Almost a year after the Mexican hospitality proptech Casai arrived in Brazil with US$18 million ready to invest, it has just announced an acquisition in that country: Loopkey.
Loopkey is an access control company that processed more than 3.8 million authorizations in 2021. Financial details of the acquisition were not disclosed.
Casai’s automated, contactless check-in has been key to its success. The proptech said this has a positive impact on security and provides more safety for owners and guests.
“By acquiring Loopkey, we will continue to ensure that our check-in process is the most seamless in the market,” commented Nico Barawid, Casai’s co-founder and CEO.
What makes Casai different from companies like Airbnb? In addition to specializing in premium accommodations, the Mexican company has full tech integration: through its app, guests can check in without physical contact, control smart devices in the apartments and access a 24/7 concierge service.
Mutual Momentum
Casai has been in the market for three years. Since its launch in Brazil in 2021, the startup has quadrupled in size. This growth was driven by two factors: its partnerships with Brazilian real estate agents Q Apartments and Six Stays; and the acquisition of the property management company Roomin.
By acquiring Loopkey, this Brazilian company will begin marketing its products in Mexico and look to expand into other Latin American countries. Casai stated that this move will help it to “maintain its accelerated growth”, as the engineering teams of both companies will join forces to enhance the development of an operating system focused on hospitality.
Casai has presence in six cities in Mexico and Brazil with more than 1,400 units in its portfolio. Its latest round of financing was a US$23 million Series A in 2020, making its total fundraising US$53 million. The Mexican proptech is backed by Andreessen Horowitz, TriplePoint Capital, Kaszek and Monashees, according to Crunchbase.
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