Tuhabi secures EUR22MM in financing from BBVA Spark to strengthen Mexico operations

In order to strengthen `its used home purchase and sale model through digital channels in Mexico, the firm Tuhabi, which belongs to the Colombian unicorn Habi, closed a financing agreement for EUR20MM, equivalent to MXN400MM, with BBVA Spark, which is the BBVA division for serving innovation companies with growth potential.

The agreement is intended for Tuhabi, who arrived in Mexico in September 2021, to strengthen its used home purchase and sale operation in Mexico City, Guadalajara, and Monterrey.

Likewise, the platform will seek to deepen the middle and lower class segments to encourage the purchase and sale of used housing through digital channels.

“We are confident that through this loan, Tuhabi will be able to continue boosting the industry and bringing more liquidity and information to the thousands of Mexican families who want to buy or sell a home,” said Joe Naffah, BBVA Spark country manager in Mexico.

As reported by Tuhabi, technology has become essential in a market that needs to be more efficient, which is why machine learning tools have been shown to achieve rapid inventory turnover, which in turn generates a multiplier effect on sales. invested capital and thus benefits the owners.

“Our goal continues to be to boost the real estate market in Mexico through technology and innovation. This loan will undoubtedly allow us to bring even more agility and liquidity to a traditionally slow industry that already deserves to see efficiencies and simplicity in the processes ”, affirmed Sebastián Noguera, president and co-founder of Tuhabi.

With this announcement, Habi landed his third financing deal in less than a year. In June 2022, a month after closing its investment series C that turned it into a unicorn company by achieving a valuation of more than 1,000 million dollars, the firm announced the obtaining of a credit line for 75 million dollars from from TriplePoint Capital, as well as other fintechs and local banks.

A few days ago, on January 11, the firm announced a second financing agreement for 6.3 million dollars with Bancóldex, which is a business development bank in Colombia, to strengthen its operation in that country.

The difference between the agreement with BBVA Spark and the two previous financing deals is that the resources will be focused on strengthening the firm’s operation in Mexico.

“This line that we formalized today with BBVA Spark is just the first step in a relationship in which we hope to continue working in Mexico and other geographies where we operate,” said Marcos Kantt, Tuhabi’s Finance Director.

According to the firm, which was founded in 2019, both in the Mexican and Colombian markets, 27,000 families have been accompanied to buy or sell their homes, thanks to the use of data and technology, for which it has managed to reduce 30 times the time it takes to sell a residential property, going from more than 10 months to 10 days.