LatamList – Loft, the Brazilian proptech, announced a $100M extension round to the $425M Series D raised last month. The extension round was led by Baillie Gifford and included Tarsadia Capital, Flight Deck Capital, Caffeinated Capital, among others.
Loft operates a “one-stop-shop” for home buying and selling. The startup buys, renovates, and manages properties in 130 regions across São Paulo and Rio de Janeiro in partnership with 30,000 brokers. The platform also offers insurance, renovation, and rental services to customers.
Over the past year the startup has experienced huge growth, more than doubling its valuation and increasing the number of listings on the platform by 10 to 15 times. Increasingly, Brazilians are looking to buy properties rather than rent, and Loft’s digital platform makes the process much easier.
The Loft founders decided to extend the Series D after “overwhelming investor interest” during the initial round.
“We have seen a continued acceleration in our market share growth, especially in São Paulo and Rio de Janeiro, the two markets we currently operate in,” said Mate Pencz, co-founder and co-CEO. “We saw an opportunity to grow even faster with additional capital”.
The extension round brings Loft’s total funding to $800M with a valuation of $2.2B. Loft plans to use the funding to expand operations in Brazil and eventually across Latin America.
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