Latin American iBuyer Habi Raises $100 Million, Doesn't Plan to Go Public Yet

The Colombian headquartered PropTech company Habi has raised $100 million from Victory Park Capital, a company specializing in private capital.

According to Bloomberg Línea, who broke the news on Thursday, the total raised by Habi now stands at over $550 million. The funds come on the back of several recent fundraising efforts which led to the company being declared Colombia's first PropTech unicorn in May 2022.

According to CFO Marcos Kantt, the latest injection of capital will be used to fund Habi's iBuying operations in its native market, particularly in middle and lower-middle class urban areas.

Speaking to Bloomberg, Kantt also dismissed any notion that Habi might be seeking an IPO in the near future and said that the company had plenty of capital to operate for a long time. The CFO said that any Latin American firm thinking about going public at the moment doesn't have the right financial advisor and isn't paying attention to the market.

Founded by Harvard Business School alum Brynne McNulty Rojas and Sebastián Noguera in 2019, Habi is a classic iBuyer. It offers sellers a quick way to get the liquidity they need by offering to buy their houses based on a valuation from its AVM before renovating and selling the home at a profit. The company also offers its users an end-to-end buyer concierge service which includes discovery, viewing, mortgage brokerage and online paperwork.

In January 2022 Habi also bought out two minor Mexican real estate portals, Tu Cantón and Propiedades.com and has plans to become the largest integrated PropTech player in the country.