Medellín Startup Somos Internet Secures Seed Round Funding of $13.4 Million USD

Colombian internet startup company Somos Internet announced this month that it has secured seed round funding of more than $13.4 million USD. 

The Medellín-based company, which revealed that it plans to use the funds to improve current infrastructure, enhance product offerings, and expand to new areas of the country, received investments in the round from firms including Nazca Ventures, K50 Ventures, and Kazsek Ventures, with the latter providing over $5.9 million USD of total.

Prominent angel investor Matías Muchnick of NotCO, Argentine businessman Pierpaolo Barbieri, and educational platform Platzi founder Freddy Vega were also reported to have participated in the seed round. 

Photo: Forrest T. Heath III, founder and CEO of Somos Internet. (Credit: Somos Internet)

Forrest T. Heath III, founder and CEO of Somos Internet, expressed excitement at the recent investment round and has said that they will use part of the money to expand their services in Colombia’s capital Bogotá starting in the fourth quarter of 2023. “Our goal is to bring a seamless connection to Bogotá through our ‘active fiber’ and the ability to offer speeds of up to 900 mbps with our new product, Somos Pro,” he said.

The company, which launched in 2021, recently experienced an explosive 70% growth of its consumer base in the first half of 2023 and is expected to grow its revenue by over 200% by the end of the year, according to Somos. The company credits this growth to the rapid expansion of its high-speed internet services to different homes across Antioquia, the stability of its network, and its FiberWave technology. 

Somos will also be using some of the funds for its newest offering, Somos Pro, which differs from its current offering of Somos Essential in its ability to get up to 750 mbps of internet connectivity guaranteed. The basic plan starts at 350 mbps.

“With Somos Pro, we guarantee complete coverage in every corner of your home, thanks to our elegant lamp-style routers, with no additional costs,” said Heath. 

According to Francesco Lanzi, chief of growth at Somos Internet, the company is committing to using its seed money to construct better infrastructure for its internet connection in order to improve the company’s service quality and to potentially increase its speed numbers even with its expansion to new territories. 

“We are committed to achieving certification that recognizes us as the fastest internet provider in Antioquia and aspire to be the only company offering 2.0 Gbps speeds for homes in Colombia,” said Lanzi.