Brazilan proptech startup QuintoAndar has raised $300 million in funds in a Sequence E spherical of funding that values it at an impressive $4 billion. The startup primarily focuses on rentals and sales, and recently they have seen amazing growth in their company so that they can focus on innovation and bring real changes in the market.
According to media reports, this series of funding is said to be noteworthy because of the valuation. QuintoAndar has one of the highest funding for any Latam company and it represents an increase of four times from when QuintoAndar raised a $250 million Series D in September 2019.
It’s also important to note that QuintoAndar is backed by Silicon Valley-based Ribbit Capital, which led its Series E funding and it also had participation from SoftBank’s Latam-focused Innovation Fund, LTS, Maverik, Alta Park, an undisclosed US-based asset manager fund that reportedly has over $2 trillion in AUM, Kaszek Ventures, Dragoneer, and Accel partner Kevin Efrusy.
The company is also backed by Coinbase, Robinhood, and CreditKarma. Since its inception, Ribbitcapital is known to focus on early-stage investments in the fintech space. The company’s investment in the Brazilian startup only goes to prove that they have complete faith in what the company is building.
Ribbit Capital Partner Nick Huber told the media, “Whether you are looking to buy or to rent, QuintoAndar can support customers through the entire transaction process: from browsing verified inventory to signing the final contracts. The ability to serve customers’ needs through each phase of life and to do so from start to finish is a unique capability, both in Brazil and around the world.”
As for their plans of expansion, the Brazilian startup presently offers more than 60,000 properties for sale across Sao Paulo, Rio de Janeiro, Belho Horizonte, and Porto Alegre. The company describes itself as a ‘distant market leader’ and its rental platform is live in 40 cities across Brazil. With the newly-raised capital, the company plans on expanding its market in Brazil and in Latin America as a whole.