Business

One month after raising Series D, Brazil's Loft secures $100 million add-on

The additional financing round valued Loft at $2.9 billion, $700 million above the valuation announced less than a month ago

Loft's co-founders (from right to left) João Vianna, Florian Hagenbuch and Mate Pencz.
Loft's co-founders (from right to left) João Vianna, Florian Hagenbuch and Mate Pencz. Photo: Loft/Courtesy
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  • The company did not give details about the reason for the 32% spike in its valuation;
  • The new financing round was led by investment manager Baillie Gifford and included existing investors.

Brazil‘s digital real estate broker Loft raised an additional $100 million as part of a Series D financing round announced in March, becoming the latest startup in Latin America to see its valuation soar.

The additional financing round valued Loft at $2.9 billion, $700 million above the valuation announced less than a month ago when the company raised $425 million (the largest round raised by a Latin America‘s startup so far). The company did not give details about the reason for the 32% spike in its valuation.

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“Even in the short time since our Series D, the diversity of perspectives and the wealth of collective experience in our investor base has provided countless insights that allow us to more quickly execute our existing plans and cover more ground in general,” said Loft’s co-founder Mate Pencz, in a statement.

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Loft is one of several startups in Brazil, Mexico, Colombia, Uruguay, and other places to enter the status of “unicorn” – that designates newly created companies that have an evaluation of at least US$ 1 billion.

Other companies whose values ​​have increased include the delivery apps Loggi and Rappi and the Mexican used car startup Kavak.

READ ALSO: VC investors were decidedly bullish on Latin America despite pandemic’s challenges

The new round of financing was led by investment manager Baillie Gifford and included existing investors.

Founded in 2018, Loft offers brokerage services, real estate financing, as well as residential renovation services, and has 700 employees.

(Translated by LABS)

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