Atta Impact Capital Invests in Vitrinnea to Grow the Circular Economy in Central America
Atta Impact Capital has announced a new investment in Vitrinnea as part of its Seed round.
San Salvador, El Salvador; August, 2024. Vitrinnea is an e-commerce platform transforming the pre-owned items market in Central America. It connects buyers and sellers to facilitate the recirculation of products, such as clothing, and more recently, newer categories like electronics and furniture. Thanks to the implementation of two operational models, referred to as the “Premium” and “Marketplace” models, they have streamlined the entire transaction process, starting from item collection and quality assurance all the way to final delivery. The Vitrinnea community already includes 54,000 active users, representing both buyers and sellers and is rapidly growing at a rate of 30% monthly. This remarkable expansion in users is also accompanied by other exciting indicators and important milestones, such as reaching a 36% month-over-month growth in Monthly Recurring Revenue (MRR) and achieving profitability.
To further bolster its impact, Vitrinnea has introduced essential services, such as financing solutions specifically tailored for its community. These financial services empower sellers with access to microloans at competitive rates, democratizing access to capital for historically underserved merchants. By leveraging data analysis, Vitrinnea has successfully transformed a sector that was previously almost entirely enshrouded within the “informal” economy into a thriving entrepreneurial community equipped with the necessary tools to continue growing their own businesses.
From left to right: Julio Pastore (CEO), Johnny Martinez (CTO), Diego Castro (COO) & Diego Pastore (CMO).
Vitrinnea has also received investments from other respected funds, institutions, and angel investors, including Ganas Ventures, Caricaco, Salume Corporation, Alejandro Argumedo and Ricardo Cuellar (both co-founders of the Hugo App, which was acquired by Delivery Hero in 2021), Colabora Ventures, among others.
At Vitrinnea, our mission is to champion the circular economy and inspire individuals, small businesses, and corporations to prioritize second-hand alternatives. We aim to make communal trade as seamless and accessible as possible through technology, ensuring that every item of clothing, piece of furniture, and electronic device has the opportunity to find a new home. As we scale, we need partners who understand the significance of our mission and its potential impact. We have found this in Atta Impact Capital’s remarkable team. ATTA recognizes how every item recirculated through Vitrinnea, leads to substantial savings in water, microplastic fibers, and CO2 emissions, while also generating additional income for users and households."
- Julio Pastore, Co-founder and CEO of Vitrinnea.
"As place-based impact investors, we seek companies that are generating a positive impact in the Central American region. The opportunity to welcome Vitrinnea into our portfolio as the inaugural investment of our Mesoamerican Catalytic Fund I reflects exactly what we look for in companies: an outstanding team with a proven track record creating measurable impact. We firmly believe that Vitrinnea's model will revolutionize the regional second-hand items market because it allows its users to overcome the highly inefficient barriers previously troubling the ecosystem. With Vitrinnea, not only are issues of logistics addressed, but also accessibility, responsible consumption and sustainability, and most importantly user safety.
– Abigail Napsuciale, Head of Investments at Atta Impact Capital.
Atta Impact Capital is supporting the development of Vitrinnea's impact model, incorporating comprehensive, quantitative, and evidence-based data. AIC, in collaboration with Vitrinnea's team, will continue to monitor liters of water saved and kilograms of CO2 emissions avoided in garment production—metrics that are already being tracked. Additionally, new indicators will be introduced as part of Vitrinnea’s Impact Measurement and Management (IMM) strategy, such as kilograms of microplastics prevented from entering marine environments, kilograms of CO2 emissions from new product categories, and additional revenue generated for users, the majority of whom are women, among other key metrics. Atta Impact Capital aims to fund and support companies generating a positive impact in Central America and Southern Mexico, offering access to capital, technical assistance, and potential referrals to other investors interested in the region.
Learn more about Vitrinnea at www.vitrinnea.com and join the preloved items revolution by "vitrinear" from your cellphone.
About Atta Impact Capital, Inc
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Atta Impact Capital increases access to capital in emerging impact investment ecosystems. Through the Mesoamerican Catalytic Fund I, they invest in impact-driven companies in the "missing middle" of Central America and Southern Mexico. For more information, please visit www.attaimpact.capital
Abigail Napsuciale | Co-founder & Head of Investments | abigail@attaimpact.capital