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Brazilian Fintech CondoConta receives US$13.2M for product development and integrations with Condominium Management Systems and Managers

November 14, 2023
Por
Fintechsbrasil
Fintechsbrasil
Notícias e negócios
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FintechBrasil
The investment came in a Series A round, with new investors such as SYN Proptech, owned by Elie Horn, Endeavor Scale-Up and Terracotta Ventures, in addition to existing investors such as Redpoint eVentures and Igah Ventures.
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About the investment

Just over a month after receiving a R$30 million investment from EXT Capital, condo fintech CondoConta has just raised a Series A round of US$13.2 million (approximately R$72.3 million). The new investors are SYN Proptech, owned by Elie Horn (founder of Cyrela), Endeavor Scale-Up and Latin America's first Venture Capital focused on proptechs and constructechs, Terracotta Ventures, in addition to existing investors such as Redpoint eVentures and Igah Ventures.

"We built the company by combining cutting-edge technology, finance and a high-performance culture with a deep understanding of condominium living. In addition to customers, we can say that we have the best investors for our mission: Brazilian and foreign investors of great relevance, specialists in the proptech and constructech market, founders of benchmark companies in other markets and the number one name in civil construction in Brazil: Elie Horn," said Rodrigo Della Rocca, CEO of CondoConta, in a statement.

This is the seventh investment received by the fintech, which in 2021 received two contributions from Redpoint eVentures along with Darwin Startups, and another from Igah Ventures, totalling R$22.6 million. In 2022, another R$70 million was raised by the startup to lend to condominiums that wanted to make improvements or resolve their defaults by securing receivables, R$20 million with Empirica and R$50 million with Galapagos, in addition to EXT's contribution.

Targets for the proceeds

The R$72 million contribution will be used on two fronts. The first is to consolidate its leadership as the leading Brazilian condominium bank, accelerating its massive growth in large regions. The other front of investment will be in product development and advances in integrations with Condominium Management Systems and Administrators.

Among the novelties, CondoConta has released its API publicly and free of charge, partnering with the largest management systems (ERPs) used by administrators. By 2024, the fintech will go beyond the account with payments and receipts.

The fintech, which has 400,000 condominium users across Brazil, has surpassed R$650 million in transactions, and has seen 180% growth in its guaranteed income product, which guarantees condominium fees to administrators while facilitating payment to condominium owners, and has facilitated more than R$150 million in credit and financing to condominium owners. The fintech's forecast for 2024 is to reach R$1 billion in transactions and deposits.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

About the investment

Just over a month after receiving a R$30 million investment from EXT Capital, condo fintech CondoConta has just raised a Series A round of US$13.2 million (approximately R$72.3 million). The new investors are SYN Proptech, owned by Elie Horn (founder of Cyrela), Endeavor Scale-Up and Latin America's first Venture Capital focused on proptechs and constructechs, Terracotta Ventures, in addition to existing investors such as Redpoint eVentures and Igah Ventures.

"We built the company by combining cutting-edge technology, finance and a high-performance culture with a deep understanding of condominium living. In addition to customers, we can say that we have the best investors for our mission: Brazilian and foreign investors of great relevance, specialists in the proptech and constructech market, founders of benchmark companies in other markets and the number one name in civil construction in Brazil: Elie Horn," said Rodrigo Della Rocca, CEO of CondoConta, in a statement.

This is the seventh investment received by the fintech, which in 2021 received two contributions from Redpoint eVentures along with Darwin Startups, and another from Igah Ventures, totalling R$22.6 million. In 2022, another R$70 million was raised by the startup to lend to condominiums that wanted to make improvements or resolve their defaults by securing receivables, R$20 million with Empirica and R$50 million with Galapagos, in addition to EXT's contribution.

Targets for the proceeds

The R$72 million contribution will be used on two fronts. The first is to consolidate its leadership as the leading Brazilian condominium bank, accelerating its massive growth in large regions. The other front of investment will be in product development and advances in integrations with Condominium Management Systems and Administrators.

Among the novelties, CondoConta has released its API publicly and free of charge, partnering with the largest management systems (ERPs) used by administrators. By 2024, the fintech will go beyond the account with payments and receipts.

The fintech, which has 400,000 condominium users across Brazil, has surpassed R$650 million in transactions, and has seen 180% growth in its guaranteed income product, which guarantees condominium fees to administrators while facilitating payment to condominium owners, and has facilitated more than R$150 million in credit and financing to condominium owners. The fintech's forecast for 2024 is to reach R$1 billion in transactions and deposits.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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