Scanntech is a Uruguayan company founded in 1991 that specializes in tech solutions and connectivity in sales points. Through intelligence point of sale software, the company enables independent supermarkets to process transactions, run inventory management and provide financial services to consumers.
While Scanntech’s headquarters are located in Montevideo, the company already services clients in Argentina, Brazil and Chile. In order to boost its regional expansion, Scanntech pitched its business model to several venture capitalists in the United States, igniting Sequoia Capital’s interest. The $10M capital injection obtained by Scanntech constitutes the first investment that Sequoia Capital, which is based in California's Silicon Valley, has made in Latin America. The deal closed on December 7.
FERRERE’s Isabel Laventure says: “It was very exciting to take part in this deal and help Uruguayan entrepreneurs develop outbound business strategies. This was not a bureaucratic procedure whatsoever. We only needed to make sure that things ran as smoothly as possible and that we were able to have the companies ready to go As one of Scanntech’s founders put it: ‘this comes to show that innovation is about people and not geography’.”