In a round that combined crowdfunding and investment funds, the Brazilian startup Wuzu, founded in 2017, raised $334,000 (1.7 million reais). The company specializes in creating digital tools for trading different types of assets.
This is not the first investment received by the fintech company. Since 2017, Wuzu has received $686,000 (3.5 million reais) from angel investors and Duxx, Superjobs, Bossa Nova Investments funds.
With the new round, founding partners Anderson Nery, Bruno Bertoldi, and Guilherme Zonatto hope to expand the sales team and marketing investments of the startup. Part of the money will also be invested in hiring more people for the development and product teams. At the moment, the startup has around 20 employees.
“We want to amplify our presence in the market, reaching other fronts, such as public titles and energy, offering our solution of electronic counter of actives for markets still needing in this matter,” said Nery, Wuzu’s president.
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The trajectory of the business
The company was created from an amateur project of the partners, who have passed through private equity funds and international banks. Interested in the universe of cryptocurrencies, they started to develop algorithms to take advantage of the differences in spread of assets in different parts of the world.
It was within this crypto universe that they realized an opportunity. “The exchanges had sufferable architectures, there was a gap, there was no one creating the infrastructure,” says Nery. That’s how, at the end of 2016, they designed the project that gave rise to Wuzu.
At the beginning of the company, in 2017, the partners got seed investment to have enough capital to bankroll the operation while the technology was being built. The business took off two years later, when the startup won the first major client: the BTG Pactual bank (from the same controlling group as EXAME). With fintech’s infrastructure, the bank launched the ReitBZ furniture value token.
Currently, the startup says it can implement in up to 2 hours a trading system using the blockchain as a facilitator of operations. “Our ambition is to become a stock exchange and use the technology to be a competitor of B3 in Brazil,” said Nery.
The pandemic has hindered Wuzu’s plans for this year. According to the president, many clients have postponed the contracting of projects due to market uncertainty. The company should close 2020 with revenues of $156,800 (800,000 reais), half the initial expectation for the year. The total is still 60% higher than the 2019 invoice. For 2021, the goal is to beat $490,000 (2.5 million reais) and triple the number of customers – from five to 15.
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First published in exame., a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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