The real estate sale and purchase company, Loft, has bagged $216 million.
FREMONT, CA: Loft has secured $216 million led by Credit Suisse Hedging-Griffo. "The company currently has more than R$ 550 million in its real estate funds to acquire apartments," says Mate Pencz, Founder and Co-CEO of Loft. With Loft, users can easily sell their apartment and go into a newly renovated home.
Pencz adds, "the estimated acquisition of another 1,200 apartments with the new investment depends on the full buying and selling cycle of an apartment by Loft, which takes about four months. "Considering an average investment value of R$ 1.3 million per apartment and Loft I FII’s R$ 408 million, the capacity exceeds 1,200 apartments, as we expect at least four cycles in the next two years in this fund."
Loft operates in 16 neighborhoods in the capital of São Paulo and will begin operating in Rio de Janeiro soon. The company will also start in three other Brazilian capitals in 2020. Since its foundation, it has attracted approximately R$ 400 million in equity from global venture capital investors, such as Andreessen Horowitz, Fifth Wall, Vulcan, QED, and Thrive Capital, as well as Brazilian funds, such as Monashees, Capital Value, and Canary. The company seeks to achieve an annualized Gross Sales Revenue of more than R$ 2 billion at the end of 2019. "The success and speed of our real estate B quota issue demonstrates the market’s confidence in our business and gives us the strength to keep on expanding in the coming months," Pencz adds.
Loft is a digital real estate sale and purchase company, which through technology, reinvents the process of residential property exchange, creating a complete, fluid, and enjoyable experience. Loft is reinventing the entire process of selling and buying property by harnessing technology and data to create easy and pleasant experiences. With Loft, sellers can sell their apartment instantly for a fair price or find their next perfect home ready to move-in.