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Miami-based Marco Financial is launching a revenue-based lending service for Latin American SMEs
Marco Financial, a new Miami-based startup, is looking to take a piece of the roughly $350 billion trade finance market for Latin American exporters with its novel factoring services business.
Small and medium-sized businesses in Latin America can have trouble getting the financing they need to launch export operations to the U.S. and Marco said it aims to bridge that gap with new risk modeling and management tools that can make better decisions on who should receive loans.
“For smaller businesses in Latin America, accessing trade finance to export their goods is a major concern and a top reason why many don’t succeed,” said Javier Urrutia, director of Foreign Investments at PROCOLOMBIA, an organization that promotes foreign investment and non-traditional exports in Colombia, in a statement from the company. “In Colombia alone, a 1% increase in exporter productivity in our textile industry would result in 500,000 new jobs for the country.”
The company is backed by a small seed round from Struck Capital and Antler and over $20 million in a credit facility underwritten by Arcadia Funds.
“As a former owner of a small business in Latin America, I saw firsthand how difficult it is for SMEs in this region to access trade financing that will let them export their goods while retaining enough capital to keep their business running,” said Peter D. Spradling, COO and co-founder of Marco, in a statement. “Access to trade finance is one of the greatest hurdles in business operations and the traditional system dominated by banks is simply not working anymore, disproportionately hurting SMEs and further restricting economic mobility and job creation in emerging markets. Equity funding and a material credit facility let us serve this underserved market in Latin America and help build a healthier, more equitable trade ecosystem reflective of an increasingly borderless global economy.”
Spradling met his co-founder Jacob Shoihet through the Antler accelerator, a Singapore and New York-based early-stage investment and advisory services program that connects entrepreneurs and tech operators to launch new businesses.
Shoihet, a classically trained musician who fell in with the startup scene in New York through work at Yelp, was eager to launch his own company and connected with Spradling over shared interests in intermittent fasting and sports.
Small and medium businesses have a hard time receiving loans from traditional lenders thanks to tighter regulations and capital controls dating back to the 2008 financial crisis, according to Marco’s founders. And the long periods that companies have to wait between when goods are shipped and orders are payed can put undue pressure on business operations. Factoring solves the gap by lending to merchants based on their receivables.
Marco said that it can reduce the length of the loan origination process from over two months to one week and provide funding to approved exporters within 24 hours.
The company is initially focused on Mexico, Uruguay, Chile, Colombia and Peru, and chose those markets because of Spradling’s previous experience as an importer and exporter across the region.
“We look for companies that not only target massive, sleepy industries but also for ones that are led by management teams with fresh perspectives and asymmetric information that position them to upend incumbents,” said Yida Gao, partner at Struck Capital, in a statement. “In short order, Marco has assembled a world-class team to tackle the multi trillion-dollar trade finance market in a post-Covid time when SMEs around the world need, more than ever, reliable capital to fund operations and growth. We are excited to be part of Marco’s journey to support the suppliers that are the backbone of global trade.”
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Microsoft launches Edge Zones for Azure
Microsoft today announced the launch of Azure Edge Zones, which will allow Azure users to bring their applications to the company’s edge locations. The focus here is on enabling real-time low-latency 5G applications. The company is also launching a version of Edge Zones with carriers (starting with AT&T) in preview, which connects these zones directly to 5G networks in the carrier’s data center. And to round it all out, Azure is also getting Private Edge Zones for those who are deploying private 5G/LTE networks in combination with Azure Stack Edge.
In addition to partnering with carriers like AT&T, as well as Rogers, SK Telecom, Telstra and Vodafone, Microsoft is also launching new standalone Azure Edge Zones in more than 10 cities over the next year, starting with LA, Miami and New York later this summer.
“For the last few decades, carriers and operators have pioneered how we connect with each other, laying the foundation for telephony and cellular,” the company notes in today’s announcement. “With cloud and 5G, there are new possibilities by combining cloud services, like compute and AI with high bandwidth and ultra-low latency. Microsoft is partnering with them bring 5G to life in immersive applications built by organization and developers.”
This may all sound a bit familiar, and that’s because only a few weeks ago, Google launched Anthos for Telecom and its Global Mobile Edge Cloud, which at first glance offers a similar promise of bringing applications close to that cloud’s edge locations for 5G and telco usage. Microsoft argues that its offering is more comprehensive in terms of its partner ecosystem and geographic availability. But it’s clear that 5G is a trend all of the large cloud providers are trying to tap into. Microsoft’s own acquisition of 5G cloud specialist Affirmed Networks is yet another example of how it is looking to position itself in this market.
As far as the details of the various Edge Zone versions go, the focus of Edge Zones is mostly on IoT and AI workloads, while Microsoft notes that Edge Zones with Carriers is more about low-latency online gaming, remote meetings and events, as well as smart infrastructure. Private Edge Zones, which combine private carrier networks with Azure Stack Edge, is something only a small number of large enterprise companies would likely to look into, given the cost and complexity of rolling out a system like this.
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Kinsa’s fever map could show just how crucial it is to stay home to stop COVID-19 spread
Smart thermometer maker Kinsa has been working on building accurate, predictive models of how seasonal illnesses like the flu travel in and among communities — and its fever map is finding new utility as the novel coronavirus pandemic grows globally. While Kinsa’s US Health Weather Map has no way of tracking the spread of COVID-19 specifically, as it looks only at fevers tied to geographic data, it could provide easy-to-grasp early indicators of the positive effects of social distancing and isolation measures at the community level.
At the time that Kinsa’s health weather map was covered in the New York Times in February, the company had around a million thermometers in market in the U.S., but it had experienced a significant increase in order volume of as many as 10,000 units per day in the week prior to its publication. That means that the company’s analytics are based on a very large data set relative to the total U.S. population. Kinsa founder and CEO Inder Singh told me this allowed them to achieve an unprecedented level of accuracy and granularity in flu forecasting down to the community level, working in partnership with Oregon State University Assistant Professor Ben Dalziel.
“We showed that the core hypothesis for why I started the company is real — and the core hypothesis was you need real-time, medically accurate, geolocated data that’s taken from people who’ve just fallen ill to detect outbreaks and predict the spread of illness,” Singh said. “What we did with our data is we punched it into Ben’s existing, first-principle models on infectious disease spread. And we were able to show that on September 15, we could predict the entire rest of cold and flu season with hyper-accuracy in terms of the peaks and the valleys — all the way out to the rest of flu season, i.e. 20 weeks out on a hyperlocal basis.”
Prior to this, there have been efforts to track and predict flu transmission, but the “state-of-the-art” to date has been predictions at the national or multi-state level — even trends in individual states, let alone within communities, was out of reach. And in terms of lead time, the best achievable was essentially three weeks out, rather than multiple months, as is possible with Kinsa and Dalziel’s model.
Even without the extraordinary circumstances presented by the global COVID-19 pandemic, what Singh, Dalziel and Kinsa have been able to accomplish is a major step forward in tech-enabled seasonal illness tracking and mitigation. But Kinsa also turned on a feature of their health weather map called “atypical illness levels” a month ago, and that could prove an important leading indicator in shedding more light on the transmission of COVID-19 across the U.S. — and the impact of key mitigation strategies like social distancing.
“We’re taking our real-time illness signal, and we’re subtracting out the expectation,” Singh says, explaining how the new view works. “So what you’re left with is atypical illness. In other words, a cluster of fevers that you would not expect from normal cold and flu time. So, presumably, that is COVID-19; I cannot definitively say it’s COVID-19, but what I can say is that it’s an unusual outbreak. It could be an anomalous flu, a strain that’s totally unexpected. It could be something else, but at least a portion of that is almost certainly going to be COVID-19.”
The ‘atypical illness’ view of Kinsa’s US Health Weather Map. Red indicates much higher than expected levels of illness, as indicated by fever.
The graph represents the actual number of reported fevers, versus the expected number for the region (represented in blue) based on Kinsa’s accurate seasonal flu prediction model.
In the example above, Singh says that the spike in fevers coincides with reports of Miami residents and tourists ignoring guidance around recommended distancing. The steep drop-off, however, follows after more extreme measures, including beach closures and other isolation tactics were adopted in the area. Singh says that they’re regularly seeing that areas where residents are ignoring social distancing best practices are seeing spikes, and that as soon as those are implemented, via lock-downs and other measures, within five days of those aggressive actions, you begin to see downward dips in the curve.
Kinsa’s data has the advantage of being real-time and continually updated by its users. That provides it with a time advantage over other indicators, like the results of increased testing programs for COVID-19, in terms of providing some indication of the more immediate effects of social distancing and isolation strategies. One of the criticisms that has appeared relative to these tactics is that the numbers continue to grow for confirmed cases — but experts expect those cases to grow as we expand the availability of testing and identify new cases of community transmission, even though social distancing is having a positive impact.
As Singh pointed out, Kinsa’s data is strictly about fever-range temperatures, not confirmed COVID-19 cases. But fever is a key and early symptom of COVID-19 in those who are symptomatic, and Kinsa’s existing work on predicting the prevalence of fevers related to cold and flu strongly indicate that what we’re looking at is in fact, at least to a significant degree, COVID-19 spread.
While some have balked at other discussions around using location data to track the spread of the outbreak, Singh says that they’re only interested in two things: geographic coordinates and temperature. They don’t want any personal identification details that they can tie to either of those signals, so it truly an anonymous aggregation project.
“There is no possible way to reverse engineer a geographic signal to an individual — it’s not possible to do it,” he told me. “This is the right equation to both protect people’s privacy and expose the data that society and communities need.”
For the purposes of tracking atypical illness, Kinsa isn’t currently able to get quite as granular as it is with its standard observed illness map, because it requires a higher degree of sophistication. But the company is eager to expand its data set with additional thermometers in the market. The Kinsa hardware is already out of stock everywhere, as are most health-related devices, but Singh says they’re pressing ahead with suppliers on sourcing more despite increased component costs across the board. Singh is also eager to work with other smart thermometer makers, either by inputting their data into his model, or by making the Kinsa app compatible with any Bluetooth thermometer that uses the standard connection interface for wireless thermometer hardware.
Currently, Kinsa is working on evolving the atypical illness view to include things like a visual indicator of how fast illness levels are dropping, and how fast they should be dropping in order to effectively break the chain of transmission, as a way to further help inform the public on the impact of their own choices and actions. Despite the widespread agreement by health agencies, researchers and medical professionals, advice to stay home and separated from others definitely presents a challenge for everyone — especially when the official numbers released daily are so dire. Kinsa’s tracker should provide a ray of hope, and a clear sign that each individual contribution matters.
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Domio raises $100M in equity and debt to take on Airbnb and hotels with its curated apartments
Airbnb has well and truly disrupted the world of travel accommodation, changing the conversation not just around how people discover and book places to stay, but what they expect when they get there, and what they expect to pay. Today, one of the startups riding that wave is announcing a significant round of funding to fuel its own contribution to the marketplace.
Domio, a startup that designs and then rents out apart-hotels with kitchens and other full-home experiences, has raised $100 million ($50 million in equity and $50 million in debt) to expand its business in the U.S. and globally to 25 markets by next year, up from 12 today. Its target customers are millennials traveling in groups or families swayed by the size and scope of the accommodation — typically five times bigger than the average hotel room — as well as the price, which is on average 25% cheaper than a hotel room.
The Series B, which actually closed in August of this year, was led by GGV Capital, with participation from Eldridge Industries, 3L Capital, Tribeca Venture Partners, SoftBank NY, Tenaya Capital and Upper90. Upper90 also led the debt round, which will be used to lease and set up new properties.
Domio is not disclosing its valuation, but Jay Roberts, the founder and CEO, said in an interview that it’s a “huge upround” and around 50x the valuation it had in its seed round and that the company has tripled its revenues in the last year. Prior to this, Domio had only raised around $17 million, according to data from PitchBook.
For some comparisons, Sonder — another company that rents out serviced apartments to the kind of travelers who have a taste for boutique hotels — earlier this year raised $225 million at a valuation north of $1 billion. Others like Guesty, which are building platforms for others to list and manage their apartments on platforms like Airbnb, recently raised $35 million with a valuation likely in the range of $180 million to $200 million. Airbnb is estimated to be valued around $31 billion.
Domio plays in an interesting corner of the market. For starters, it focuses its accommodations at many of the same demographics as Airbnb. But where Airbnb offers a veritable hodgepodge of rooms and homes — some are people’s homes, some are vacation places, some never had and never will have a private occupant, and across all those the range of quality varies wildly — Domio offers predictability and consistency with its (possibly more anodyne) inventory.
“We are competing with amateur hosts on Airbnb,” said Roberts, who previously worked in real estate investment banking. “This is the next step, a modern brand, the next Marriott but with a more tech-powered brain and operating model.” These are not to be confused with something like Hilton’s Homewood Suites, Roberts stressed to me. He referred to Homewood as “a soulless hotel chain.”
“Domio is the anti-hotel chain,” he added.
Roberts is also quick to describe how Domio is not a real estate company as much as it is a tech-powered business. For starters, it uses quant-style algorithms that it’s built in-house to identify regions where it wants to build out its business, basing it not just on what consumers are searching for, but also weather patterns, economic indicators and other factors. After identifying a city or other location, it works on securing properties.
It typically sets up its accommodations in newer or completely new buildings, where developers — at least up to now — are not usually constructing with short-term rentals in mind. Instead, they are considering an option like Domio as an alternative to selling as condominiums or apartments, something that might come up if they are sensing that there is a softening in the market. “We typically have 75%-78% occupancy,” Roberts said. He added that hotels on average have occupancy rates in the high 60% nationally.
As Domio lengthens its track record — its 12 U.S. markets include Miami, Los Angeles, Philadelphia and Phoenix — Roberts says that they’re getting a more select seat at the table in conversations.
“Investors are starting to go out to buy properties on our behalf and lease them to us,” he said. This gives the startup a much more favorable rate and terms on those deals. “The next step is that Domio will manage these directly.” The most recent property it signed, he noted, includes a Whole Foods at the ground level, and a gym.
Using technology to identify where to grow is not the only area where tech plays a role. Roberts said that the company is now working on an app — yet to be released — that will be the epicenter of how guests interact to book places and manage their experience once there.
“Everything you can do by speaking to a human in a traditional hotel you will be able to do with the Domio app,” he said. That will include ordering room service, getting more towels, booking experiences and getting restaurant recommendations. “You can book your Uber through the Domio app, or sync your Spotify account to play music in the apartment.
Ans there are plans to extend the retail experience using the app. Roberts says it will be a “shoppable” experience where, if you like a sofa or piece of art in the place where you’re staying, you can order it for your own home. You can even order the same wallpaper that’s been designed to decorate Domio apartments.
Ripe for the booking
Although Airbnb has grown to be nearly as ubiquitous as hotels (and perhaps even more prominent, depending on who you are talking to), the wider travel and accommodation market is still ripe for the taking, estimated to reach $171 billion by 2023 and the highest growth sector in the travel industry.
“Airbnb has taught us that hotels are not the only place to stay,” said Hans Tung, GGV’s managing partner. “Domio is capitalizing on the global shift in short-term travel and the consumer demand for branded experiences. From my travels around the world, there is a large, underserved audience — millennials, families, business teams — who prefer the combined benefits of an apartment and hotel in a single branded experience.”
I mentioned to Roberts that the leasing model reminded me a little of WeWork, which itself does not own the property it curates and turns into office space for its tenants. (The SoftBank investor connection is interesting in that regard.) Roberts was very quick to say that it’s not the same kind of business, even if both are based around leased property re-rented out to tenants.
“One of the things we liked about Domio is that is very capital-efficient,” said Tung, “focusing on the model and payback period. The short-term nature of customer stays and the combination of experience/price required to maintain loyal customers are natural enforcers of efficient unit economics.”
“For GGV, Domio stands out in two ways,” he continued. “First, CEO Jay Roberts and the Domio team’s emphasis on execution is impressive, with expansion into 12 cities in just three years. They have the right combination of vision, speed and agility. Domio’s model can readily tap into the global opportunity as they have ambition to scale to new markets. The global travel and tourism spend is $2.8 trillion with 5 billion annual tourists. Global travelers like having the flexibility and convenience of both an apartment and hotel — with Domio they can have both.”
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SeaBubbles shows off its ‘flying’ all-electric boat in Miami
We were promised flying cars but, as it turns out, flying boats were easier to build.
SeaBubbles, a “flying” boat startup that uses electric power instead of gas, hit Miami this weekend to show off one of its five prototype boats — or six, if you count an early, windowless white boat they’ve lovingly dubbed the “soapdish.” This innovative boat design combines technology from nautical industries and aviation and intelligent software to raise the hull of the boat out of the water using foils, which helps it consume less energy by allowing it to travel on rougher waters with reduced drag, while also keeping the passenger cabin relatively comfortable.
When raised, the boat is “flying” above the water, so to speak.
Founded only three years ago in Paris, the idea for SeaBubbles was dreamed up by Alain Thébault, a sailor who previously designed and piloted the Hydroptère, an experimental hydrofoil trimaran, using a similar system that lifts the boat in order to reduce drag. That boat went on to break the world record for sailing speed twice, at 50.17 knots. Meanwhile, SeaBubbles’ co-founder Anders Bringdal is a four-time windsurfing world champion, who also set a windsurfing world record at 51.45 knots.
Together, the two have envisioned SeaBubbles as a way for cities to reduce traffic congestion and help the environment by taking advantage of the area’s waterways to move people around in fast water taxis.
“The cities today have one thing in common: pollution and congestion,” explains Bringdal. “Every city has waterways — ones that are fairly unused. Think about having a giant freeway that goes straight down the center of the city, and no one uses it… why is that?,” Bringdal continues.
“You could do this with a normal boat,” he admits. “But with a normal boat with a normal combustion engine, the fuel price you’re paying is between $70 and $130 per hour. With us, it’s $2,” he says.
The cost savings come from an all-electric design, which means the boat charges at a power station — preferably one that’s solar charged, of course — instead of guzzling gas.
The company experimented with all sorts of designs and models before settling on its first-to-market SeaBubbles water taxi: a smaller, 4.5-meter version that seats four in addition to the pilot. However, the technology itself is scalable to larger boats or even ferries.
According to SeaBubbles’ U.S. partner, Daniel Berrebi, whose company Baja Ferries has made a “small” investment in SeaBubbles, even larger boats like his could eventually benefit from the technology.
Beyond his obvious business interest on that front, Berrebi is also working with SeaBubbles to help the company make its first U.S. sales. He says he’s sold four boats to private individuals in the area — yes, sold as in “checks in hand, and signed on the dotted line.” These buyers don’t want to be named, but may include well-known names in music and sports. (Of course one has to wonder how much anonymity they will really have when tooling about Miami waterways in one of only a handful of these flying boats currently in existence?)
SeaBubbles has been able to come to market with its technology so soon because it’s not building everything in-house.
The boats’ engines are from Torqeedo, for example, while the fly-by-wire software to control the boat comes from foiling and flight control systems engineer Ricardo Bencatel’s company, 4DC Tech. His software solution also powered America’s Cup teams’ boats, like those from Artemis Racing and Oracle. But the version running on SeaBubbles has customized components to control the boat’s unique features.
“The [SeaBubbles] boat has three main sensors — it has two high-altitude sensors to measure the height of the water, then it has a gyroscope — like the one in cell phones,” explains Bencatel.
“The computer combines those measurements from the sensors, then it knows the angles of the boat, the height and the speed,” he says. The software then uses this information to control the flaps on the boat to make adjustments. “For example, the lift — if you want to go higher,” Bencatel says. “Or if it’s rolling to one of the sides, it uses the flaps to turn it to the other side. Or if it’s pitching — bow down or bow up — it uses the front or the rear flaps,” he adds.
And all of these adjustments are being made automatically, by way of software, meaning the boat operator only really has to turn the wheel and drive. They don’t have to think about when to raise or lower the boat — it just happens when the boat reaches a certain speed. Under six knots, the boat is experiencing 100 percent drag, while above eight knots, the boat is “flying” and the drag is reduced to 60 percent. This makes the ride less bumpy, too.
The lithium-ion batteries used by SeaBubbles are IP67 waterproof, and, over time, the boat could make up for its high sticker price — $200,000 at its suggested retail price — with savings on gasoline and reduced maintenance costs.
The prototype version of the SeaBubbles boat has only 1.5 hours autonomy and a five-hour battery recharge to show off the technology. But the company claims the versions going into production have 2.5 hours autonomy and a 35-minute recharge. These are the ones they expect to ship this summer to the first purchasers.
In addition to Miami, SeaBubbles also has customers in Russia — a luxury hotel in Moscow and a deal in St. Petersburg — as well as in Rotterdam and Amsterdam. It plans to start building boats for these markets, and hopes to reach Paris by this summer or the next. In Paris, the prototype boats run slower — take-off speed is six knots, and cruising speed tops out at 15 knots. The production version is faster due to bigger engines, with an average cruising speed of 16 knots and a top speed of 20 knots.
The company is in Miami this week to show off its boat to more buyers, and take meetings with local officials.
Bringdal admits that some of the company’s earlier statements may have been overly ambitious — like having boats in 50 cities by 2024. ”I think, in reality, it’s step by step,” he says. “We’re very happy to be seeing something here in the U.S.”
SeaBubbles, which has seven staff full-time and 25 people, including contractors, has raised $14 million to date from investors, including the founder of drone maker Parrot, Henri Seydoux; Partech Ventures; the French government-backed BPI fund; MAIF, a French insurance group; as well as friends, family and other angels.
The company is preparing to raise a Series A.
(Photo credits: Alain Thébault and Sarah Perez)
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Whim, the all-in-one mobility app for ridesharing, public transit and rentals is coming to the US
MaaS Global, the company behind the all-in-one mobility app Whim, which offers a subscription service for public transportation, ridesharing, bike rentals, scooter rentals, taxis or car rentals, will be making its U.S. debut later this year.
The company will choose its American launch city from Austin, Boston, Chicago, Dallas and Miami, according to Sampo Hietanen, the company’s chief executive.
The Whim app is currently available in Antwerp, Birmingham, U.K., Helsinki and Vienna, according to Hietanen, and offers a range of subscription options. The top of the line version is a €500 per month all-inclusive package giving users unlimited access to ride hailing, bike and car rentals and public transportation.
“Cars take 70 percent of the market and it’s used 4 percent of the time so you’re paying for the optional capacity,” says Hietanen. Using Whim, which, at the high end costs about as much as a car in Europe, users can get all of the optionality without paying for the unused capacity. It should ideally reduce transportation costs and cut down on emissions, if Hietanen’s claims are accurate.
The Helsinki-based company uses APIs to connect with the back end of a number of service providers. For car rentals, it’s working with businesses like Hertz, Enterprise and EuropeCar; for ridesharing, the company has linked with Gett and local European taxi companies, according to Hietanen.
Users have already booked 3 million trips through the company’s app since its launch and the company is continuing to expand not just in North America, but in Asia as well. There are plans in the works for the company to launch operations in Singapore.
Giving consumers more options for transit through a single gateway could reduce demand for vehicles, but some analysts argue that it won’t do much to alleviate congestion on roads. Consumers, they argue, will choose the convenience of rideshare over mass transit and could actually increase.
As Richard Rowson, a mobility consultant from the U.K., noted in this post:
MaaS doesn’t implicitly mean a net decrease nor increase in the number of road vehicle miles. The changes are complex, but in balance look likely to result in an increase.
Factors such as migration from private car to public transport should cause a reduction, but migration from train and bus, to private hire and smaller demand responsive buses will cause an increase. Other factors such as ‘positioning’ movements as ‘on demand’ vehicles are positioned to exploit demand also create journeys.
Smart journey planning and navigation systems should make better use of available road capacity, such as identifying alternative routes – but at the expense of migrating through traffic to local access roads.
There is the potential that having a single point of access to mobility may actually help cities push riders to favor public transportation by offering a window into the amount of time using each service would take and showing users the fastest route.
Last August the company said it had raised a €9 million round from undisclosed investors. It had previously received capital from Toyota Financial Services and its insurance partner Aioi Nissay Dowa Insurance.
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The Miami Tech Scene Is Heating Up
Miami is a city of many traits. Historically recognized for the sun, beach and tourists of South Beach, it has now become much more than that. With one of the most diverse populations in the country, Miami is the strategic capital of the Americas, binding Brazil and Spanish-speaking Latin America to the U.S. market. Read More
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