São Paulo-based rental marketplace called QuintoAndar raised an amount of $64 million (R$ 250 million) in a fresh funding round. The particular funding round was led by General Atlantic to accelerate expansion in Brazil.
The other backers that participated in the round were Kaszek Ventures, Qualcomm Ventures and QED.
The site provides the listings, allows users to schedule tenant visits to the property (the founder says more than 86,000 property showings were booked in October), and processes the transactions.
The company believes there’s a big opportunity to make renting in Brazil more efficient. “20% of the population in Brazil lives in rented properties, and the sentiment toward buying homes in Brazil is changing,” says Braga.
Brazil remains undercapitalized relative to other countries, meaning smaller check sizes for early stage tech companies. So a private equity growth round like this represents a solid deal for tech-enabled businesses looking to gain market share of the world’s fifth most populous country.