Evaluating only HRTechCO2’s profile at its peak — without knowing the outcome — the model ranked Competition as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
CRISIS
SHUTDOWN
Full Analysis
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Documented cause
HRTechCO2 built HR software as 8th entrant in Colombia. Gregg 15K + Novasoft 8K legacy + Factorial + Keka + LATAM HR all competing for same SME segment.
Lesson
“Colombia HR tech must specialize in the domestic worker sector (servicio doméstico, 900,000+ workers with Ley 21 requirements for social security) — this segment requires specific SENA/UGPP compliance that Gregg, Novasoft, and Factorial don't specialize in.”
Failure anatomy
Collapse type
Slow Death
🐌 LOW
Hype cycle
None
Moat type
Technology
Fatal mistake
Colombia HR software second wave: Gregg (Colombian payroll, 15K clients), Novasoft (Colombian HCM, 8K clients) had legacy market. LATAM HR (Mexico-based, expanded Colombia), Keka (India-backed, LatAm expansion), and Factorial (Barcelona unicorn, Colombia expansion) all entered Colombia simultaneously with larger capital. Colombian HR software market: 8 competitors for 100-500 employee SME segment.