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HomeBusinessFlat.mx raises $20M from VCs, proptech unicorn founders to fix Mexico’s ‘broken’...

Flat.mx raises $20M from VCs, proptech unicorn founders to fix Mexico’s ‘broken’ real estate market

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Flat.mx has collected USD 20 million in the latest Series A fund acquisition round in the United States of America. The main reason is that Flat.mx is enthusiastic about designing a highly potential mobile app for the customers of the real estate market in Mexico. 

The Series A funding, which recently took place, has been directed by well-known entrepreneurs like Anthemis. It is a collective-investment-based startup firm that five hundred other unified startups have accompanied. Investment firms, including ALLVP, and expa, also contributed valuable involvement in this Series A funding. 

According to statistics, the company, Flat.mx has acquired a total amount of USD 35 million, among which $20 million has been collected as capital. Flat.mx had reportedly arranged the remaining $15 million by taking a loan. 

The recent news coverages from the event show some of the heavyweight personalities were present in the event of Series A funding. For example, the Chief Executive Officer and Co-Founder of Opendoor- Eric Wu, Tushar Garg, the CEO of Flyhomes, and the Co-Founder of Divyhomes- Brian Ma.

Now it’s time to look at the brief history of Flat.mx and its journey. So, Flat.mx is a Mexican company. Bernardo Cordero founded this fantastic joint venture, Flat.mx, that monitors and administrators the buying and selling of real estate, homes, apartments, etc. In Mexico. 

Bernardo Cordero stated that he had followed the operational model of Opendoor to start the initial functions of Flat.mx. Currently, it’s three years old. Flat.mx started its journey in July 2019. There are three primary functions that Flat.mx performs—for example, selecting real estate, purchasing a home, renovating a household, reselling, etc. 

The Flat.mx is a Proptech-based startup that had reportedly inflated the most substantial amount of pre-seed fund allocation. It was a well-planned strategy to grab the market of Opendoor by defeating the previous operational model followed by Opendoor.

According to a leading news source, Bernardo Cordero said,” I think, The present predicament of the real estate market and industry shows that is truly down in Mexico. It needs to be energized by the help of technology and innovation as soon as possible.” 

While defining the issues of the real estate market in Mexico, Cordero added, “The major issue which keeps disturbing the buying and selling process of homes in Mexico is the time duration. Most owners and dealers take a long time to finalize a contract. Usually, you can see each random real estate takes six months to one year to be sold out.”

While moving to the solutions, the Co-Founder of Flat.mx explained, “Our team has indicated the easiest possible remedy to fight against the problem. We believe that an instant discount offer can solve the dilemma. The new app will show attractive daily deals to both the seller and the client. This will lead to the daily basis selling of real estate. It would be a great experience for everyone looking for an easy and hassle-free deal.” 

Conclusion

Latin America and Mexico are complicated places for selling and buying real estate properties. Finding an instant purchaser (often known as an Ibuyer) of real estate in Mexico is incredibly complex. Mexico is not similar to the United States of America regarding Multiple Listing Services(MLS). 

As a result, the required information about pricing, cost, transactions, etc. It is not readily accessible every time. Additionally, there is no such rule which says all real estate agents must have the authentic validation of their job. So, the entire procedure of the real estate market is not formal in Mexico. 

Lastly, Bernardo Cordero added, “ We have tried to create an end-to-end user interface for all the customers through a third-party marketplace app. This would soon prove to be a promising solution.”

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