Pomona Impact Invests in Moovin
Pomona Impact has invested in Moovin, a technology enabled startup that provides last-mile delivery services for SMEs, corporations, and eCommerce companies in Costa Rica. This $500,000 convertible debt investment is part of a $1,000,000 seed round led by Vulcano Fund from Chile. This investment round is expected to facilitate their expansion into other Central American countries to service a rapidly growing e-commerce sector.
Moovin is a dynamic company that offers same-day and next-day deliveries, as well as fulfillment services to manage storage/warehousing, picking-and-packing, and shipping for their customers. Through their services, they are addressing the inherent inefficiency and costliness of current logistics providers in Central America, and offering a tech-enabled and transparent logistics platform.
After starting operations in 2018, this company has experienced strong growth especially during the COVID-19 pandemic as the market for e-commerce solutions grew at an accelerated pace in Central America due to the physical restrictions[1]. The logistics space in the rest of Latin America experienced an investment boom during the pandemic as well, with both startups and established corporations looking to capitalize on this exciting market[2].
Javier Nunez, CEO of Moovin, said, “We as Moovin are especially honored to have a reputable investor in the region like Pomona. We share with them the commitment to generate stable and quality jobs in the region and we agree on the vision for the future regarding the opportunities for the evolution of the sector. The Pomona team also has an excellent human quality and we are sure that the path we walk together is going to be exciting.”
“It is our privilege to work with Javier, Daniel and the rest of the Moovin team as they expand their services both nationally in Costa Rica as well as regionally. The lack of last mile logistics operators continues to be a barrier to the adoption of e-commerce in Central America and our investment in Moovin reflects our commitment to build out the infrastructure for the digital economy in the region,” stated Daniel Granada, Partner at Pomona Impact.
Moovin connects e-commerce companies to end clients, generating impact through the creation of tech enabled jobs across it’s value chain. In addition, the company optimizes routes of deliveries to limit the amount of CO2 released into the atmosphere. Lastly, they are currently testing a franchising model which is expected to boost the capabilities of existing small store-owners whose stores will act as pick-up and drop-off points for packages in areas outside the Great Metropolitan Area (GMA) of Costa Rica. Moovin will be providing these small businesses with the technology, marketing, support services, and customer service to facilitate their growth. The franchising model is expected to increase Moovin’s business volume, expand their geographic reach, and increase their impact through additional job creation.
About Pomona Impact Fund II
Pomona Impact Fund II, LP (“Fund II”) invests primarily in businesses in the Agriculture, Basic Goods & Services (Access to Energy, Water, Education, Health and Housing) and digital economy industries that create highly-scalable social and environmental impact across Central America, Mexico, Colombia, and Ecuador to deliver compelling financial returns and help companies scale their impact profitably.
For businesses interested in applying for investment for Pomona Impact Fund II, please submit an application here.
[1] https://www.caribbean-council.org/covid-restrictions-are-driving-demand-for-e-commerce-solutions-in-central-america/