Thank you for Subscribing to Real Estate Business Review Weekly Brief
I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info
Thank you for Subscribing to Real Estate Business Review Weekly Brief
By
Real Estate Business Review | Wednesday, April 21, 2021
The Latin American residential real estate market provides chances worth USD 6 trillion but lacks data transparency and a consolidated marketplace. As a result, the market is hindered by low quality and redundant listings, high asking prices, and exceedingly long selling time, making the experience painful for buyers, sellers, and brokers.
FREMONT, CA: Latin America-based digital real estate platform Loft raises USD 175 million in a Series C funding round co-led by Vulcan Capital and Andreessen Horowitz, with participation from QED Investors, Fifth Wall Ventures, Thrive Capital, Valor Capital, Monashees, and others. Headquartered in Sao Paulo, Loft provides a platform to simplify buying and selling residential real estate. The Latin American residential real estate market provides opportunities worth USD 6 trillion but lacks data transparency and a consolidated marketplace. As a result, the market is hindered by low quality and redundant listings, high asking prices, and exceedingly long selling time, making the experience painful for buyers, sellers, and brokers.
Loft founder and co-CEO Mate Pencz said, "We aim to redefine the way people move houses by building the most consumer-focused real estate marketplace." "The latest round of funding, which includes previous investors and new ones, demonstrates that global growth investors recognize the massive market opportunity in residential real estate across emerging markets and are confident in our tech-enabled platform's long-term viability and scalability to power real estate transactions efficiently."
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
The loft was founded in 2018 by a group of serial entrepreneurs and experienced executives, including Founders and Co-CEOs Mate Pencz and Florian Hagenbuch. Since its inception, the company has raised USD 275 million in equity capital from angel investors, such as Max Levchin of PayPal, Joe Lonsdale of Palantir, Mike Krieger of Instagram, and David Vélez Nubank. In addition, global venture capital investors like Vulcan Capital, Andreessen Horowitz, Fifth Wall Ventures, QED Investors, Thrive Capital, and local funds such as Monashees, Valor Capital, and Canary.
Loft's digital platform clarifies the purchase and sale of apartments by bringing improved organization, data, and efficiency to the residential real estate market. Their combination of actual transaction data and a proprietary machine-learning model allows them to price every apartment in its markets at the unit level, increasing liquidity and transparency for buyers and sellers.
"Loft's exponential growth over the past year makes it clear that there is a massive need in the real estate industry for more transparency and efficiency," said Alex Rampell, general partner at Andreessen Horowitz. "We see Loft's technology-enabled approach as a significant investment opportunity, particularly in rapidly-growing emerging markets like Latin America, and we're thrilled to be expanding our funding to help bring the company's innovative platform to more markets across the region."
See Also : Startups In Australia
More in News