Brazil-based online real estate platform QuintoAndar has raised $120m in a series E extension co-led by internet company Tencent, according to TechCrunch.
Greenoaks Capital co-led the tranche, which also featured existing, unnamed backers. It valued the company at $5.1bn.
Founded in 2012, QuintoAndar operates an online platform connecting tenants to landlords, last year expanding to also connect buyers and sellers. It aims to evolve into a one-stop shop complete with title insurance, mortgage and escrow services.
The company has been rapidly expanding this year and now has over 12,000 rental properties under its management across 40 cities in Brazil. It also plans to enter Mexico.
The extension comes only three months after QuintoAndar raised $300m in initial series E capital from investors including telecommunications group SoftBank’s Latin America-focused Innovation Fund.
Ribbit Capital led the first close, and was also joined by Dragoneer Investment Group, Alta Park, Kaszek Ventures, LTS, Maverik, an unnamed US-based asset manager and private investor Kevin Efrusy.
QuintoAndar has now raised $755m altogether. SoftBank previously led a $250m series D round in 2019, with participation from Dragoneer, Kaszek and General Atlantic.
General Atlantic led a $64m round in 2018 that included chipmaker Qualcomm’s corporate venturing unit Qualcomm Ventures as well as Kaszek, QED Investors and Ruane, Cunniff & Goldfarb.
Qualcomm had already taken part in a $12.6m round in 2016 that was led by Acacia Partners and backed by existing investor Kaszek.
