QuintoAndar will be opening a Lisbon technology hub, Portugal to attract technology talent from across the Atlantic.
Gabriel Braga, co-founder and CEO of the company, made the announcement during Web Summit 2021 in Lisbon. It will be its first office in Europe. The new office will go live in March and initially will employ 50 people by the end next year.
It claims to be the largest Latin American housing platform, offering rental and selling assistance. The company also assumes the risk of monthly rental payments. QuintoAndar has more than 150,000 properties, $89 billion of assets under management and is present in over 40 cities in Brazil.
Six months ago, the company raised $300m in Series E funding which valued it at $4 billion. Braga stated that investors Tencent and Greenoaks raised $120 million more in August to increase the company's valuation to $5.1billion and raise $700 million overall.
He pointed out that Europe is home to many technology talent. The idea of a tech hub had been in the making for a while, but was delayed by the global pandemic. The company is now ready to expand internationally, having adopted a hybrid model of work.
Brag stated that QuintoAndar will also be present in Portugal and prepare to move similar to Mexico next year.
He said that the new office is part our long-term goal of building a top-notch tech team. Part of the funding will also support that ongoing investment. Although we are based in Brazil and have been for many years, we are increasingly inviting people from around the globe to join us. Remote work was easier in certain ways, but it was more difficult in others. But now there are more people.
