In the Brazilian startup market, the bootstrap model has gained notable relevance. Characterized as a form of management without external investment, bootstrapping has been widely adopted in the country, according to the report Founders Overview, developed by ACE in partnership with Bhub and a55 in 2023, 44.6% of Brazilian entrepreneurs structured their businesses without internal investments, using only their own capital. In this context, Unlog, a logistics startup operating on the bootstrap model, recorded nearly 90% growth in its revenue in 2024, more than doubling its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), and the expectation is that revenue will also double this year.
According to Natalia Baranov, Chief Financial Officer of Unlog, the organization is part of a segment of companies that consolidate and grow in the Brazilian market by doing the basics, which are essential for entrepreneurship: adapting to market changes, innovation, strengthening the team, and good financial management. “We realized that, with changes in consumer profiles and shifts in the sector, we needed technological and operational management updates to meet market demands and increasingly seek innovative solutions. Consumer demand is constant, but beyond fast delivery at a lower cost, our clients also demand sustainability projects and alignment with their strategies,” she states.
The logistics tech company’s significant growth contrasts with a common phenomenon for many Brazilian startups: shutting down operations due to a lack of capital. According to a survey by Distrito for InfoMoney, over 8,000 businesses closed between January 2015 and September 2024, and only 10% of them received any type of investment. This growth also aligns with intense activity in the transportation and logistics sector, as, according to the Brazilian Association of Infrastructure and Basic Industries (Abdib), the private sector is expected to invest R$124.3 billion in the sector between 2022 and 2026. Within this thriving market, Unlog stands out by offering services and products such as delivery management, last-mile logistics, fleet management, inventory and cargo handling, and on-demand delivery for large and small clients across various sectors.
“With the need for growth and a scenario of rising interest rates—and consequently higher external capital costs—we streamlined expenses unrelated to operations to increase cash flow, invested in technology solutions with routing and storage systems, and strengthened training for operational staff. Thanks to this strategic approach, we were able to improve our service and ensure the impressive results achieved last year,” concludes Baranov. This year, the startup plans to strategically invest in key areas such as cost efficiency, scalability, nationwide service, and strategic management of internal capital, aiming to double revenue and add two more percentage points to its EBITDA compared to 2024.
