Lhoopa, a Philippines-based proptech startup, raised $80 million in equity and debt from World Bank Group member International Finance Corporation and Southeast Asia-focused venture capital firm Wavemaker Partners.
According to Lhoopa, the equity portion of the financing is approximately $20 million. A wide range of investors, including Pavilion Capital, 10X Group, Concentric Equity Partners, Mirath Investments, and NataRock Partners, supported the equity funding, which was co-anchored by the IFC and Wavemaker Partners.
Patamar Capital and Tekton Ventures, two previous investors, also participated in the equity round.
This validates a stating that Wavemaker Partners-backed Lhoopa might raise roughly $22.5 million in total for its Series B fundraising round. The company revealed in March that it had obtained a $20 million revolving credit facility from the Asian Development Bank, and now it is seeking Series B capital.
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The proptech startup announced in a recent release that it has obtained a pledge of $60 million in lending facilities from development finance organisations, including the US International Development Finance Corporation, the Asian Development Bank, and debt to fintech company Lendable.
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Lhoopa said the fresh cash will help it expand in the Philippines and other emerging markets and launch green housing. And it will help hire additional executives, senior managers, and product developers.
“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 Lhoopa founder Marc-Olivier Caillot.
Earlier, the business announced that it would build, refurbish, buy, and sell homes to hire Filipinos for jobs as drivers, security guards, factory workers, teachers, and administrative assistants in offices. In the following three years, more than 15,000 affordable homes are to be built.
Originally founded as a brokerage, Lhoopa now employs a patented digital platform to find potential real estate demand locations across the nation.
In order to reach potential purchasers, it collaborates with more than 4,000 local real estate brokers and more than 100 small-scale local contractors for building and restoration projects. The local housing deficit in the Philippines is expected to reach 6.5 million by 2030, according to government forecasts.
Lhoopa asserts that in 2020, it made 100 million Philippine Pesos in income. It opened its first overseas office in Singapore a year later.
About Lhoopa
Lhoopa is a real estate technology company that empowers regional partners to provide affordable homes in developing markets by utilising data and cutting-edge technologies.
