Habi raises USD5.5m in pre-seed round led by Tiger Global Management
Habi, a Bogotá-based technology-driven real estate company dedicated to simplifying the lifecycle of homeownership in Latin America, has closed a USD5.5 million pre-seed round led by Tiger Global Management, as well as Homebrew and Zigg.
Reshape Holdings, FJ Labs, Supernode Ventures among others also participated in the round.
Co-founded by real estate industry expert, Brynne McNulty Rojas, and Sebastian Noguera, an entrepreneur and former technology executive of one of Colombia’s largest banks, Habi will simplify the process of buying and selling residential real estate for middle-class consumers in the complex, USD10 trillion Latin American real estate market. Leveraging its proprietary pricing algorithm and platform for buying, improving and selling properties, Habi reduces sales time from more than 14 months to approximately two weeks, mitigates the risks facing sellers in traditional transactions, and eliminates the need for intermediaries. Habi targets customers in the middle class, which has experienced 25 per cent growth from 2008 through 2018, accounting for over 75 pert cent of Bogota’s population.
“By combining advanced analytical tools with human insight, we help our clients buy, improve and sell homes quickly and efficiently, giving them transparent access to information and, most importantly, peace of mind during the greatest financial event of their lives,” says Rojas, Chief Executive Officer of Habi. “We plan to use this investment to build and scale a single solution for current and future residential owners at every stage of the homeownership process in Colombia and throughout Latin America.”
“The early support from these high-caliber institutional investors demonstrates the strength of our business and confidence in our team of seasoned technology and real estate professionals,” says Noguera, President of Habi. “We are excited to launch the Habi platform to not only make homeownership simpler for local customers, but also advance the real estate ecosystem with more accessible data, robust technology and efficient processes.”
This funding will enable Habi to launch in three key neighbourhoods in the north of Bogotá with strong middle-class growth and attractive real estate. The Company expects to expand to other key Latin American markets over time.