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Brazilian real estate broker Loft raises $100 mln, valuation jumps

·1 min read

SAO PAULO, April 22 (Reuters) - Brazilian digital real estate broker Loft has raised an additional $100 million as part of a fourth funding round announced in March, it said in a statement, becoming the latest Latin American tech startup to see its valuation soar.

The additional funding round valued Loft at $2.9 billion, or $700 million above the valuation announced less than a month ago when the broker raised $425 million. The company did not provide details on the reason for the 32% jump in valuation.

"Even in just the short amount of time since our Series D (funding round), the diversity of perspectives and the wealth of collective experience across our investor base have provided innumerable insights enabling us to run faster with our existing plans and cover more ground in general," founder and Chief Executive Mate Pencz said in a statement.

Loft is one of several startups in Brazil, Mexico, Colombia, Uruguay and elsewhere to vault to the status of "unicorn," a startup that has hit a valuation of a $1 billion or more. Other companies whose valuations have surged include Brazlian fintech Nubank, delivery app Loggi, Colombian delivery app Rappi and Mexican used car startup Kavak.

The new funding round was led by investment manager Baillie Gifford and included existing investors.

Founded in 2018, Loft offers brokerage services, mortgages, and home renovation services, and has 700 employees. (Reporting by Carolina Mandl; editing by Jonathan Oatis)