Business

Brazilian real estate unicorn QuintoAndar returns to pre-pandemic levels

The company said that it brokered about 5,000 operations in July, as it did in early 2020, a figure it expects to exceed in August

Arthur Malcon, QuintoAndar's leader of strategy. Photo: QuintoAndar
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  • New ads on QuintoAndar’s website and on the app doubled in July;
  • QuintoAndar received an investment of $250 million in a round led by the Japanese group Softbank last September, when it achieved the status of unicorn.

Brazilian real estate startup QuintoAndar is operating at the same levels as the beginning of the year, as social isolation measures to contain the Covid-19 pandemic led more people to do operations remotely.

The company said on Wednesday that it brokered about 5,000 operations in July, as it did in early 2020, and that preliminary figures indicate that this level should be exceeded in August.

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In addition, the number of new ads on its website and on the app doubled in July, when the platform also registered a 165% increase in the number of searches for rental properties.

With social distancing, people ended up being forced to try digital solutions for more than just e-commerce, and that happened to our business too

Arthur Malcon, head of strategy at QuintoAndar.

The startup now predicts that, even with the crisis that impacted the business most strongly between March and April, it should close the year with numbers close to those initially projected.

Created in 2013, the startup has gained popularity with its system that, instead of charging insurance or demanding a guarantor in the rental of real estate, a traditional model of the market, it submits tenants to a credit analysis.

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QuintoAndar received an investment of $250 million in a round led by the Japanese group Softbank last September, an operation that raised QuintoAndar to the status of unicorn, market jargon to qualify startups valued at at least US$ 1 billion.