Colombian property tech unicorn Tuhabi to double operations in 2023

Colombian property technology startup Tuhabi expects to double in size next year, betting particularly on growth in Mexico, the company said in a release on Thursday.

The so-called unicorn, a startup with a valuation over $1 billion, said it will budget more than $250 million to buy homes in both Colombia and Mexico over the next few months.

Tuhabi allows sellers to sell their home online and receive payment within 10 days, speeding up the real estate structure in two Latin American countries where sales can take more than a year to complete.

The company said it grew five-fold in 2022, following a $200 million funding round in May and receiving $75 million in debt financing in June.

Since its founding in 2019, Tuhabi has bought from or sold to more than 26,800 clients, the startup said Thursday. Tuhabi faces competition in Mexico from other proptechs such as Flat.mx and La Haus, which primarily handles new properties. Reuters