#26 Raising funding for impact startups | Kigüi & MilUsos App
In this special edition, we invited 2 founders to share their fundraising stories and more.
In conversation with
Daniel R and Mauricio K
Kigüi and MilUsos app
Original recording. Written overview in English.
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Open in YouTubeIn this special edition, we invited 2 founders to share their fundraising stories and more. Listen to the conversation to learn more about Kigüi and MilUsos App, 2 startups creating positive impact as part of their business models. Specifically, we spoke with the founders about:
- Raising funding before and during the pandemic
- Fundraising strategy
- Extending your funding round
- Soft-landing in Mexico VS. being born in Mexico
- How do you sell to corporations?
- How do you build important partnerships?
- The ecosystem lacks inclusion
Key topics:
How do you extend your funding round?
“I think I would have gone for US $500K first, quickly completed the round with angel investors, and had those same angel investors help me and connect me with other funds. Then I would have started adding funds once I reached 500, and afterward gone for US $800K.” Mauricio Kremer, CEO of Kigüi.
“A lot of the time, people in the ecosystem tell you—and this has happened to us personally: You’re going for US $1.5M, go for US $750K; you’re going for US $1M, go for US $500K, and then the other way around again: you’re going for US $800K, go for US $500K, and then they raise it. I don’t think there’s a mathematical formula for this. In our case, what we decided to do was ask for US $700K. We have 50% committed, and how does that sound? It sounds much more impactful, much faster, and right now we’re already in a round with almost US $600K committed out of US $800K.” Daniel Ricchiuti - MilUsos App
Why soft-land in Mexico?
- Market size
- Proximity to the United States
- International connections
- Warm and welcoming people
- Number of events and networking opportunities
How do you sell to corporations as a startup?
5 recommendations for selling to a corporation as a startup, from Mauricio Kremer, CEO and Co-Founder of Kigüi:
- Build a network to reach the right people
- Know the user, buyer, and payer
- Set clear and honest expectations
- Have a monthly meeting with the POC
- Present a business case
About Kigüi:
At Kigüi, our goal is to reduce food waste in supermarkets throughout Latin America. To do that, we pay consumers cashback.
About Milusos App:
Milusos App is an all-in-one platform for home remodeling, repairs, and maintenance. Listen to the previous conversation with Milusos App in episode #23 of the Hacking Rounds podcast
