Bloomberg Línea — Loft, a Brazilian proptech for the intermediation of purchase and sale of real estate, has launched operations in Mexico from Wednesday under the name “Loft Mexico”.
The company already had a presence in the country since it acquired Mexican startup TrueHome in October 2021, kickstarting its expansion across Latin America. Now, TrueHome, founded in 2017, adopts the Loft brand.
In addition to Mexico City, the company will have a presence in Guadalajara, Monterrey and Querétaro.
Its Brazilian competitor, QuintoAndar, also announced operations in Spanish-speaking Latin America through the acquisition of Navent. At the end of June, QuintoAndar, valued at $5.1 billion, began operating in Mexico under the “Benvi” brand.
In recent days Loft transferred Nomah, its short-term stays startup that offers an alternative to hotels to Mexico’s Casai, and invested in the new company formed by the merger.
Not immune from the staff cuts that startups have been carrying out across the region to trim costs, Loft has laid off 543 people since April, telling Bloomberg Línea that 159 staff cuts were because of redundancies due to the acquisitions.
Today the company has 3,200 employees, according to Pitchbook.
Loft’s founders, Mate Pencz and Florian Hagenbuch met while working at Goldman Sachs and founded the company in 2018.
In addition to Loft, Colombia’s La Haus and Chile’s Houm are also venture capital-backed startups vying for market share to digitize real estate transactions in Latin America.
Last year, Loft was valued at $2.9 billion after receiving a $525 million Series D. As of today the startup has received $800 million in private rounds. Loft’s 47 investors include California’s Andreessen Horowitz, D1 Capital Partners, and Advent International.