Brazil-based online property rental provider QuintoAndar raised R$250m ($64m) yesterday in a series C round that included Qualcomm Ventures, the corporate venturing subsidiary of mobile semiconductor producer Qualcomm.
The round was led by private equity firm General Atlantic and included venture capital firms Kaszek Ventures and QED Investors, as well as investment management firm Ruane, Cunniff & Goldfarb.
Founded in 2013, QuintoAndar operates an online platform to connect landlords with tenants looking for long-term residential rentals. Tenants can book viewings, process payments and receive rental insurance through the platform.
The company will use the funding to expand into two new cities and to create partnerships with real estate agencies in Brazil.
In December 2016, QuintoAndar raised $12.9m in a series B round that was led by investment firm Acacia Partners and included Qualcomm Ventures and Kaszek, the latter having already led a $7m series A round in January 2016.
Gabriel Braga, QuintoAndar co-founder and CEO, said: “We are changing the way people live, with less red-tape and much more flexibility, adapting their homes to their lifestyles. This is the beginning of a bigger transformation that will impact the way cities are designed.”