Mexican iBuyer Flat.mx Secures $25 Million Series A Funding

Mexican iBuying startup Flat.mx has announced that it has successfully raised $20 million in a Series A round co-led by Anthemis and 500 Startups with participation from ALLVP and Expa. The PropTech company plans to use the funds to expand operations outside of its Mexico City base and invest in more financial products and data.

According to co-founders Victor Noguera and Bernardo Cordero, Flat's goal is to fix the broken real estate system in Mexico by going after every aspect of property sales through iBuying, a model which they told TechCrunch is ideally suited to a market in which it can often take up to two years to sell.

In a market where data is not readily available and there is very little standardisation of data or sales processes, Flat.mx has had to work hard to build a viable product as Noguera told TechCrunch:

“We had to build the MLS, a third-party marketplace, a contractor marketplace, financial products, broker technology and a home maintenance provider, along with other services. In other words, we have been building the real estate super app for LatAm.”

Having been founded in 2019, the firm has grown very quickly. Flat.mx has reportedly grown sales by 70% year on year and has increased staff numbers to 85 up from 30 last year.

iBuying is a tricky and capital intensive business wherever it is though but having previously raised some $10 million in equity and $25 million in debt from the likes of OpenDoor founder Eric Wu, Divvy Homes co-founder Brian Ma and Flyhomes co-founder Tushar Garg, Flat has plenty of investor experience to call upon if needed.