Massy Motors Ltd. (Massy Motors), the largest car dealership network in Colombia and the Caribbean, announces the investment in Curbo Holdings LLC., with the advisory and co-investment of Applico, the leading platform advisory firm.
Curbo was founded in 2019 by a small team of seasoned AutoTech executives. 18 months later the startup has grown to more than 100 employees and operates in the Dominican Republic, Mexico, and Colombia.
The strategy, transaction, and integration of this case were led by the Applico team, working alongside Massy’s and Curbo’s teams. We hosted a multidisciplinary team who spoke Spanish to run the engagement. We helped Massy Motors dissect the different types of digital business models in Latin America and find startups that fit well with their vision.
To this point, Massy Motors had never made a minority investment into a technology startup, let alone forge a strategic partnership. The net result of this process was a US $4.5M transaction: Applico Capital and Massy co-invested in Curbo.
Press release – translated
February 11, 2022–After its rapid growth and success in the Dominican Republic; Mexico and Colombia are the first countries in the Latin American region where Curbo arrives to transform the used buying and selling automotive market.
Curbo Holdings LLC (Curbo), is the first Dominican technology startup that is transforming the online buying and selling process of the automotive sector, announces its expansion to Mexico and Colombia with a historic investment for a company born in the Dominican Republic with seed capital by the order of US$4.5 million. Together with its strategic partner, the investment and support of Applico Inc., Curbo seeks to become the first option for the purchasing, selling, and financing of used automobiles throughout Latin America.
At the beginning of 2020–amid the COVID-19 pandemic situation–a group of startup-minded locals undertook the development of Curbo’s digital platform, with the vision of transforming the automotive buying and selling sector in the Dominican Republic and in the rest of the world. By 2022, Curbo sets its goal to enter the Mexico and Colombia markets.
With this expansion, with a team of over 100 employees, Curbo is making great strides to position itself at a top technology company developed and implemented in the Dominican Republic, and with impact reaching the LatAm market. Demonstrating the simplification and improvement of the traditional experience for buying and selling used cars are possible thanks to the use of the innovative proprietary technology from Curbo that aims to connect customers with the cars of their dreams.
“Curbo was born to add value, from the process of searching for the vehicle to the management of the required procedures, all of this to provide greater guarantees, ease, and security to the client, formalize the market, and avoid fraud. Everything you need to buy or sell a used vehicle–Curbo does it for you,” says Manuel Angomás, Co-Founder and CMO of Curbo.
In both Mexico and Colombia, Curbo will replicate the successful experience it has accumulated with uniting buyers and sellers, redefining the way automobiles are acquired through a simple, intuitive, human, and incredible experience based on technology, serving the consumers need to purchase vehicles with support and warranties.
In the case of Mexico, Curbo managed to bring technology based on a proprietary model to a country with an automotive market 60 times the larger (in capacity and demand) than of the Dominican Republic; bringing with it foreign investment and transforming the service experience.
For its part and in Colombia, the commercial ally for its entry was Massy Motors Colombia, one of the largest car dealership networks in that country and the Caribbean. With this entry, Curbo prepares to become the main platform to sell and buy cars personally and also to support car dealers and dealers to digitize and accelerate the used vehicle business.
Marc Rostant, Senior Vice President of Massy Motors Colombia, stated they have shared an innovating vision within the sector for a long time. “We were looking for a strategic partner with advanced technology and a strong drive to break into the automotive space in Colombia. We saw the successful experience of Curbo’s proven track record in the Dominican Republic and Mexico, with rapid growth and expansion expectations.”
Regarding this association, Onil Pereyra, CEO, and CTO of Curbo said they will “further accelerate our development as a company and our expansion in the market. The team has been working tirelessly this past year and we are motivated to continue shaping the future around the automotive buying and selling experience. We’re focused on being the platform with the best service experience whose expansion will revolutionize the global automotive ecosystem.”
Those interested in buying or selling a used automobile should visit www.curbo.com, enter their information and start looking for the ideal car or buyer, taking advantage of all Curbo’s experience in this market.
Filed under: Applico in the Press | Topics: applico, news
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