Sunday, May 9, 2021

Loft raises another US $ 100 million and is already worth almost US $ 3 billion

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A Loft, the leading Brazilian real estate startup, raised another $ 100 million as a complement to a Series D investment round held a month ago. The value causes the company to increase its market value from 2.2 billion to 2.9 billion dollars – something around 15.9 billion reais in direct conversion.

A EXAM he had already anticipated with exclusivity that the investment of 425 million dollars received by the company at the end of March could be expanded. The additional figure is part of an investment led by investment manager Baillie Gifford and includes the presence of investors already present in the business.

Despite the new investment, Loft remains in the third position among the unicorns – startups that are worth more than 1 billion dollars – most valued in the country. THE Nubank tops the list with a market value of more than $ 25 billion, while the game developer Wildlife appears in the second position with a valuation of 3 billion dollars.

With the new investment, Loft is approaching the 800 million dollars received in investments. There have been four fundraising rounds since the startup’s foundation in early 2018. Investors include funds like Andreessen Horowitz, DST Global, Vulcan Capital, Tiger Global, D1 Capital Partners, Altimeter Capital, GIC, CPP.

When planning its Series D fundraising round, the company stipulated that the money injected into the operation would already have at least two defined destinations. Part of the figure would be used to strengthen the transactional infrastructure, mainly with investments in data analysis. Another investment would be made to improve the user experience, buyer or seller, within the platform.

“The customer started to demand a higher standard of excellence and whoever wants to be a market leader will need to have a transparent and efficient digital experience”, said Mate Pencz, co-founder of the company next to Florian Hagenbuch, in an interview with EXAME. In addition to the duo, Loft also has businessman João Vianna among the founders.

With just over three years of existence, proptech has consolidated itself as one of the main companies in the real estate sector in Brazil. At least in the new generation, where it competes directly against another unicorn, the Fifth floor. The startup was born buying and selling properties in certain neighborhoods of São Paulo over the internet. Then, it expanded the business to a marketplace.

In all, the Loft platform already operates with more than 13,000 registered properties and the company has moved into other segments of the real estate market. In recent months, the company has made several acquisitions, including that of Uotel – which later became Nomah -, indicating its intention to explore the residential rental market.

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