Tech-enabled real estate broker Mudafy has received a $10 million Series A investment round led by Founders Fund – a U.S. venture capital firm that has also invested in companies like Airbnb, Stripe, Facebook, SpaceX and in successful Latin American unicorn companies such as Brazil’s Nubank and Mexico’s Kavak. The round also has participation from IDC Ventures.
The financing will let the proptech strengthen their product and technology areas and to deepen their presence in Mexico where they already manage 35,000 properties.
Mudafy was founded in 2019 by Argentines Franco Forte and Lucas Diaz, and currently has operations in Mexico and Argentina. Its business model operates with a typical digital brokerage model — aiming to make it easier for people to buy and sell their homes and serve as a “one-stop shop” in the process. The startup charges a commission for each successful real estate transaction, however, they have also ventured into mortgages.
With the $10 million round, more than 50,000 properties and one million monthly active unique users in Mexico and Argentina, Mudafy’s end-to-end marketplace expects to generate $500 million in annualized sales by the end of this year.
“This is the beginning of a major push into financial technology and, at the same time, a change in the way customers access better properties,” noted Díaz, co-founder of Mudafy.
In 2021, the company sold more than $100 million worth of properties and maintained a steady 20% month-over-month growth. In total, the startup has raised $13 million – it was previously backed by Y Combinator.