Housing startup QuintoAndar to open first technology hub outside Brazil in Portugal – TechCrunch
QuintoAndar is taking its first steps out of Brazil to open a know-how hub in Lisbon, Portugal geared toward attracting know-how expertise throughout the pond.
Co-founder and CEO Gabriel Braga made the announcement at Net Summit 2021 happening this week in Lisbon. The brand new workplace will function its first in Europe and shall be operational in March, initially staffing as much as 50 by the tip of subsequent yr.
The corporate touts itself as “the biggest housing platform in Latin America,” offering promoting and rental help, and likewise 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 beneath administration and operates in additional than 40 cities throughout Brazil.
The transfer comes six months after the corporate raised $300 million in Series 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 mentioned.
He famous that the European area is residence 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 increase internationally.
Along with the presence in Portugal, QuintoAndar can be making ready to make the same transfer to Mexico subsequent yr, Brag mentioned.
“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 help that steady funding,” he added. “We’re primarily based in Brazil, however increasingly, we’re bringing on individuals from all around the world to hitch us. Distant work made it simpler in some methods and exhausting in others, however now we have now extra individuals unfold out.”
