Mexican Proptech Around Secures $3.8 Million
In order to grow from Mexico to the rest of Latin America, Proptech Around, the “Netflix of real estate,” raised $3.8 million in a seed round led by LEAP Global Partners with participation from Latitud Ventures, Ganas Ventures, Gaingels, Unpopular Ventures, August Hill, and a16z scout fund.
Leading U.S. proptech SquareFoot co-founder Jonathan Wasserstrum, co-founder of La Haus, Jonathan McNulty, former vice president of product at Trulia and Zillow, Lucas Vargas, former CEO of VivaReal, and Conor Welsh, former global director for tax/legal operations at Airbnb, among others, participated in the round.
Around, a company based in Mexico City, transforms unoccupied real estate into fully furnished offices without the risk of set rents. A monthly subscription creates the contract.
Around has managed to generate $2.5 million in annualized revenue since its inception in late 2020, at the height of the epidemic. The company anticipates 5x growth in 2019 as a result of the constant rise in demand.
Martn Haiek from Argentina and Gerardo Vallarta and Alfonso Tinoco from Mexico are the co-founders of Around. The proptech team currently numbers 21 individuals.
They increased their clientele from five to one hundred in a single year, opening more than 120 outlets in Mexico City, Guadalajara, and Monterrey.
The company plans to expand to major Latin American cities, starting in Sao Paulo, Brazil. Later on, the goal will be to reach Buenos Aires, Santiago, and Lima.
