Introduction Of Techstars
In Latin American countries like Brazil and Chile, WhatsApp has become a dominant platform not just for communication but also for e-commerce. During the pandemic, it emerged as a popular way for businesses to engage with customers. However, despite its widespread use, WhatsApp was never designed as an e-commerce platform. Recognizing this gap, Mercately, a LatAm-based startup, built a solution to enhance the commercial capabilities of WhatsApp for businesses.
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Mercately offers B2B software that integrates with WhatsApp, enabling brands to sell directly through the platform. The software integrates with popular platforms like Stripe and HubSpot, while leveraging AI agents to streamline customer interactions, manage inventory, process payments, and create purchase orders—all without customers leaving WhatsApp.
Henry Remache, Mercately’s co-founder and CEO, conceived the idea in 2021 while working on software development for various companies across LatAm. One of his clients, a shoe retailer in Ecuador, was conducting 90% of its sales via WhatsApp, despite using MercadoLibre as an e-commerce platform. This revelation sparked Remache’s vision to build a business that helps brands sell where their customers are already active—on WhatsApp.
“It is fairly unusual for a small or medium company [in LatAm] to have a website; they do all the transactions on WhatsApp,” Remache shared. “The behavior is already there; people are using WhatsApp for buying and talking to their family. We are taking the behavior and making it so much easier for these companies to sell where people are.”
Despite challenges posed by the fragmented nature of the Latin American market, Mercately has thrived. Since its launch in 2022, the company has grown rapidly, serving over 1,000 businesses across 20 countries. Mercately is now profitable and generates more than $1.5 million in annual revenue, with a growth rate of 3.5x year over year.
The startup recently secured a $2.6 million seed round led by Inventus Capital Partners and SVQuad, with participation from Techstars, Salkantay Ventures, and BuenTrip Ventures. This funding will support Mercately’s expansion efforts in Brazil and the U.S., as well as the hiring of additional AI engineers to enhance their chatbot capabilities.
Raising capital, however, was not an easy task. Remache noted, “First of all, being from Latin America is a little different; there is not that much money over here. What opened the doors for us is we are a Techstars company. Techstars was definitely a big movement for us.”
Techstars played a pivotal role in Mercately’s journey, providing credibility and networking opportunities. In addition, Mercately participated in Meta’s “Future of Business Messaging Platform” program in 2022, which introduced them to their lead investors, Inventus Capital Partners and SVQuad. This partnership marked the first investment in Latin America for both firms.
WhatsApp’s popularity in LatAm has spurred a wave of startups developing on the platform. Mercately stands out for its ability to capitalize on this trend, but competition is intensifying. Companies like Magie and Félix Pago have also raised significant funds to build WhatsApp-based services, while larger players like Infobip and Trengo focus on customer engagement through the platform.
Despite the competition, Remache remains optimistic. He sees Mercately as the WhatsApp equivalent of Shopify, simplifying e-commerce for businesses in Latin America. With WhatsApp adoption growing globally, including in the U.S., Mercately is well-positioned to capitalize on this trend.
“I just think about how Shopify simplified web-based e-commerce in the U.S. We are simplifying WhatsApp commerce in LatAm,” Remache concluded.
