Brazilian digital real estate platform Loft announced it has closed on $175 million in Series C funding co-led by Vulcan Capital and Andreessen Horowitz (a16z). QED Investors, Fifth Wall Ventures, Thrive Capital, Valor Capital, Monashees and others, also participated in the funding.
A $175 million raise is an impressive amount for any startup, but especially one that was founded just two years ago in Sao Paulo, Brazil. Loft has seen rapid growth early, saying that it’s grown more than 10 times year-over-year to notch “over $150 million in annualized revenues in its first full year of operation” via more than 1,000 transactions. It’s also more than quadrupled its number of employees in the past year alone, growing from 100 a year ago to more than 450 today.
Notably, the funding marks one of the first and only investments in Latin America for Vulcan Capital (the investment arm of Microsoft Co-Founder Paul Allen) and among the first Brazilian investments for Andreessen Horowitz. This is yet another example of the growing global investor interest in the region, a phenomenon that Crunchbase News has been tracking for a while now.
This latest financing brings its total raised to an impressive $275 million since its founding. Other backers include Brazil’s Canary and angel investors such as Max Levchin of PayPal, Joe Lonsdale of Palantir, Mike Krieger of Instagram and David Vélez of Nubank. While the company declined to disclose valuation, The Wall Street Journal reported that the Series C brings Loft “closer to unicorn territory.”
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