Spanish startups set their sights on Latin America
Mexico remains the most attractive market for Spanish companies, according to the "Multilatina puntocom” report from IE Business School, stating that 89% of all companies polled hoped to establish a foothold in Mexico over the next 24 months, or are already operating in the country.
The report entitled “Multilatinas puntocom, Spanish digital startups in Latin America” found that more than 40% of Spanish companies generate 61% of their visitors, users or subscribers in Latin America. While for 29% the region also accounts for a quarter of revenue or turnover. These figures are higher than the 33% and 15% recorded in 2014, respectively.
The report identifies two types of relationships with the region: "startups actively seeking growth in the region, and those that do nothing, simply accepting the traffic that comes their way and that have no clear strategy for Latin America. The former group includes highly successful companies, such as Infojobs in Brazil, Ticketbis in Argentina, Uptodown throughout the region and Doctoralia in Mexico"
The latter tops the list of countries where firms choose to open offices on the other side of the Atlantic. The report points out: "Mexico City is well ahead of Miami (in second place) and Sao Paolo (3rd), which is entirely in line with the interest shown by national markets in Spanish startups. Santiago de Chile has dropped out of the top 3 this year (to 4th) due to its smaller domestic market, operating costs and air connections”.
You can read the full report here.