LatAm List – TrueHome, a Mexican real estate broker, raised an $8.8M Series A led by Monashees and Class 5 Global.
TrueHome started as an iBuyer, making cash offers on homes on behalf of potential buyers, before turning to brokerage services in 2018. The company now manages over 1,300 residential and for-sale properties in Mexico, making it one of the top five brokers in Mexico City.
The fintech is working to make the process of buying and selling homes more transparent and easier to manage in Mexico, where there is very little organized data despite the country having one of the highest homeownership rates in the world.
“[…] We saw a huge opportunity to bring technology into the brokerage part of the industry to make the process more transparent and simple, and help our customers save money on the transactions,” explained Raúl Villareal, founder and CEO of TrueHome.
Class 5 Global is a San-Francisco based firm that is focused on investing in emerging markets. The funding round also had contributions from FJ Labs and Mexico-based Mountain Nazca, with whom Villarreal was previously associated.
With the Series A investment, TrueHome intends to become the top broker in Mexico City and is aiming for a 20% market share in the areas where it operates.
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