Flat.mx raises $20M to fix Mexico’s real estate market

Mexico City-based Flat.mx is working to develop a real estate “super app” to help bridge industry gaps in Latin America. To further its cause, the firm has now completed a Series A funding round, raising US$20 million.

This round was co-led by Anthemis and 500 Startups. Other participants in this round include ALLVP and Expa. Individual investors and execs also participated, including Opendoor CEO and co-founder Eric Wu, Flyhomes’ co-founder and CEO Tushar Garg, and Divvy Homes’ co-founder Brian Ma.

This new funding comes on the heels of a previous funding round in which Flat.mx raised a total of US$10 million in equity and $25 million in debt. 

Launched in July 2019, Flat.mx began applying the open model of buying, renovating, and reselling real estate assets. Now, the firm wants to do more than just and repair and resell.

“The real estate market in Mexico is broken,” argued co-founder Bernardo Cordero. “It takes sellers anywhere from six months to two years to sell. So we launched the most radical solution we could find to this problem: an instant offer.” 

Its instant offer service makes it possible for homeowners to quickly and very seamlessly sell off their properties within days.