Chilean fintech startup, Sheriff, secures a $500K initial funding round led by local angel investors.
The startup will use the funds to strengthen its sales and IT teams to meet its growing workload.
Sherriff offers a SaaS platform for financial risk assessment and monitoring aiming to capitalize on the increasing demand for digital financial solutions in Chile.
After 12 months after its start of operations, the SaaS platform for financial risk assessment and monitoring decided to look for fresh resources to inject into the business and grow the startup, since it had managed to break even.
Vicente Cruz, the founder of the fSherriff, adds that they initially sought to raise US$200,000, with a fintech valuation of US$5 million, however, they managed to commit US$500,000 between five local angel investors: the lawyers Francisco Sepúlveda and FelipeDivin, the partner of the Fynsa stockbroker, JaimeAchondo, plus the businessman Sebastián Ramaciotti.
There are two focuses of this initial round, says Caruz: empowering the sales team and also the IT team to be able to cope with the growing demand.
Regarding the 2023 goals, he says that they are consolidating the Chilean market with sales of US$ 1 million (annual recurring income), along with exploring new markets, such as Mexico.
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