September 7, 2019

Mexican Property Tech Startup Raised $4.6M Pre-Seed Funding

Flat a Mexican property startup has finally raised one of the largest pre-seed rounds to take their business to new heights. According to reports, the company has raised a sum of $4.5 million as pre-seed round to expand its business and helping homeowners speedily sell their properties in Mexico. The pre-seed funding round was led by Antoni Lelo de Larrea Venture Partners, a thought-leader Venture Capital firm in Latin America based in Mexico City.

In addition to the above, the pre-seed funding round was also supported by California-based Liquid 2 Ventures, NextBillion, and a few other angel supporters. At the time of inscription, the Mexican property startup Flat’s raised the largest pre-seed funding round for a Mexican startup along with a scooter company, Grin, which also raised a sum of $45 million.

At the same time as this business model was originally established by Opendoor in the U.S., the same need to professionally sell property exists for the consumers in other mounting markets around the globe. This is the reason the co-founders of the company Victor Noguera and Bernardo Cordero founded Flat. The main reason to start this startup was to buck up a trend that has seen a lot of new Latin American founders that are hailing from Stanford University.

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The founders of the startup also estimated that the total worth of the 40 million homes in Mexico is round about $1.6 trillion in total addressable marketplaces. They estimated the number of homes sold per year raises approximately a sum of $25 billion. To solve a few housing problems in the city the company came forward in the local home-buying marketplace in Mexico. Before this startup, anyone interested in selling their property lacks information about the actual worth of the property. There was no centralized database in the market of Mexico that provides people with real-time real estate pricing information.

The main agenda of the property tech startup Flat was to focus on helping the home seller to sell quickly. The experts at Flat visit the home check documents and other details of the house like a number of rooms, bathrooms in the property. All this strategy helps them to evaluate the price of your home. From there, the company starts planning the renovations and other documentation. The seller is paid within 3-4 days.

However, international growth is very difficult for a lot of startups operating in Latin America as every country has its own set of regulatory barriers. This is the reason when it comes to growth, Flat is the name that comes in mind as it is focused on growing out its product within other verticals as well. For now, the company is looking forward to expanding its horizons to only serve the Mexican marketplace, rather than expand its services in other Spanish-language countries in the LatAm region.

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About `Author`

Akansha Pandey, Director of Sales at Fluper, is a leader in technology sales with a decade of experience. Known for her strategic approach, she excels in driving business growth and forging strong client relationships. Akansha's expertise lies in consultative selling, team leadership, and exceeding revenue targets. Passionate about mentoring, she enjoys sharing insights with aspiring sales professionals.