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Contxto – Mexican proptech Multiburó just raised its first investment for US$300,000. In the round, angel investors from the real estate sector, as well as Mexico’s development bank, the National Finance Agency (NAFIN for its Spanish abbreviation), provided the funds.
The startup’s Co-founder, Manuel Mier, stated that Multiburó would use the equity to hire additional personnel for multiple areas. Among which are IT professionals to further develop Multiburó’s platform, team members for data science applications, operations staff, as well as to boost their sales team.
In the latter’s case, the objective is for the startup to consolidate its presence throughout Mexico.
It currently has over 1,000 properties under management.
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Proptech prowess for renting
Would you let just any stranger into your home? The obvious answer is no. And just the same, realtors face this scenario every day when considering potential tenants for a property.
Many big questions float in the back of their minds: “Who can I trust to reside on this property? Will they pay my rent on time? Will they take care of it?”
As a result, doing background checks on applicants is a time-consuming, but necessary process.
It’s this pain point that Co-founders Manuel Mier, Andrés Aguayo, and Alonzo Llamas at Multiburó address. The startup’s solution helps those in real estate more quickly evaluate applicants.
Through the proptech’s platform, a person interested in renting a property fills out an online form and uploads other key documents, such as an ID. After which, Multiburó takes over.
The proptech developed an algorithm that connects to multiple databases to gather additional data on the potential tenant. Examples include their credit history, assets that can be given in case of non-compliance with the lease, and their financial potential to cover the rent.
This data, alongside any other info they submitted in the application, is crunched away. Then, it draws a report with relevant information. In the end, this grants the stakeholder a clearer picture of the applicant.
As for its business model, the proptech charges per report around MXN$700 (US$38). Likewise, for medium to large-sized realtors, Multiburó offers prepaid package options.
And, while Mexico is the priority for the moment, the proptech is eyeing the real estate market in Colombia and Spain for the future.
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Update: A previous version of this article stated that Multiburó raised US$700,000. However the startup contacted Contxto on June 15 to clarify that due to a shift in negotiations, this amount changed to US$300,000.