In May, MercadoLibre announced a partnership with Wayra Argentina to back local startups. And now, the alliance is being extended to reach Colombia, Mexico and Brazil.
Together, Wayra and MercadoLibre will support technology companies throughout Latin America. MercadoLibre will specifically focus on Wayra startups that serve its platforms and APIs, the goal being to promote the creation and development of applications and services that benefit its entire community of buyers and sellers.
Not only will MercadoLibre provide financial backing, but it will also accompany the selected projects throughout the Wayra acceleration process by way of consulting, assessment and technical support.
Mariano Amartino, Director of Wayra Latin America, remarked in the partnership expansion announcement:
MercadoLibre, with its trajectory and scale, is an ideal partner for the growth of Wayra’s startups in the region. At the moment of expansion, it is essential to have by your side a player that understands where business is going and constantly innovates in its vision of a strong ecosystem of entrepreneurs.
Martin de los Santos, VP of Corporate Finance and Development at MercadoLibre, provided insights into the decision to expand the alliance:
Our first experience working with Wayra Argentina was very successful, and we’ve already concreted investments in three projects that will benefit the entire MercadoLibre ecosystem. In this new stage, what we’re looking for is to identify and support entrepreneurs who are developing businesses within the MercadoLibre ecosystem in the region.
We won’t likely have to wait long for MercadoLibre to make its first selections in Brazil, Mexico and Colombia. In Argentina, the company moved along quite quickly in its investments, making the first three – in Mr Presta, Nubimetrics and Parsimotion – just two months after the official partnership announcement was made.
What’s more, it’s likely that the deal will extend even farther into Latin America in time.