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Neivor announced a new round of investment for US$3.5 million, which was led by SoftBank Latin America Fund.
Other participating investors include Magma Partners, Marathon VC, Creston Venture Capital and Two Culture Capital. Angel investors such as Loreanne Garcia (co-founder of Kavak), Courtney McColgan (founder of Runa) and Claire Diaz-Ortiz also participated.
The startup will use these funds to continue its expansion in Mexico, where it began operating in the third quarter of 2021. Currently more than 100,000 households have this residential condominium management platform.
Neivor will also invest in its product development and release additional functionality for property managers and residents.
Founded in Colombia by Caterine Castillo, Paola Fuertes and Óscar Garzón, Neivor helps in the management and administration of condominiums through software.
With Neivor’s platform, building managers can manage their resident-facing tasks within a single app. Meanwhile, residents can make payments and stay up-to-date on what’s happening in their building or condo in a convenient way.
Latin America currently spends about US$248 billion a year on housing, according to a Morgan Stanley estimate. But residential property management is still a very manual process. Many residents have to pay management, administration and maintenance fees in person and in cash, leaving managers with huge workloads.
Two of the trends driving Neivor’s growth are the expanding population in Latin America and generational changes.
In the last five years, Mexico has had a 60% annual growth rate in new apartments, according to data from 4S Real Estate. In Colombia, apartments and condominiums will represent 73% of the new residential inventory in the recent decade.
And while the millennial generation is taking over from previous generations as the main home renters, they are adapting digital solutions: which is the exact niche that Neivor can take advantage of to grow.
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