The Brazilian media giant Globo has acquired a stake in real estate marketplace company Quinto Andar.
Specifics of the agreement were not disclosed but according to reports from Brazil, Globo will pay for its equity in the PropTech unicorn in the form of media exposure.
Founded in Sao Paulo in 2012, Quinto Andar acts as an end-to-end brokerage for home seekers and monetises from both renters and landlords. Over the last 12 months, the company has been expanding its presence throughout Latin America with the launch of its model in Mexico (via Benvi) and the acquisition of Navent's real estate portal assets.
The company was valued at $5.1 billion when it last raised money from investors in the summer of 2021.
Now the market disruptor will be able to count on regular media exposure via the assets owned by the largest media group in Latin America. The deal is not the first time that Globo has worked with Quinto Andar with the PropTech having been a sponsor of the broadcaster's popular reality TV series Big Brother in 2021.
Globo was previously a stakeholder in Quinto Andar rival Zap Imoveis before the Brazilian portal merged with fellow portal VivaReal in 2017.