Loft, a Latin America-based digital real estate platform, announced today that it has closed $175M in Series C funding. Vulcan Capital and Andreessen Horowitz co-led the round, with participation from QED Investors, Fifth Wall Ventures, Thrive Capital, Valor Capital, Monashees and others.
The residential real estate market in Latin America is a $6 trillion (USD) opportunity. However, lack of data transparency and a consolidated marketplace contributes to low-quality and redundant listings, high asking prices and exceedingly long sell times.
Founded in 2018 by a group of serial entrepreneurs and experienced executives, including founders and co-CEOs Mate Pencz and Florian Hagenbuch, Loft’s digital platform simplifies the purchase and sale of apartments by bringing improved organization, data and efficiency to the residential real estate market. By combining real transaction data with a proprietary machine-learning model, Loft can price every apartment in its markets at the unit level, increasing liquidity and transparency for buyers and sellers.
“We’re aiming to reinvent the way people move homes by building the most consumer-focused real estate marketplace,” Pencz said. “Our latest round of funding, which includes several previous investors and new ones, shows that global growth investors recognize the massive market opportunity in residential real estate across emerging markets and are confident in the long-term viability and scalability of our tech-enabled platform to power real estate transactions efficiently.”
Since its founding, Loft has raised equity capital of approximately $275 million (USD) from angel investors such as Max Levchin of PayPal, Joe Lonsdale of Palantir, Mike Krieger of Instagram and David Vélez of Nubank; global venture capital investors such as Vulcan Capital, Andreessen Horowitz, Fifth Wall Ventures, QED Investors and Thrive Capital; and local funds such as Monashees, Valor Capital and Canary.
