Colombia’s TuHabi, Latest Property Tech ‘Unicorn,’ Touts $200 Million Funding | Technology News

Colombia’s TuHabi, Latest Property Tech ‘Unicorn,’ Touts $200 Million Funding | Technology News

  • Technology
  • May 13, 2022
  • No Comment
  • 53
  • 4 minutes read


MEXICO CITY (Reuters) – Colombia’s TuHabi became the country’s first $ 1 billion real estate technology “unicorn” after announcing a new $ 200 million round of financing in early ‘this week.

The company is only the second Colombian startup to achieve unicorn status, after the Rappi delivery app, which reached a valuation of $ 1 billion in 2018.

The real estate technology startup, or proptech, allows buyers to sell their home through a website and receive payment within 10 days, co-founder Sebastian Noguera told Reuters. He added that homeowners in Mexico and Colombia often take an average of a year and a half to sell a home and receive payment.

“So imagine, that makes selling a house almost impossible.”

TuHabi, short for “Tu Habitacion” or “Your Room” in Spanish, buys homes directly and sells them through local agents. Due in part to the lack of easily accessible sales records in Mexico and Colombia, TuHabi uses an algorithm to calculate the value of a home.

TuHabi was founded in Colombia in 2019 and expanded to Mexico two years later after a $ 100 million round of funding. So far this year, the firm has bought two Mexican real estate companies: Tu Canton and Propiedades.com’s parent company, Okol.

The startup will use most of its so-called Series C financing to focus on its Mexican expansion, Noguera said, and will primarily buy properties.

TuHabi faces competition from the startup Flat.mx in Mexico, which also buys homes in 10 days or less.

Noguera said that the last round of financing was led by SoftBank and the American venture capital firm Homebrew, with the purchase of Grupo Financiero Banorte in Mexico.

TuHabi declined to specify what investors will receive in return for their cash injections.

Plans follow that SoftBank on Thursday recorded a record loss of $ 26.2 billion in its Vision Fund investment branch, as rising interest rates and political instability caused a glance at technological actions.

(Report by Kylie Madry in Mexico City; Editing by David Alire Garcia and Matthew Lewis)

Copyright 2022 Thomson Reuters.



Source link

Related post

EDUCAUSE 2022: How Data Collection Can Improve Student and Faculty IT Support

EDUCAUSE 2022: How Data Collection Can Improve Student and…

At Indiana University, Gladdin said, to make life easier for students and faculty, they implemented a course template for the Canvas…
UGC, AICTE warn students against online PhD programmes offered by EdTech platforms | Latest News India

UGC, AICTE warn students against online PhD programmes offered…

The University Grants Commission (UGC) and the All India Council for Technical Education (AICTE) on Friday issued a joint advisory against…
UGC, AICTE warn students against online PhD programmes offered by EdTech platforms | Latest News India

UGC, AICTE warn students against online PhD programmes offered…

The University Grants Commission (UGC) and the All India Council for Technical Education (AICTE) on Friday issued a joint advisory against…

Leave a Reply

Your email address will not be published.