As evidence of that, this morning, Brazilian digital real estate platform Loft announced it has closed on $175 million in Series C funding co-led by Vulcan Capital and Andreessen Horowitz (a16z).
A $175 million raise is an impressive amount for any startup, but especially one that was founded just two years ago in Sao Paulo, Brazil.
Loft plans to use its new capital in part to expand across both Brazil and Latin America, starting with Rio de Janeiro in the first quarter of 2020, Mexico City in the second quarter and several other cities soon after.
To Loft, the opportunity is huge with an estimated $6 trillion residential real estate market in Latin America.
For Andreessen Horowitz General Partner Alex Rampell, the company’s exponential growth over the past year is impressive and illustrates the “massive need” for more transparency and efficiency.
We’ve reported on a number of large deals in the region, including most recently, Wildlife Studios, a São Paulo-based mobile gaming company that claims to have over 1 billion players, becoming a unicorn with a $60 million Series A round of funding led by Benchmark.
In September, we covered the funding of another Brazilian real estate-focused startup: Sao Paulo-based QuintoAndar raised a $250 million Series D in a round that took that company “to unicorn status.”