When Brynne McNulty Rojas transferred to Bogotá, Columbia four years ago, she encountered a fragmented realty market that lacked a central database for customers to discover or compare houses. Rojas was struck by the magnitude of the problem; she was also influenced by the opportunity.
Rojas and service partner Sebastian Noguera pinpointed some of the most significant concerns in the city’s property market, particularly for middle class buyers. They found a market where the average house took 14 months to offer; that figure drops to 10 months for middle class homes. It was a market that lacked cost transparency and where sellers utilized analog strategies like posting a check in the community in a futile effort to bring in purchasers.
From these issues, Rojas and Noguera founded Habi, a property tech startup with a two-fold method. The start-up founders constructed a central database of domestic property costs and trends– essentially a multiple listing service– and then utilized that info to produce an automatic prices algorithm to purchase and sell houses quickly and effectively. The business buys, renovates and after that sells homes, creating income off the margin. It also provides a tool that lets sellers approximate the value of their houses and a database that purchasers can use to look for listings. The structure of its business is its automated rates technology, which was constructed using data from its realty, financial and government partners.
“You can think about it as an MLS plus Opendoor design,” Rojas stated in a recent interview. (Opendoor is the U.S.-based residential or commercial property tech startup backed by SoftBank.)
The Bogotá-based start-up has now raised $10 million in a Series A round led by Inspired Capital, with involvement from 8VC, Clocktower, Homebrew, Vine and Zigg. The round consisted of angel investments from Flatiron Health and Looker. The business has raised $15.5 million to date.
Since launching in fall 2019, Habi has actually scaled rapidly– and has actually even picked up speed during the city’s strict lockdown throughout the COVID-19 pandemic. Transaction volume has actually increased threefold since March, Rojas kept in mind.
Rojas stated its data-driven approach works, enabling the business to offer a home three times faster than the market average.
The business presently covers all of Bogotá. It prepares to utilize this fresh injection of capital to broaden to Medellin this month and eventually to other Latin American markets, according to Noguera, who formerly ran the digital change at Banco de Bogota and co-founded Marqueo.
The founders also intend to eventually expand Habi’s services to become a “one-stop buy whatever related to the home,” Rojas said. In the long term, this might mean connecting consumers with moving, storage, home furnishings and other services.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.