Loft announced an extension of the Series D funding round, which was first closed a month ago with $425 million raised and at a valuation of $2.2 billion. Now, the São Paulo-based Loft raised an additional $100 million and is valued at $2.9 billion, increasing its valuation by $700 million in a matter of weeks.
Series D funding round was led by D1 Capital Partners and included participation from a mix of new and existing investors such as DST, Tiger Global, Andreessen Horowitz, Fifth Wall, QED, and others. The second Series D round was led by Baillie Gifford and included Tarsadia, Flight Deck, Caffeinated, and others.
The Brazilian online real estate platform saw the number of listings on its site increase 10 to 15 times. Now, the company operates with more than 13,000 property listings in approximately 130 regions across São Paulo and Rio de Janeiro, partnering with more than 30,000 brokers.
“We did more than 6x YoY growth with many thousands of transactions over the course of 2020. We’re now growing into the many tens of thousands, and soon hundreds of thousands, of active listings,” said Mate Pencz, co-founder and co-CEO of Loft.
The company received “overwhelming investor interest” even after “a very, very oversubscribed main round,” Pencz said, and that’s why they decided to raise more capital so soon.
Loft plans to use its new capital in part to expand across Brazil and eventually in Latin America and beyond. The company is also planning to explore more M&A opportunities, after acquiring one of the largest mortgage brokerage businesses in Brazil in 2020.