Mudafy, a tech-enabled real estate broker, has raised $10 million in a Series A round of funding.

Mudafy is a digital broker that aims to make it easier for people to buy and sell their homes.

The startup boasts that it has more than one million monthly unique active users in Argentina and Mexico. It claims to be doing more than 100 real estate transactions a month and is currently making over 50% of the mortgage loans for its customers.

"This is the beginning of a larger push into fintech and at the same time it improves access to better properties for customers." said CEO and co- founder Franco Forte.

The company wants to generate $500 million in sales by the end of the year. The company says that it ended the year with more than 100 million dollars in sold properties. The company's sales increased for the second year in a row.

He says Mudafy is operating at over 2x of what it did in the previous year.

A success fee is the revenue model of the startup. A fee is charged when a property is sold. Revenue is generated on every mortgage loan that it makes.

Mudafy wants to expand to more cities in Mexico with its new capital. It is looking into the possibility of moving into other Latin American markets such as Per andChile.

F orte thinks that Mudafy's approach makes it stand out.

He said that the team had previously developed products for the real estate industry.

Virtual tours, online booking for showings and appraisals, and pricing data for properties are commonplace in the US, but not in Latin America. An internal product built by it helps agents be 10 times more efficient than traditional agents.

The image is called Mudafy.

Mudafy's goal is to help people close homes quicker and for less money.

The buying and selling of a home in Latin America is more difficult than in the US. Consumers don't have access to public data due to no MLS. Mudafy wants to make a difference with its technology.

Mudafy has more than 400 employees today and plans to hire more with its new capital. As it continues to invest in its technology and products, the company is not yet profitable, but it is doing well.

The startup has raised over $12 million. The latest funding round was participated in by the company.

The process for buying and selling homes in LatAm is broken with an average sales cycle of more than six months.

Mudafy has been laser focused on providing a seamless purchase experience, rather than immediately diving into i-buying, rentals, etc. The agents are a vital part of the system. Mudafy is building technology that helps buyers and increases agents efficiency.

Latin America’s slowing VC market hides local strength

The co-founder of Opendoor, a publicly traded real estate tech company in the U.S., is also a general partner at the same fund.

There have been layoffs at other Latin American digital brokerages. The Loft and QuintoAndar layoffs are more about the fundraising environment than the real estate market. The proptechs won't be affected if the downturn has an impact on the market. It will most likely affect the traditional real estate agents.