Internet and telecommunications conglomerate SoftBank has led a $250m series D round for Quintoandar, the Brazil-based operator of an online marketplace for rental properties, TechCrunch reported today.
The round also featured investment firm Dragoneer, growth equity firm General Atlantic and venture capital firm Kaszek Ventures, and it valued the company at more than $1bn, co-founder and CEO Gabriel Braga told TechCrunch.
Quintoandar runs an online platform where users can search for rental properties and book viewings.
The company oversees communication between prospective tenants and landlords, processes payments and retains a digital copy of the rental agreement. It has also created a credit analysis tool that lessens the needs for references, insurance or hefty deposits.
The round boosted Quintoandar’s funding to about $335m since it was founded in 2013. Mobile semiconductor maker Qualcomm invested in the company through its Qualcomm Ventures unit, in a $12.6m round in 2016 that was led by Acacia Partners and backed by existing investor Kaszek.
General Atlantic then led a $64m round for Quintoandar in November 2018 that included Qualcomm Ventures, Kaszek, QED Investors and Ruane, Cunniff & Goldfarb.
The deal is the latest to be made by SoftBank since it launched a $5bn Latin America-focused fund in March 2019. Recent Brazilian investments include consumer loan provider Creditas, delivery service Loggi, gym membership service Gympass and automotive e-commerce marketplace Volanty.
