Property tech startup Habi lands $100 mln credit line to boost Colombia growth (updated)

Little Green Pharma

20/04/2023 19:53

(Adds context on expansion plans)
    By Kylie Madry
       MEXICO CITY, April 20 (Reuters) - Colombian property
technology startup Habi has secured a $100 million credit
facility with investment firm Victory Park Capital to boost its
purchases and sales of used homes in the country, the company
said Thursday.
    Habi - which last year became Colombia's second startup to
reach unicorn status, topping a $1 billion valuation - allows
users to sell their home online and receive payment within 10
days, cofounder Sebastian Noguera told Reuters at the time. 
    That is much faster than the average of more than 10 months
sales usually take in Colombia and Mexico, where the company
also operates, it said.
    The company said in December it planned to double in size in
2023, with a focus on growth in Mexico. 
    "We are proud to have the backing... especially in light of
the slowdown we are experiencing in technology investment
globally," Habi's Chief Financial Officer Marcos Kantt said in a
statement.
    More than 1,300 startups in Latin America pulled in an
estimated $28.17 billion in funding in 2022, according to the
Association for Private Capital Investment in Latin America.
    However, spending in 2023 is expected to slow due to
interest rate hikes globally in the face of high inflation,
analysts have said, as well as uncertainty after the crash of
startup-focused Silicon Valley Bank in March. 
    Victory Park Capital is "confident that the proptech
industry in Latin America is primed for growth," partner Gordon
Watson said.

 (Reporting by Kylie Madry; Editing by Jan Harvey)
 ((Kylie.Madry@thomsonreuters.com;))