Loft collects $175m in its Series C as it eyes LatAm expansion

Loft, a Latin American digital real estate platform, has collected $175m in its Series C round.

Vulcan Capital and Andreessen Horowitz co-led the round, with participation also coming from QED Investors, Fifth Wall Ventures, Thrive Capital, Valor Capital, Monashees and others.

Capital from the round will be used to expand across Brazil and Latin America, with plans to launch in Rio de Janeiro during the first quarter of 2020. After this, the company will release its services in Mexico City in Q2 2020 and other cities beyond that.

Loft is looking to scale its financial product lines including mortgages and insurance during the year.

The FinTech, which was founded in 2018, generated $150m in annualized revenues during its first full year of operation and during 2019, it transacted on more than 1,000 properties, the company claims.

Sao Paulo-based Loft is a digital platform helping consumers buy and sell apartments. The platform uses data to bring transparency and liquidity to buyers and sellers using the platform.

Vulcan Capital general partner Rafael Costa said, “Loft is creating a consolidated source of truth on inventory and transaction prices that has, until now, been fundamentally missing from the Latin American real estate market.

“This, together with Loft’s highly accurate and intelligent pricing tools, is transforming real estate transactions and providing a truly unmatched customer experience for sellers, agents and buyers.”

Copyright © 2020 FinTech Global

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