Having opened its doors barely six months ago, strategic participation company HFPX Participações of Brazil has wasted no time getting started with investments. It has already added four companies to its portfolio, one of the latest being MeCasar.com.
MeCasar is a wedding planning portal designed to assist couples and planners. It connects users with products and services according to price and location and also has a space for reviews.
HFPX’s investment comes as an effort to get involved in Brazil’s expanding wedding niche. According to the Brazilian Institute of Geography and Statistics (IBGE), the number of wedding festivities in the country has grown by 52% in 2012 alone. The sector’s revenues are expected to reach US$7 billion this year, up 16% from 2011. With respect to the investment decision, HFPX CEO Hugo Cordeiro remarked:
We decided to invest in the site because of its position in a niche market that is growing more than 16% annually in Brazil and brings in roughly R$14 billion (US$7 billion) in revenues per year. The tool is truly incredible. With the launch of this platform and the mobile application, wedding planning will never be the same.
MeCasar, which launched a new version of its platform in June, will utilize the HFPX investment to make further improvements to its site. It will continue to streamline its Smart Checklist feature, a step-by-step guide and set of planning tools. It will also work to bring more vendors to its listing.