When Brynne McNulty Rojas moved to Bogotá, Colombia 4 years in the past, she encountered a fragmented actual property business that lacked a central database for customers to search out or evaluate properties. Rojas was struck by the magnitude of the issue; she was additionally impressed by the chance.
Rojas and enterprise companion Sebastian Noguera homed in on among the greatest points within the metropolis’s actual property market, significantly for center class patrons. They discovered a market the place the typical residence took 14 months to promote; that determine drops to 10 months for center class properties. It was a market that lacked worth transparency and the place sellers used analog ways like posting an indication within the neighborhood in a futile try to draw patrons.
From these issues, Rojas and Noguera based Habi, a property tech startup with a two-fold method. The startup founders constructed a centralized database of residential actual property costs and developments — basically a a number of itemizing service — after which used that info to create an automatic pricing algorithm to purchase and promote properties rapidly and effectively. The corporate buys, renovates after which sells properties, producing income off the margin. It additionally presents a instrument that lets sellers estimate the worth of their properties and a database that patrons can use to seek for listings. The inspiration of its enterprise is its automated pricing know-how, which was constructed utilizing information from its actual property, monetary and authorities companions.
“You may consider it as an MLS plus Opendoor mannequin,” Rojas stated in a latest interview. (Opendoor is the U.S.-based property tech startup backed by SoftBank.)
The Bogotá-based startup has now raised $10 million in a Sequence A spherical led by Impressed Capital, with participation from 8VC, Clocktower, Homebrew, Vine Ventures and Zigg. The spherical included angel investments from Flatiron Well being and Looker. The corporate has raised $15.5 million thus far.
Habi co-founders Brynne McNulty Rojas and Sebastian Noguera. Rojas is CEO and Noguera is president of the Bogota-based actual property startup. Picture Credit: Habi
Since launching in fall 2019, Habi has scaled quickly — and has even picked up velocity throughout the metropolis’s strict lockdown throughout the COVID-19 pandemic. Transaction quantity has elevated threefold since March, Rojas famous.
Rojas stated its data-driven method works, permitting the corporate to promote a house thrice sooner than the market common.
The corporate presently covers all of Bogotá. It plans to make use of this recent injection of capital to increase to Medellin this month and ultimately to different Latin American markets, in response to Noguera, who beforehand ran the digital transformation at Banco de Bogota and co-founded Marqueo.
The founders additionally intend to ultimately increase Habi’s companies to turn into a “one-stop store for every part associated to the house,” Rojas stated. In the long run, this may imply connecting customers with shifting, storage, furnishings and different companies.