Mango helps construction contractors and developers in Mexico buy materials from more than 230 distributors on deferred payment terms, instead of paying cash upfront. As a contractor buys materials, pays suppliers, and moves through a project, Mango tracks that activity to build a financial history it can use to extend credit; the kind of track record traditional banks in Mexico's construction sector, which accounts for roughly 7% of the country's GDP, typically can't measure.
The company raised a USD $3M seed round led by Brick & Mortar Ventures, a US venture fund focused exclusively on construction technology and backed by industry players including Autodesk, Cemex, and Hilti, with participation from Ironspring Ventures. The round brings Mango's total funding to USD $6M since it was founded in Monterrey in 2022.
Mango has processed more than USD $16M in transactions and grew 762% over the past 12 months. With the new funding, the company plans to strengthen its data infrastructure, launch four new financial products, grow headcount by 44% within nine months, and expand across Mexico and the rest of Latin America, with the longer-term goal of building the first dedicated credit bureau for the construction industry.
