South Florida is a microbusiness powerhouse, with the highest concentration of microbusinesses in the United States: an average of 10 per 100 people. Small business runs through our veins.
In that sense, Juan Ignacio Garcia Braschi is right at home in Miami. “I always wanted to start my own business”, Garcia Braschi [pictured above] Told Refresh Miami. After a few stints in investment banking, the Madrid native became one of the first employees of the unicorn Cabify.
“When I joined Cabify in 2013 it was a very, very small company,” he said. During Garcia Braschi’s time at Cabify, the company grew from $1 million in revenue to over $800 million. And his career also grew, with Garcia Braschi eventually rising to the rank of CFO.
Eventually, Cabify stabilized, leaving fewer fires for Garcia Braschi to put out on a daily basis. It was then that he knew he was ready for a change. Thus, at the end of 2020, Braschi founded a new company, boopos.
Boopos’ core proposition is simple: provide e-commerce and SaaS businesses with non-dilutive revenue-based financing. Their main differentiators? Speed: Entrepreneurs can be pre-approved within 48 hours and funded within 7 days. Reduced risk: no personal guarantees or dilution. And maximum flexibility: entrepreneurs pay a percentage of revenue until their return cap is reached.
Garcia Braschi explained that their typical buyer persona is someone who is highly motivated to be their own boss and own their own business. Many of them have been business owners in the past and may be interested in acquiring multiple businesses.
On the sales side, Garcia Braschi said Boopos is currently working with 10 online brokers to bring the best deals to their buyers. “We watch [the businesses] as soon as brokers send them to market, we pre-approve them and send them a term sheet to use with marketing materials for potential buyers.
For now, Boopos only focuses on e-commerce and SaaS businesses. However, the startup’s long-term ambition is to be able to fund any type of small business. “Our vision is to eliminate the burden of owning a business.” Garcia Braschi pointed out that in the future, they should be able to underwrite all companies – online or not – by leveraging that company’s financial data.
Boopos is in expansion mode, having raised $30 million in debt and equity in February. And Garcia Braschi signaled that there would be more fundraisers to come, and soon: “We have to keep raising funds if we want to keep lending.”
Top of Garcia Braschi’s list for product development is a market for pre-approved companies. So far, the market has around 70 companies, but the Boopos team plans to ramp up by attracting more buyers and brokers.
Currently, three of Boopos’ 20 employees are based in South Florida. As Boopos continues to grow, Garcia Braschi plans to continue hiring in Miami and remotely. “Our business is in the United States, so it makes sense to have a presence here,” he said. Garcia Braschi saw New York and Miami as top US destinations, but chose the latter because of the company’s connection to TheVentureCity, which invested in Boopos, and Miami’s growing importance as a global technology hub. .
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