When Nicolás Camhi, Matías Pérez Pefaur, and Diego Chahuán launched Vambe last year, their initial focus was on building a CRM for debt collection. However, they soon discovered that their customers were more intrigued by the WhatsApp AI agents Vambe had developed to assist in the debt collection process. As Camhi shared with TechCrunch, “Our customers were already asking us, ‘Hey, could you ask the AI so that when you go out after a debt, could you offer this person, I don’t know, “x” product or “”x” service?’” This realization led them to a significant pivot. In March 2024, Vambe shifted its focus to these AI agents, aiming to empower small and medium-sized businesses with automated communication tools to close sales on platforms like WhatsApp.Customer Base and Revenue Growth
Vambe’s customer base spans a wide range, from small mom-and-pop businesses with just five employees, such as carpet cleaners, to large retail companies with thousands of workers. Before the pivot, the company had an annual recurring revenue (ARR) of about $20,000. But since March, this number has witnessed a remarkable surge. In November, Vambe closed with an ARR of $1 million. This rapid growth has positioned Vambe as a force to be reckoned with in the market.Funding and Investor Interest
To capitalize on this growth, Vambe recently raised a $3.85 million seed round. Led by Brazil-based VC firm Monashees, the round also saw participation from Mexico-based investor Nazca and U.S.-based M13. M13’s partner Brent Murri highlighted that the firm started building its thesis on the Latin American region two years ago but had been waiting for the right opportunity. Meeting Vambe’s team at the Berkeley Skydek accelerator earlier this year was the turning point. Murri was particularly impressed by Vambe’s tech. He gave an example of building a fake business and using Vambe to set up an AI agent, demonstrating how quickly and efficiently it could be done. He also noted that M13 is bullish on Vambe’s potential, stating that in the U.S., the space for AI agents for sales and marketing is crowded, but in Latin America, the adoption by SMBs and enterprises, as well as consumer willingness to adopt AI products, is actually higher than in other parts of the world.Cultural Factors and Business Dynamics
The reason for this affinity towards sales tech in Latin America is the conversational nature of business here. Camhi explained, “It’s kind of a cultural thing. Here in LatAm, we really like to talk. People with companies don’t just engage and buy something directly from a web page. They try to reach out. They want someone to help them. They want to understand pricing. They want to understand delivery. And all of that kind of communication is something super hard to scale.” This cultural aspect presents a unique opportunity for Vambe to thrive.Competitors in the LatAm Market
Vambe is not the only company building WhatsApp AI applications for businesses in Latin America. Mercately, based in Ecuador, is also focused on developing the back-end tech that companies need to communicate with customers and sell directly to them through WhatsApp. In the U.S., there are several competitors as well. Bret Taylor’s Sierra, which recently raised a $175 million round, and ElevenLabs, which has raised more than $100 million in total venture capital, are among the notable players. Voiceflow, a smaller entrant, has also raised more than $39 million in VC.Future Plans and Ambitions
Beyond its ambitions in Mexico, Vambe is looking to expand its reach to Spanish-speaking businesses in the U.S. It plans to continue building out its team and developing its technology. As Camhi emphasized, “We are putting extremely advanced technology in the hands of businesses that don’t even know how to prompt. They are really increasing their sales and reducing their costs. I think that is super, super important.”
