The Argentine-Chilean proptech startup Philippo is planning to expand to Mexico and received a $20M investment from Frontal Trust.
The startup offers a new model for buying and selling apartments to anticipate liquidity and provide clients with more time to sell their properties.
“Currently, this process takes an average of seven months, considering the search for the buyer, mortgage loan procedures, title study and registration at the Real Estate Registry. Faced with this dilemma, Philippo appraises the property and advances 75% of the capital of the appraisal, in a period of between ten days and one month,” the startup states.
Philippo buys from customers their current property and leases it for them. This provides clients with time and money for them to move into another property, or to use the capital as they prefer. When the property is finally sold, customers return the advance payment to Philippo.
The startup previously raised a pre-seed round with angel investors such as Diego Fleischmann, CEO of Migrante, and with the participation of VC firms like Magma Partners. Philippo was also accepted as part of the YCombinator Winter 2022 batch.
The proptech Philippo began operations in January of this year. They have ten properties in their portfolio and are planning to begin their activities in Mexico. The company is also expecting to end 2022 with 300 properties and with revenues of more than $2M. Philippo will use Frontal Trust’s investment to improve its technology and equipment.
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