- In November 2019, In Loco has expanded to the US, with offices in Palo Alto and New York;
- Magazine Luiza and the geolocation startup are long-term commercial partners as the retail giant has already invested in In Loco, besides being its client.
From the Brazilian Northeast Porto Digital, a startup hub in the state of Pernambuco, location platform In Loco has announced in a press release a partnership with retail giant Magazine Luiza.
“We are glad to partner with a retail giant and help build omnichannel strategies using our technology,” said André Ferraz, founder and CEO of In Loco. With a staff of around 90 employees, about 40 of In Loco’s data scientists, software developers and product designers will be deployed to work on authentication and O2O – online to offline – projects. Called Luiza Labs, the new venture will focus on the convergence between geolocation-based services and retail.
Although none of the parties have disclosed how much will be invested by the retailer, all products built from the partnership will be for exclusive use by Magazine Luiza. With a long-standing relationship, not only In Loco has the retail giant in its portfolio for quite some time; but Magazine Luiza as well has already raised a $ 20 million funding for the startup through its investment fund Unbox Capital, in a Series B round that was also led by Valor Capital.
“Porto Digital and Recife are known for their high density of technology talent. Our partnership will help us speed up our presence in this rich ecosystem,” stated André Fatala, Magazine Luiza CTO.
As for In Loco, the expertise on geolocation technology gains ground beyond its initial purpose of geo-targeted marketing promotions. Since its expansion to the US at the end of 2019, where the startup counts with 10 employees in Palo Alto and New York, and backed by the last funding, In Loco has decided to focus its resources and efforts on the privacy technology business and scale them globally. The media business in Brazil will be repositioned to focus on its biggest customers, and for now, its business unit for small and medium-sized businesses will be discontinued.
In Loco’s product allows companies to securely engage and authenticate their mobile users, without the need to share personal information; and after the investment, the company gained significant strength in its business in the sector, which currently represents almost 50% of the company’s sales.
“In other words, we create a kind of fingerprint for each user based on their travel pattern, as we understand that no one else in the world will go to the same places as you, at the same time and for the same time interval”, Ferraz told LABS in an interview.