monashees led a R$20m round in EmCasa, a Brazilian proptech for buying and selling residential real estate, with participation from Caravela Capital, Mercado Libre’s MELI Fund, Pear Ventures, and Washington-based Next Billion Ventures. EmCasa is founded by former Easy Taxi COO Gustavo Vaz.
(Contxto) Real estate startup EmCasa closed R$20 million (~US$3.5 million) with Monashees, Caravela Capital, Pear Ventures, NBV, and the Mercado Livre (MELI) fund.
The investment will serve two objectives. The first is to scale within São Paulo and Rio de Janeiro. Secondly, it will improve its algorithm for recommending real estate properties.
When it comes to future plans, the proptech intends to increase its 100-person team to 150 before year’s end. Then, in 2021, it might launch into other cities in Brazil. But first, it wants to consolidate its presence where it already operates.
Real estate startup harnesses tech and people power
Gustavo Vaz launched EmCasa in 2017. The company he built takes a dual approach to make it easier for users in Brazil to buy or sell their home.
On the one hand it has digital tools like virtual tours of the properties it showcases on its platform. Perfect at a time where social-distancing is encouraged. But there are some things tech can’t cover, so the startup also has a sales team ready to help house hunters find the right fit.
If someone is interested in selling property, EmCasa also assists them in getting an estimate for its value, takes pictures of the home, as well as walks them through the process.
Consolidation first, growth second at EmCasa
When it comes to business development strategies, for EmCasa, slow and steady wins the race.
“Instead of growing at any cost, we have focused on specific neighborhoods, maturing our product, and investing in technology within the last two years,” Vaz told Estadão.
This explains why despite raising a neat US$3.5 million, it is unwilling to venture further out (for now). But the fact that São Paulo is the country’s biggest real estate market also means there’s plenty of ground to cover anyway.
But hey, it makes sense. If EmCasa can make it in São Paulo, it can make it elsewhere.