. The funds will be used to grow in Mexico, Argentina, and Uruguay.
The Uruguayan startup TripWip, which operates as a marketplace for vehicle rentals between individuals, has closed a seed funding round of 4.2 million dollars. The capital injection is led by funds such as Latin Leap, CrossBoundary, and Yango Ventures, along with investors like Toyota, Kia, and executives from Uber and Rappi.
A platform that connects owners and drivers
TripWip presents itself as the "Airbnb of cars". Its peer-to-peer (P2P) carsharing model allows anyone to list their car for rent to other users, all through a 100% digital app. Founded in 2023 by Juan Manuel Pancic (CEO) and Juan Andrés Vico (CTO), the company already has over 150,000 registered users in Mexico, Argentina, and Uruguay.
Specifically, the platform has managed over 60,000 rental days and has more than 3,000 vehicles listed. According to company data, the average user rating is 4.8 stars, an indicator of the trust the service generates.
Focus on key markets: Mexico and Argentina
With the 4.2 million, TripWip plans to multiply its size by six in the next 24 months. The strategy is to consolidate in the countries where it already operates, especially Mexico and Argentina. In the short term, it will open new cities such as Mendoza, Bariloche, Monterrey, and Los Cabos. It will also strengthen areas of marketing, technology, and artificial intelligence.
Currently, the startup has a team of 20 people, which it plans to double in the next year. "This round comes at a time when we have not only grown in traction but also in maturity as a business," said Juan Manuel Pancic, CEO and co-founder. "With this capital, we will accelerate our growth, mainly in Mexico and Argentina, aiming to multiply our size by six in the next 24 months."
A model that benefits SMEs and individuals
The TripWip model not only attracts individuals. It has also incorporated small and medium-sized enterprises in vehicle rentals, which use the platform as an additional sales channel. For owners, it provides a way to earn income from cars that would otherwise spend much of their time parked. The company highlights that its rates can be up to 40% lower than those of traditional rental companies.
The P2P mobility market in Latin America is expected to exceed 20 billion dollars by 2034, according to industry estimates. Mexico and Brazil would account for nearly 90% of that market, while Argentina would represent 6% of the remainder. TripWip already operates in Montevideo, Canelones, and Punta del Este (Uruguay); Mexico City, Cancun, and Playa del Carmen (Mexico); and Buenos Aires (Argentina).
"Raising a round of this size at a time when the venture capital industry in the region is at historic lows is a milestone," Pancic emphasized. "It reinforces our goal of becoming the number one mobility option in emerging markets." For interested readers, the platform is already available and offers a more economical and flexible alternative to traditional rentals, with the advantage of a completely digital process.
You may also like
