QuintoAndar is taking its first steps out of Brazil to open a know-how hub in Lisbon, Portugal aimed toward attracting know-how expertise throughout the pond.
Co-founder and CEO Gabriel Braga made the announcement at Internet Summit 2021 occurring this week in Lisbon. The brand new workplace will function its first in Europe and can be operational in March, initially staffing as much as 50 by the top of subsequent yr.
The corporate touts itself as “the biggest housing platform in Latin America,” offering promoting and rental help, and in addition takes on the chance related to month-to-month rental funds. QuintoAndar at present had greater than 150,000 properties and $89 billion in belongings underneath administration and operates in additional than 40 cities throughout Brazil.
The transfer comes six months after the corporate raised $300 million in Sequence E funding that valued the corporate at $4 billion. In August, buyers Tencent and Greenoaks added one other $120 million to push valuation to $5.1 billion and over $700 million raised in whole, Braga stated.
He famous that the European area is house to lots of know-how expertise, and the tech hub was one thing that had been within the works for awhile, however was postponed as a result of world pandemic. Now that the corporate has embraced a hybrid work mannequin, it is able to take the step to develop internationally.
Along with the presence in Portugal, QuintoAndar can also be getting ready to make an identical transfer to Mexico subsequent yr, Brag stated.
“The brand new workplace is a part of our long-term focus of constructing a world-class tech crew and a part of the funding will assist that steady funding,” he added. “We’re based mostly in Brazil, however increasingly more, we’re bringing on individuals from all around the world to hitch us. Distant work made it simpler in some methods and onerous in others, however now we now have extra individuals unfold out.”