Fintech and proptech are two areas in Latin America that are expanding since financial services and real estate are two areas that are in desperate need of innovation.
QuintoAndar, a Brazilian real estate marketplace that focuses on rents and sales, has experienced rapid expansion in recent years. And now, the So Paulo-based proptech reported that a $300 million Series E round of fundraising had concluded, valuing the company at $4 billion.
The round is noteworthy for a number of reasons. For starters, the value – which is enormous by any measure but especially for a Latin American firm – is four times more than when QuintoAndar closed a $250 million Series D round in September 2019.
It’s also important noting who the company’s backers are. SoftBank’s LatAm-focused Innovation Fund, LTS, Maverik, Alta Park, an unidentified US-based asset management fund with over $2 trillion in AUM, Kaszek Ventures, Dragoneer, and Accel partner Kevin Efrusy all participated in the Series E funding lead by Silicon Valley’s Ribbit Capital.
Gabriel Braga, co-founder and CEO of TechCrunch, spoke with TechCrunch about the company’s rapid development and how it attracted so many high-profile investors.
When the COVID-19 epidemic hit last year, QuintoAndar, like most other companies throughout the world, braced themselves for the worst – especially because one of its major services is to guarantee rentals to landlords on its platform.