Flat.mx, which wants to build a real estate “super app” for Latin America, has closed on a $20 million Series A round of funding. Anthemis and 500 Startups co-led the investment, which included participation from ALLVP and Expa. Previously, Flat.mx had raised a total of $10 million in equity and $25 million in debt. Founded in July 2019, Mexico City-based Flat.mx started out with a model like that of Opendoor, buying properties, renovating them, and then reselling them. That September, the proptech startup had raised one of Mexico’s largest pre-seed rounds to take the Opendoor real estate marketplace model across the Rio Grande. Flat.mx is growing sales by 70% quarter-over-quarter and has increased its inventory by 10x over the last year, according to its founders. It has also nearly tripled its headcount from 30 at the middle of last year to over 85 today. So far, Flat.mx has conducted thousands of home valuations and more than 100 transactions.
The company plans to use its new capital to continue to develop what it describes as a “one-stop shop where homeowners and buyers will be able to get all the services, they need in one place.” The iBuyer model itself is well understood and developed in many parts of the world, but it is also a complex model with many variables that requires a seasoned and astute team to execute the strategy.