More recently, Flat.mx also plans to partner with mortgage brokers to offer financing options to potential buyers. If you want to buy a property, it may take nine months or a year to sell a house.
“The more we look at this, the more we see that the Mexican real estate industry is still doing the same business it was 40 years ago,” Norwiga said. But for technology, that meant “a business opportunity.” Accordingly, the startup was launched in 2019 and raised an initial round of $4.6 million in September of the same year. Flat.Mx Real Estate Startup Mexicobased Flat.Mx 20m Series Azevedotechcrunchĭespite the numerous technological developments, real estate is an industry that is slowly gaining popularity. For buyers, the apartment guarantees property terms, fair purchase price and a smooth buying experience. With apartments, people can For sellers to sell their homes within days at a fair price and move to a new apartment easily. With a deep layer of tech and data, Flat simplifies the painful course of buying or selling a home. Flat is changing the way homes are sold in Mexico. Upon announcing the contract, Flat.MX co-founder Bernardo Cordero doubted: “The real estate market in Mexico has collapsed. Which defines it as a “one-stop shop” where homeowners and buyers can get all the services they need in the apartment. The company plans to use the new funds for further growth. Gunderson Dettmer represented client Flat.MX, the online real estate marketplace, in this $20 million Series A funding co-led by Anthemis and 500 startups. This product allows homeowners to sell in days instead of months, which is a quick and convenient experience that they can’t Find it nowhere else.Īlso Read: 9 Feet to Inches Flat.mx Raises $20M Series A Financing Azevedotechcrunch With that, we launched the most drastic solution we could find to this problem: an instant offer. “One big problem is that it can take anywhere from six months to two years to sell. In September of this year, the proptech startup had to pull off one of its biggest pre-incorporation tours in Mexico to bring the open real estate market model across the Rio Grande.Ĭo-founder Bernardo Cordero, believes that the real estate market in Mexico is broken. These include Eric Wu, CEO and co-founder of Opendoors, Tushar Garg, co-founder and CEO of Flyhomes, and Brian Ma, co-founder of Divvy Homes.įlat.MX, founded in July 2019 and headquartered in Mexico City, started with a model similar to Opendoor, buying, renovating, and then reselling real estate. Previously, Flat.MX had to raise a total of $10 million in equity and $25 million in debt, supporting other backers. Introduction: Mexicobased Flat.Mx 20m Series Azevedotechcrunch Flat.MX, which aims to build a real-world “super application” for Latin America, has completed its $20 million Series A founding round.Īnthemis and 500 startups co-led the investment, which includes participation from ALLVP and Expa. Mexicobased Flat.Mx 20m Series Azevedotechcrunch Of course, Flat.mx investors are optimistic.Flat.mx says it has approved a 200-plus point check and a “full legal review” of its certified mode properties.Flat.Mx Real Estate Startup Mexicobased Flat.Mx 20m Series Azevedotechcrunch.Flat.mx Raises $20M Series A Financing Azevedotechcrunch.Mexicobased Flat.Mx 20m Series Azevedotechcrunch.They also led the M&A transactions of Venmo, Braintree, Honey, Hyperwallet, Xoom, Swift Financial, and iZettle and executed growth equity investments into companies such as Mercado Libre, GoJek, Pine Labs, and Uber. While at PayPal, the trio backed companies such as Plaid, Divvy, and Acorns, among others. The firm declined to name its LPs, saying they are a mix of "prominent" fintech execs, family offices and large institutional investors. While the company's investment thesis hasn't changed since it first started last year, the trio said they are "emphasizing earlier stage," such as pre-seed and seed investments, given the change in market conditions. Overall, Infinity plans to invest in about 25 companies out of the fund with an average check size of $500,000 to $8 million in pre-seed to Series A rounds. Those startups include Glean, which describes itself as “accounts payable with a brain" Mexican corporate spend management startup Mendel and Neo.tax, a company that wants to help other companies get R&D tax credits. Infinity’s inaugural fund was not previously announced until today, but to date, Infinity has backed 11 companies in the U.S., Asia, Latin America, and Europe.