The Philippine proptech startup Lhoopa announced that its $80 million funding round had been completed successfully.
Twenty million of the total came from equity, according to a statement from Lhoopa. The equity was led by Wavemaker Partners and the International Finance Corporation (IFC) of the World Bank, with participation from Pavilion Capital, 10X Group, Concentric Equity Partners (CEP), Mirath Investments, based in the United Arab Emirates, and NataRock Partners Fund, based in the United States.
Ron Hose, co-founder of Coins.ph, based in the Philippines, Black Kite Capital, and Steve Melhuish, co-founder of PropertyGuru Group and founding partner of Wavemaker Impact, are some other well-known investors.
In this round, Patamar Capital and Tekton Ventures, two previous investors, also participated.
Development finance organizations such as the Asian Development Bank (ADB) and the United States International Development Finance Corporation (DFC) committed $60 million in debt facilities for Lhoopa thanks to the equity round, as did Lendable, a major debt provider to fintech in emerging markets.
The additional funding will allow the business to grow into new emerging markets, including the Philippines, improve its technological capabilities to better serve partners, and introduce its line of green housing options.
The business will also increase the number of executives, senior managers, and product developers that it employs.
Lhoopa has grown from 30 to 95 employees and sold over 2,500 affordable homes in over 58 Philippine cities to date.
Its goal for the next three years is to build more than 15,000 affordable homes.
“This funding marks a pivotal moment for Lhoopa as we scale our operations to meet the growing demand for affordable housing in Southeast Asia,
“Our dream is to create a much-needed paradigm shift in real estate,” said Marc-Olivier Caillot, Founder of Lhoopa.
“Toward this end, as a proptech, our unique model of leveraging technology and local partnerships allows us to deliver quality, affordable homes quickly and efficiently,
“With the support of our investors and financing partners, we are poised to make a significant impact on the affordable housing market and improve the lives of countless deserving
families,” he added.
