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With this purchase, Endeavor Entrepreneurs Andrés Albán and Mauricio Hoyos demonstrate their commitment to bringing e-commerce to the base of the pyramid in Colombia.
Andrés Albán and Mauricio Hoyos were selected to be Endeavor Entrepreneurs in 2012 for their technology-based company, Conexred, which uses PUNTORED – its electronic network of more than 40,000 points-of-sale with coverage in 760 municipalities – to provide payment, collection, and distribution services for virtual goods.
Albán and Hoyos are now expanding their activities in Colombia with the purchase of Geelbe, the first Latin American online private shopping club. Geelbe was founded in Colombia in 2010 and has succeeded in transforming the business into a model for ecommerce in the country. For Albán, the Geelbe purchase is a strategic move for both companies: “We see an interesting growth dynamic in Colombian e-commerce and believe that part of that success involves effectively reaching the country’s unbanked population, which is estimated to be more than 40% of Colombia’s population. We believe that we can reach a greater number of customers by focusing on and structuring innovative credit and promotional tools, as well as new means of payment, to enable Geelbe to expand its customer base.”
According to Geelbe Colombia’s General Manager, Juan José Cabal: “This capitalization marks a milestone in Geelbe’s history. It was clear to us from the outset that we needed investors that had an entrepreneurial background so that they could use their business experience and best practices to accelerate the growth of our company.”
Serial entrepreneurs Andrés and Mauricio have not only been responsible for the exponential growth of Conexred, but also the growth of the companies in which they have invested: Brainwinner, a software development company, and Cellvoz, a pre-paid Internet telephony service provider. Exemplifying the multiplier effect of Endeavor in Colombia, the Conexred entrepreneurs continue to search for opportunities to invest in the tech sector, in the financial sector, and in high-impact, social enterprises that provide services or products to the base of the pyramid.
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