LatAm List – Loft, a Brazilian startup that is reinventing the real estate market, has just been valued at $370M (R$1.5B), after an investment round led by US funds Valor Capital, Fifth Wall, and QED, along with tech industry executives Hugo Barra and Mike Krieger.
The founders, Mate Pencz and Florian Hagenbuch, made a risky and ambitious bet by investing in one of the most static markets, real estate. Loft’s platform, which is less than a year old, currently allows its users to buy, remodel, and resell apartments, and will add more services as well.
“We remodel [apartments] to increase liquidity and deliver a prepared product. The big demand today is for revitalized apartments, at fair prices and in neighborhoods where there is not a lot of supply.” says Hagenbuch.
Recently, the company raised $70M in Series B round, two-thirds of which came from the same investors that took on Loft in July last year when they started their business with $18M raised.
The company will operate in seven other districts of Sao Paulo until the end of the year, and reach Rio de Janeiro and Belo Horizonte between the end of the year and the beginning of 2020.
Read more on LAVCA.