Real estate scenarios across the globe are worrying as skyrocketing prices have made things difficult for the masses. Brazilian real estate industry too have similar issues and the additional expenses like expensive deposits, the requirement of local cosigners and sky-high insurance fees have made things difficult for the Brazilians who plan to rent out a house for themselves for long periods. São Paulo based QuintoAndar wants to solve the issue for the people. The firm provides a marketplace where both tenants and landlords can connect to each other without having to look anywhere else.
Started in 2012 by Andre Penha and Gabriel Braga, the firm has announced a fresh capital infusion as it plans to ramp the expansion speed across the country. The company has raised $64 million (R$ 250 million) in Series C investment round. General Atlantic led the current investment round which takes the total amount raised by the firm to $85.3 million. The round also saw participation from the other existing investors, Kaszek Ventures, Qualcomm Ventures, and QED.
The fresh funds will help the firm strengthen their position in the markets of Belo Horizonte, Brasília, and Goiânia, where it has already done well. At the same time, QuintoAndar also plans to start new operations in Porto Alegre and Curitiba. Braga talking about the current situation of the rented industry in Brazil said, “20% of the population in Brazil lives in rented properties, and the sentiment toward buying homes in Brazil is changing."
It will be interesting to see how Barga and the 600 member QuintoAndar manages to help out the people of Brazil through the online medium.
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