News: LGP Property tech startup Habi lands $100 mln credit line to boost Colombia growth

Colombian property technology startup Habi has secured a $100 million credit facility with investment firm Victory Park Capital to boost its purchases and sales of used homes in the country, the company said Thursday.

Habi - which last year became Colombia's second startup to reach unicorn status, topping a $1 billion valuation - allows users to sell their home online and receive payment within 10 days, cofounder Sebastian Noguera told Reuters at the time.

That is much faster than the average of more than 10 months sales usually take in Colombia and Mexico, where the company also operates, it said.

"We are proud to have the backing... especially in light of the slowdown we are experiencing in technology investment globally," Habi's Chief Financial Officer Marco Kantt said in a statement.

More than 1,300 startups in Latin America pulled in an estimated $28.17 billion in funding in 2022, according to the Association for Private Capital Investment in Latin America.

However, spending in 2023 is expected to slow due to interest rate hikes globally in the face of high inflation, analysts have said, as well as uncertainty after the crash of startup-focused Silicon Valley Bank in March.

Victory Park Capital is "confident that the proptech industry in Latin America is primed for growth," partner Gordon Watson said.