Brazil-based real estate proptech Loft is now operating under its own brand name in Mexico. The company had been active in the country since it acquired Mexico-based startup TrueHome in October 2021. The name change, which came into effect last week, is part of the company’s expansion across Latin America.
Besides Mexico City, the capital and biggest city, Loft Mexico will have a presence in another two major cities, Monterrey and Guadalajara, as well as Queretaro, which is seeing accelerated growth thanks to an expanding cluster of aerospace companies and others.
In related news, Loft recently transferred Nomah, its short-term stay startup, to Mexico’s Casai group, which specializes in luxury boutique travel apartments.
Loft invested in the new company formed by a merger, but subsequently had to lay off 159 staff members due to recent acquisitions. Since April, a total of 543 employees of its startups across the region have been let go, leaving a current headcount of 3,200.
Last year, Loft was valued at $2.9 billion after a $525 million Series D funding round. As of this month the startup has received $800 million in private rounds. Its investors include D1 Capital Partners, Advent International and Andreessen Horowitz.
TrueHome was founded in 1917.