TripWip closes $ US$4,2 million seed round and sets its sights on growth in Latin America’s leading markets
TripWip closed a $ US$4,2 million seed round to expand its P2P carsharing platform in Mexico and Argentina, advance its technology and strengthen its growth.
TripWip, the Uruguayan P2P carsharing startup, announced the close of a $ US$4,2 million seed round. It will use the capital to strengthen its presence in Mexico and Argentina, expand its operations, and invest in technology and artificial intelligence.
Founded in 2023 by Juan Manuel Pancic and Juan Andrés Vico, the company brought together institutional and strategic investors in the round, reinforcing its bet on growth in two of the region’s most important mobility markets.
A round backed by funds, OEMs and ecosystem leaders
The investment included participation from Latin Leap, CrossBoundary, Yango Ventures, Promotora Social de México and Satrack Ventures, as well as manufacturers affiliated with Toyota and Kia, along with founders and operators from companies such as Kavak, dLocal, Uber, PedidosYa and Rappi.
With these funds, the startup will focus on accelerating commercial growth, strengthening its technology and expanding its geographic reach in the markets where it already operates.
A fast-growing P2P carsharing model
TripWip operates a collaborative-economy model that connects private vehicle owners with people looking to rent a car, offering a fully digital experience throughout the process.
Since its launch, the platform has surpassed 150.000 registered users, completed more than 60.000 rental days and listed over 3.000 vehicles across the three countries where it operates.
The company also reports year-over-year growth of four times, while offering rental rates that can be up to 40% cheaper than those of traditional rental companies.
Mexico and Argentina lead the expansion strategy
The new investment will primarily go toward marketing and user acquisition, as well as opening new cities, including Mendoza, Bariloche, Monterrey and Los Cabos.
The company will also invest in technology development and the adoption of artificial intelligence, with the goal of increasing its activity sixfold over the next 24 months while maintaining its focus on current markets rather than expanding to new countries.
“There is still an enormous opportunity in Mexico, which accounts for almost half of the region’s mobility market. Argentina also has a great proposition,” said Juan Manuel Pancic.
Although the growth strategy is focused on Mexico and Argentina, Uruguay continues to account for 28% of the business. According to Pancic, this is due to the market’s low levels of fraud and risk, despite its considerably smaller size.
Technology, insurance and digital experience as business pillars
To support every transaction, TripWip works with local insurers in the countries where it operates: Sancor in Uruguay, RUS Seguros in Argentina and AXA in Mexico, providing comprehensive coverage from the start to the end of each rental.
The startup currently has a team of 20 employees and expects to double that number over the next year. The company maintains physical offices in Uruguay and Mexico, while its operations in Argentina are remote.
“TripWip shows that it’s possible to build a disruptive business in Latin America: a frictionless platform with no paperwork and a focus entirely on the user experience,” said Juan Manuel Pancic.
