Business

Uotel rebrands to Nomah and raises BRL 50 million from unicorn Loft

Created in 2016, Nomah uses apartment management partnerships, which are rented for short or long term periods - an alternative to Airbnb

New logo from Nomah. Photo: Courtesy/Nomah
Ler em português
  • According to the company, the resources will be used in the next three years in technology and expansion;
  • The startup noticed a 300% increase from January to February in the lease for longer stays.

The platform of rental properties for convenience Uotel announced on Wednesday that it raised an investment round of BRL 50 million from the Brazilian proptech unicorn Loft, and that changed its name to Nomah.

According to the company, the resources will be used in the next three years in technology and expansion (including to other cities in Brazil). Created in 2016, Nomah uses partnerships to manage apartments, which are rented for short or long term periods. It is an alternative to accommodation like the one offered by the Airbnb platform.

READ ALSO: Nubank, Mercado Pago and Google together to accelerate financial digitization in Brazil

The management of the properties, now all in São Paulo, is carried out by Nomah through partnerships and the business income is offered as an income option for institutional investors.

According to Thomaz Guz, CEO and co-founder of the startup, the demand for more flexible rents grew during the pandemic, driven by the increase in remote work.

READ ALSO: Focused on digitizing SMBs, Brazilian Kyte raises a BRL 5 million seed round

Since then, the average short stay for Nomah users has gone from 2 to 4 – 5 days. And this year, the startup also noticed a 300% increase from January to February in the lease for longer stays, which can extend for months, and include extra services.

Get the best insights about Latin America market in your inbox