Property startup Habi recently reports that it has successfully raised $10 million during its latest round of funding.
Habi reports that Inspired Capital led the latest round of funding. Top investment firms have joined the latest funding round, including Vine Ventures, 8VC, Homebrew, Clock Tower, and Zigg. So far, the startup has raised around US$15.5 million in total investments.
Habi first started in 2019, and since then, the startup has scaled rapidly. Even the surge of the coronavirus pandemic has little to no effect on its growth. According to company co-founder Brynne McNulty Rojas, transactions have increased threefold since March.
Rojas adds that one of the many reasons for this unprecedented growth is their reliance on data. By using the firm’s extensive data-gathering technology, they can make informed decisions. This allows the firm to sell a property up to three times faster compared to the average market speed.
— iotablue (@iotablue) August 26, 2020
The firm is looking positive about its future growth. Currently, its operation is only limited to Colombia. However, top company executives have said that they are looking into expanding their business outside of the country as well.
Now that the firm has the resources, it plans to expand its operation to the city of Medellin. They are looking to start their operation in this new city this month. Moreover, they are also looking into expanding in other Latin American cities.
Habi started as a response to the lack of an established real estate platform in Colombia. According to the firm’s founders, there is no central database that holds consumer information in the country. This means that both realtors and customers have no reliable platform to rely on.
For customers, this means that they cannot shop or compare real estate prices from different real estate firms. Realtors are also facing the same problem since they have no platform to reach out to customers.
This lack of services was seen as a huge opportunity for the firm’s founders. Before their platform was established, it takes an average of 14 months to sell a property. They were able to cut this down into just ten months during their early operations.
With virtually no competition in the market, Habi essentially controls the majority of it. With its new funding, the company expects to scale its operation to reach other markets as well. On top of that, they are also looking to diversify their platform and include furnishings, storage, and logistics.
Featured image courtesy of K303/Shutterstock