RendaloMaq
Simplifying access to machinery
The need for heavy machinery is rising, with the Latin American construction market worth around US $643.80 billion and growing 4.5% annually.
This is particularly true in Mexico, which despite struggling to regain output lost in 2020, is expected to increase over the next decade.
Let's dive in.
Imagine this
You're head of a new construction project that requires a variety of heavy machinery.
Sourcing all the necessary machinery from different suppliers, each with unique requirements and timelines.
The process becomes a headache of constant communication, document exchanges, and invoice preparation.
You seek a more straightforward and more reliable solution.
Enter RendaloMaq, a platform for easy access to heavy equipment machinery across Latin America.
Explain it like I'm five
RendaloMaq is a marketplace to buy and rent machinery from multiple providers in a single place.
They secure competitive pricing for rentals and sales by tapping into a vast network of suppliers across the region.
For suppliers, they offer a platform to efficiently manage, track, and analyze their equipment usage.
They lease the machinery with their suppliers and then sub-lease it to the construction companies.
RendaloMaq seeks to be the hub of equipment distribution and tech solutions for Latamās construction industry.
The ABCs
Industries: Marketplace, Construction, Heavy machinery
Headquarters: Santiago, Chile
Year Operations Started: 2020
Team Size: 35
Raised: US $4.2M
Accelerator/Investors: YC Combinator, Soma Capital, Quiet Capital, Hack VC, 1984 Ventures, Founders Club, Olive Tree Capital, Liquid 2 Ventures, Pareto Holdings
Business Model: B2B, Commission fees, Financing
Other players:
Background check
What we like:
Total Attainable Market: The TAM for heavy equipment machinery in Latin America accounts for US $8.6 billion. The landscape shows a massive opportunity for RendaloMaq to grow in the industry.
Proven Business Model: EquipmentShare, a similar startup in the US, has demonstrated remarkable success. With over US $500 million in venture funding, a workforce of 4,100, and a presence in 160 locations, it is an inspiring model for RendaloMaq. Success in one country does not guarantee another, but it helps prove their business model.
Telematics: Their software allows suppliers to monitor their machines in real-time, providing valuable data and locations. This feature also gives RendaloMaq a complete breakdown of the availability and condition of units.
Growth: Having successfully established a strong presence in Chile, Brazil, and Mexico with over 300 clients, RendaloMaq is poised for further development, with a global GMV (Gross Merchandise Volume) run rate of US $8.2M.
Traction: In just 13 months in Mexico, RendaloMaq has accumulated US $1M of GMV. In the coming years, they aim to deepen their footprint in these markets while seeking capital to expand into other regional countries.
Road Blocks:
Rising interest rates: In the last two years, interest rates have grown tremendously. The TIIE (Tasa de Interes Interbancaria) has increased from 4.52% to 11.5% in Mexico. Brazilās SELIC from 4.25% to 13.75%. Chileās interest rate has surprisingly lowered. But, in most cases, businesses are less inclined to take out leases during an economic downturn because of the high-interest rates.
Resistance to change: The construction industry is known to be antiquated in implementing new technologies since budgets, time frames, and projections are always in play.
Logistics and Delivery: Managing the logistics of delivering heavy machinery to various locations is complex and costly. Any delays or mishaps in delivery can lead to project delays for customers, which harms the company's reputation.
Middle Men: Construction companies can cut out RendaloMaq and go directly with providers.
The Architects
Ariel Vaisman, Co-Founder & CEO. Previously Founder at Unight.
Juan Pablo Mir, Co-Founder & President. Previously CEO at Mitsubishi Chile.
Jose Tomas Fernandez, Co-Founder & Country Manager Mexico. Previously at Uber.
Request intro with founders by sending an email to gabriel@readrunway.com
Headlines Corner
Stat: Softbank has investedĀ $140B into AI and isnāt planning to stop anytime soon.
Threads: Metaās Twitter copy reached 70M signups one day after launch.
VC: June marked Latin America's second-highest month of the year, taking around $436M across 84 investment rounds. Colombia led the pack, with Brazil and Mexico trailing closely behind.
AI: According to ALLVP, nearly 46% of companies in Latin America already utilize AI, and a majority, 93%, plan to incorporate it soon.
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