Philippines-based proptech startup Lhoopa has raised an undisclosed amount of Series B funding from Wavemaker Partners.

Last month, the company raised $12.5 million U.S. from Wavemaker Partners and other investors, and in March, it secured a loan of up to $20 million from the Asian Development Bank for its first housing project.

Founded in 2018 as a brokerage, Lhoopa also has an office in Singapore.

According to Lhoopa’s website, “By coupling proprietary technology and the empowerment of local professionals, we have created a system that is making building affordable housing streamlined, decentralized and profitable.”

It identifies neighborhoods with potential for real estate development and collaborates with around 100 local contractors on renovation and construction, in addition to more than 4,000 realtors.

The company aims to provide up to 4,000 houses every year by 2025 and 8,000 annually by 2028.

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