[NEWS] Flat, a Mexican property tech startup, raises $4.6M pre-seed led by ALLVP – Loganspace

Flathas raised one among Mexico’s perfect pre-seed rounds to resolve the Opendoor precise property marketplace model at some stage within the Rio Grande. 

The firm snagged a $4.5 million pre-seed round to amplify its industry serving to house owners like a flash sell their properties in Mexico. The round used to be led by ALLVP, an active early stage fund in Mexico.California-essentially based entirely Liquid 2 Ventures (for which Corridor of Reputation Quarterback Joe Montana is a GP), NextBillion and a few angels supported the round as properly. 

At the time of writing, Flat’s elevate is the perfect pre-seed funding round for a Mexican startup with the exception of the scooter firm Grin, which used to be backed by Y Combinator and later went on to raise a $45M Sequence A and consolidate with Brazil’s bike sharing startup, Yellow. 

Whereas this ‘i-having a survey’ industry model used to be first and major pioneered by Opendoor within the US, the same want to successfully sell property exists for buyers in other growing markets around the arena. That’s why co-founders Victor Noguera and Bernardo Cordero founded Flat. 

Bucking a constructing that has viewed many new Latin American foundershailing from Stanford University, Cordero and Noguera met at the University of California, Berkeley — true at some stage within the Bay.

The founders estimate the total price of the 40M properties in Mexico to be a $1.6 trillion total addressable market. They equate the price of properties sold per year to $25 billion. Let’s no longer neglect the elephant within the room – SoftBank is undoubtedly eyeing Mexico with its$5 billion LatAm commitment. 

Flat says it’s solving just a few problems within the local residence-having a survey market in Mexico. First and major, someone inquisitive about promoting their property lacks details about how worthy there residence is de facto price. In the U.S., sellers can reference Zillow – but no such centralized database of precise property pricing files for the market of Mexico exists. 

Then there’s the operational share of transferring ownership of the property, which Flat says can hold to eight months and a notarized direction of – making the final expertise extremely illiquid. 

Flat’s precise product is a marketplace centered on serving to the seller sell like a flash. Flat visits your private residence, takes measurements, paperwork how many bath and bedrooms exist within the property, and determines how worthy your private residence is price. From there, they address renovations and transfer ownership of the property. The seller is paid internal 72 hours. 

World expansion has been subtle for lots of startups working in Latin The US as each nation has its own regulatory obstacles. That’s why by near of boost, Flat says it’s more centered on growing out their product internal other verticals of property management to perfect back a Mexican market, in location of amplify to other Spanish-language countries within the LatAm location.