TripWip, the Uruguayan P2P carsharing startup founded in 2023 by Juan Manuel Pancic and Juan Andrés Vico, closes a seed round of US$ 4.2 million to accelerate its growth in Mexico and Argentina. The round brought together funds such as Latin Leap, CrossBoundary, Yango Ventures, Promotora Social de México and Satrack Ventures, as well as OEMs linked to Toyota and Kia, and founders and operators of companies such as Kavak, dLocal, Uber, PedidosYa and Rappi.
The platform connects private car owners with people who need to rent a vehicle, with a 100% digital experience from start to finish. Since its launch, TripWip has surpassed 150,000 registered users, completed more than 60,000 rental days, and has more than 3,000 cars listed across its three markets. The company grew 4 times year-on-year and offers rates up to 40% cheaper than traditional rental companies.
A P2P model with a focus on the largest markets
With the new resources, TripWip will focus on marketing and growth, opening new cities such as Mendoza, Bariloche, Monterrey and Los Cabos, and investment in technology and artificial intelligence. The goal is to multiply activity by six in 24 months without adding new countries to the current map.
“In Mexico there is still a huge opportunity and it concentrates almost half of the mobility in the region. Argentina also has a nice proposal,” said Juan Manuel Pancic.
Although the round targets Mexico and Argentina almost exclusively, Uruguay still represents 28% of the business, a high proportion for a considerably smaller market that the CEO attributes to its low level of fraud and risk.
A business that already attracts international attention
The company works with local insurers in each market: Sancor in Uruguay, Rus Seguros in Argentina and AXA in Mexico, with all-risk coverage from the beginning to the end of each rental.
TripWip already operates with a team of 20 people and plans to double it over the next year, with physical offices in Uruguay and Mexico, and remote operation in Argentina.
“TripWip shows that in Latin America you can build a disruptive business, a platform without friction, without paperwork, totally focused on the user experience,” said Juan Manuel Pancic.
