São Paulo, Brazil-based QuintoAndar has announced that it has R$ 250 million (approximately $64-$65 million US) in Series C funding led by General Atlantic. Some of the existing investors that also participated in this round include Kaszek Ventures, Ruane, Cunniff & Goldfarb, Qualcomm Ventures and QED.
This round of funding will enable QuintoAndar to consolidate market leadership in residential rentals in Brazil, accelerate its expansion plans, and drive long-term partnerships with other real estate companies.
QuintoAndar was created as a way to improve the way people live in urban areas with a platform designed to eliminate expensive bureaucracy and guarantor requirements for tenants. It was also built to provide higher returns for landlords through a faster rental process and rental payments assurance.
Launched in 2015, QuintoAndar expanded from São Paulo to Rio de Janeiro in 2018. And the company logged an average of 2 property visits per minute scheduled on their inventory as of last month. This is a 300% year-over-year increase.
“We are changing the way people live, with less red-tape and much more flexibility, adapting their homes to their lifestyles. This is the beginning of a bigger transformation that will impact the way cities are designed,” said QuintoAndar co-founder and CEO Gabriel Braga. “We have chosen General Atlantic because we believe it is the best possible partner for us, given our alignment in values, vision of QuintoAndar’s potential and our ability to create value on the way to get there.”
For example, QuintoAndar is going to consolidate its already-existing operations in Belo Horizonte, Brasília and Goiânia. And then the company is going to start new operations in Porto Alegre and Curitiba. And QuintoAndar is going to create a partnership system with the main real estate agencies in the country who will be able to offer the platform to clients, landlords, and tenants.
QuintoAndar enables tenants to browse high quality listings, book visits, and close deals quickly. The transactions closed on the platform comes with rental insurance, and QuintoAndar processes all recurring payments. Since launching in 2013, QuintoAndar has dealt more than 60,000 apartments.
“QuintoAndar addresses the key user pain points in a unique and efficient manner for this large and fast growing market. We are just on the cusp of major change in the rental market process in Brazil, and the QuintoAndar management team has the passion and talent to lead those changes,” added General Atlantic Managing Director and Head of Latin America Martin Escobari. “We are fully committed with the long-term vision of the company and very excited to support its future growth.”