Lhoopa, a Philippine proptech firm, has successfully completed an $80 million funding round, marking one of Southeast Asia's largest in 2024 and a significant milestone for the country's startup ecosystem. Of the total funding, $20 million was secured through equity, co-led by the International Finance Corporation (IFC) of the World Bank and Wavemaker Partners. Investors joining the round include Pavilion Capital, 10X Group, Concentric Equity Partners (CEP), Mirath Investments from the UAE, and NataRock Partners Fund from the US.
Key individual investors such as Steve Melhuish from PropertyGuru Group and Ron Hose of Coins.ph, along with institutional backers including Black Kite Capital, have contributed to Lhoopa's funding round. Existing investors Patamar Capital and Tekton Ventures also supported this initiative. The equity component of the funding enabled an additional $60 million commitment in debt facilities from leading development finance institutions. Participating in the debt financing are the Asian Development Bank (ADB), the US International Development Finance Corporation (DFC), and Lendable, a provider of debt financing for fintech in emerging markets.
Lhoopa aims to leverage these funds to expand its initiatives to provide accessible housing solutions. The company’s approach includes enhancing its technology infrastructure and scaling its operations to address the growing demand for affordable housing. Founded in 2018, Lhoopa employs data and technology to facilitate the development of affordable housing solutions across the Philippines. The recent $80 million funding injection will support the company’s expansion within its home country and into other emerging markets.
Furthermore, Lhoopa intends to enhance its technological capabilities to better serve its partners and introduce sustainable housing options. The company also plans to expand its team by recruiting additional executives, senior managers, and product developers to strengthen its operational capacity.
Marc-Olivier Caillot, Founder of Lhoopa, emphasized the importance of this funding round, stating, “This marks a pivotal moment for Lhoopa as we scale our operations to meet the escalating demand for affordable housing in Southeast Asia. Our goal is to revolutionize the real estate landscape by leveraging technology and local collaborations to deliver high-quality, cost-effective homes efficiently.” He expressed confidence that with the support of investors and financial partners, Lhoopa will make a substantial impact in the affordable housing sector, benefiting numerous deserving families.
Sabrina Tan, President and Co-Founder of Lhoopa emphasized the company’s commitment to addressing the issue of affordable housing and facilitating financial opportunities for local partners. She highlighted the significant role of the recent funding round in accelerating their initiatives, expressing gratitude to investors and partners for their continued support. Tan stressed that this financial backing not only validates their mission but also reinforces their dedication to closing the housing gap in emerging markets.
Moving forward, Lhoopa has set ambitious aspirations to transform affordable housing across Southeast Asia. With the recent funding infusion, the company aims to exceed its goals, setting new benchmarks in affordable housing and technological innovation. Lhoopa invites partners and stakeholders to join its mission as it reshapes the real estate sector and uplifts communities.