Brazil-based accommodation rental marketplace operator QuintoAndar has secured $12.6m in a round backed by Qualcomm Ventures, wireless technology producer Qualcomm’s corporate venturing vehicle.
Investment firm Acacia Partners led the round, investing alongside existing backers including Kaszek Ventures, the venture capital firm that led QuintoAndar’s $7m series A round in January this year. The company has now raised $20m in total.
QuintoAndar runs an online platform through which users can search for an apartment and book an inspection, in which they will be accompanied by a certified agent.
The whole process, including rent negotiations, tenancy signing, deposits and property management, is overseen by a mobile app. QuintoAndar is currently operating only in the Sao Paulo metropolitan area but it plans to use the capital to launch in five other major cities.
Gabriel Braga, co-founder and CEO of QuintoAndar, said: “Renting an apartment is a very painful process in Brazil. Customers face many inefficient steps, arduous paperwork, and expensive and inconvenient guarantees.
“We founded QuintoAndar to make rentals simpler, quicker, and cheaper for both the tenant and the landlord.”