Loft now may have a better product in the market that can fit in the Brazil than the Opendoor does across the United States. Now, the Sao Paulo based startup has their growth funding to prove that. Andreessen Horowitz is doubling down on the 1st Brazil investment with the Loft which is a 2 years old real estate marketplace. The $75 million Series C was co-led by Vulcal Capital.
In the United States, like the Opendoor has given us the visibility into how much the properties one is interested in are worth. This transparency even doesn’t exist in the Latin America. The founder of the Loft and Co-CEO named Mate Pencz has described that the residential real state market across the Latin America as $6 trillion chance. Since it exists now, the lack of the data transparency around the property listings results in the listings of lower quality, disproportionately higher asking prices as well as prolonged selling times. It also creates a severe experience for the buyers, brokers as well as sellers. The market is now locked up, but the Loft on the other hand is thinking that it can build a liquidity and transparency with the open data sets for the property value.
Loft has also been supported by several nice bigger Silicon Valley names from the time of its genesis in the year of 2018. Loft has raised an equity capital from the angel investors like Max Levchin of the Paypal, Joe Lonsdale of the Palantir, the founder of OpenDoor named Eric Wu, Mike Krieger of the Instagram, David Velez of the Nubank and Josh Kushner of the Thrive Capital.