IguanaFix is a Latin American startup that uses the powers of the internet to create a service that can be utilized by both individuals and businesses. It provides an online platform connecting consumers with home improvement contractors. Founded in 2013 by Argentinian entrepreneurs Matias Recchia and Andres Bernasconi, it is considered to be one of most successful businesses in Latin America having a network of over 25,000 service providers, handling 35,000 transactions per month and generating revenues of $10 million in 2016.
The idea of Iguanafix, a pun of "I wanna fix", arose from Recchia's bad experiences with locksmiths, who would never give a price over the phone, but would first go to his apartment to estimate his wealth. In March 2013, with an initial investment of $300,000 and with help from angel investors, the two entrepreneurs began developing an on-demand online marketplace and provider of home and car repair services, connecting individual and corporate customers with service providers to easily schedule visits, compare prices and make payments for services ranging from plumbing and electrical work to everything in between.
When asked about this endeavor, Recchia explained, "We realized there was an amazing opportunity in front of us in Latin America to help independent service providers connect with a growing number of connected users, with a hyper local business model and a unique digital mobile platform where we create real barriers of entry; we are not a listing service or a classified business, we're Uber for home improvement and related services."
The company started providing its services in Greater Buenos Aires while in 2015, they opened offices in Mexico and Brazil and expanded their services to other Argentine cities. In addition to providing on-demand home improvement services to retail customers, IguanaFix serves large corporations looking to outsource their maintenance needs. Among its clients are Anheuser Busch Inbev NV, Starbucks, Burger King and Sodimac.
After a $1.65 million seed investment in December 2014, Recchia and Bernasconi raised a $3 million Series A round led by Riverwood Capital in September 2015. IguanaFix raised another $16 million in a Series B round in December 2016, from Singaporean investment company Temasek Holdings. The transaction was part of Temasek’s early-stage innovation investment strategy in Latin America. The investment round also included participation from Qualcomm Ventures, the investment arm of Qualcomm Incorporated, Endeavor Catalyst, and existing investors led by the founders of Riverwood Capital.
Proceeds were used to fund regional expansion, especially in Brazil and Mexico, the two largest markets in the region.