Mexican accelerator InnoHub has raised an additional US$3 million towards an incubation program that aims to develop five tech startups in two years, increasing its total funds to US$5 million.

With these fresh funds in the coffers, InnoHub is hoping to focus on creating startups in the financial, logistics, and business software sectors, according to El Economista.

Known as startup factory across Mexico, InnoHub is headed by Raimundo Burguera. Among its managing partners are José Luis de Alba and Rene Torres, founders of ContPaQi, a technology solutions vendor for small- and medium-sized enterprises (SMEs) in Mexico.

Unlike usual accelerators that grow existing startups with extraordinary business models, InnoHub builds startups from the ground up. To begin with, it identifies a business segment with high growth potential and serves as a co-founder, helping the startup adopt a sustainable business model.

Burguera says InnoHub’s startup building model and the approach to entrepreneurial development, as well as the team of partners and managers, are the key to its success, according to Milenio.com. He even claimed that some of the startups InnoHub has helped build are seeing their sales grow by 30% every month.

Avanttia and LendINC, two of the fintech firms InnoHub has helped build, are reportedly making great strides in the Mexican financial services industry, and both of them serve SMEs. Avanttia sells a technology platform that help companies automate their tax obligations, whereas LendINC connects SMEs with wide-ranging financing offers.