Finco will use the investment for marketing and product development purposes.
Accurate and useful data is hard to find but infinitely valuable. And for real estate investors and brokers, the little bits of info they gather can mean the difference between major profits or a lousy deal.
To help them hone in on the right data, proptech Finco.co recently raised COP$500 million (~US$130,000). Colombia Venture Capital IT pitched the lion’s share of funds and the remainder were from angel investors. Finco will use the investment for marketing and product development purposes.
At the moment, the proptech is testing a beta version among real estate agents and businesses in Bogotá. But the Finco team hopes to officially launch its platform before year’s end.
Likewise, the startup’s initial focus are the real estate markets in its native Colombia.
“After which we plan to expand into other Latin American cities that have an interesting and attractive market,” noted Finco’s CEO and co-Founder, Oscar Corredor in written correspondence.
Not just another proptech?
When it comes to digital tools for brokers in the real estate industry, undoubtedly the most common approach are marketplaces. So what makes Finco special?
The startup told it’s centered on offering valuable data that’s often scattered across the internet. Correspondingly, its platform will provide multiple resources to make brokers’ and investors’ lives easier.
Examples include a tool that can give an estimated valuation for a home or lot. It should even give an estimate as to how long it will take to sell or rent a home. The platform will also harbor a system for users to manage their portfolio of properties.
The data does not lie
The startup is data-driven. When asked what will differentiate its platform from other solutions, the startup’s CEO was certain of their value proposition.
“Up until now, other proptechs have focused on selling publicity, renting, or selling real estate. Our business model is all about selling information,” said Corredor.
“That means having the largest number of sources possible and updating these sources with quality data as frequently as possible as well as connecting, transforming, interpreting, and visualizing this information with state-of-the-art tech.”
Rightly so, the proptech intends to use artificial intelligence to help process this information so that realtors and investors can make informed decisions.
(This story has been published without modifications to the text. Only the heading has been changed)