Brazilian real estate technology developer QuintoAndar has secured $250 million in a fresh round of funding led by Japan’s SoftBank. The investment is a part of SoftBank’s plan to invest $5 billion in the Latin American region.
In the new round of funding, QuintoAndar has been valued at more than $1 billion thus pushing the company up the unicorn territory. However, the exact valuation figure is yet to be disclosed.
Other participants in the round besides SoftBank include US-based Dragoneer and existing partners such as General Atlantic and Kaszek. QuintoAndar will utilise the fund to expand its business outside of Brazil and also accelerate growth through partnerships with real estate agencies.
Marcelo Claure, CEO of SoftBank Group told the media that, “QuintoAndar makes it easier for people to quickly find homes and for landlords to better manage their properties. The company is at the center of a global transformation of the real estate industry.”
QuintoAndar through its platform connects potential tenants to landlords and vice versa. It also houses the digital contracts that bind their agreements together.
The company so far has raised around $335 million in funding till date. According to reports, QunitoAndar has been securing around 4500 new contracts per month this year.
Earlier this year, SoftBank launched the SoftBank Innovation Fund, with an aim to invest in technology start-ups across Latin America. The company revealed that the fund would focus investments on industries like e-commerce, health care, and digital financial services.
SoftBank also launched the Vision Fund two earlier this year with a goal of raising a total of $108 billion to invest the fund in growing technology-based startups around the world. While SoftBank has committed $38 billion to the fund, Mircosoft and Apple are some of the other contributors to the fund.