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 occurring this week in Lisbon. The brand new workplace will function its first in Europe and will likely be operational in March, initially staffing as much as 50 by the top of subsequent 12 months.
The corporate touts itself as “the biggest housing platform in Latin America,” offering promoting and rental help, and in addition takes on the danger related to month-to-month rental funds. QuintoAndar at the moment had greater than 150,000 properties and $89 billion in belongings below administration and operates in additional than 40 cities throughout Brazil.
The transfer comes six months after the corporate raised $300 million in Collection 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 complete, Braga mentioned.
He famous that the European area is residence to a whole lot of know-how expertise, and the tech hub was one thing that had been within the works for awhile, however was postponed because of the international pandemic. Now that the corporate has embraced a hybrid work mannequin, it is able to take the step to broaden internationally.
Along with the presence in Portugal, QuintoAndar can also be getting ready to make an analogous transfer to Mexico subsequent 12 months, Brag mentioned.
“The brand new workplace is a part of our long-term focus of constructing a world-class tech staff and a part of the funding will help that steady funding,” he added. “We’re primarily based in Brazil, however an increasing number of, we’re bringing on individuals from everywhere in the world to affix us. Distant work made it simpler in some methods and laborious in others, however now now we have extra individuals unfold out.”
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