Habi, the Colombian platform for buying and selling pre-owned homes that operates in Mexico as Tuhabi, announced on 26 February 2026 the acquisition of Pulppo, a Mexico-based cloud platform with artificial intelligence for brokerages. It matters because it is the first significant purchase by the region’s first proptech unicorn since it reached profitability, and because it turns brokers, not only its own inventory, into a distribution channel.
The transaction
Habi acquires 100% of Pulppo; the amount was not disclosed. The deal was announced on 26 February 2026 and formalised in a press release on 2 March. Pulppo, founded by Matías Gath and Agustín Iglesias and a Y Combinator alumnus, operates in Mexico, Colombia and Argentina and offers brokerages CRM, automation and embedded financing. The co-founders remain at the head of the unit within Habi.
Pulppo reports more than USD 215 million in residential transactions facilitated in 2025, sales up 3.5x in two years, more than 100 brokerages, more than 1,500 brokers and more than 150,000 clients. Habi and Pulppo together account for about USD 1 billion in residential transactions in 2025. Habi, founded in 2019 and valued above USD 1 billion, recorded its first profitable month in November 2024 and has not raised equity since its USD 200 million Series C in 2022; it has funded inventory with debt: USD 50 million from IDB Invest in Mexico (June 2023) and USD 30 million from IFC and Victory Park (April 2024).
Value drivers
Distribution on top of inventory. Habi buys, renovates and resells homes on its own balance sheet; Pulppo brings the broker network that intermediates most of the market. In our reading, the price is explained by access to that network more than by software revenue.
Origination data. More than 150,000 clients and 1,500 brokers generate demand data that feeds Habi’s valuation and risk models. It is an asset that does not appear in Pulppo’s income statement.
Embedded financing. Pulppo already built credit into the brokerage workflow; Habi originates mortgages. In our reading, the combination is a mortgage placement channel with low acquisition cost.
A profitable buyer with no new round. Habi comes to the table profitable since November 2024 and without new equity since 2022. The release does not disclose the mix of cash and stock; in our reading, the founders staying on suggests an equity or retention component.
Scarcity of regional platforms. In our reading, few brokerage tools operate simultaneously in Mexico, Colombia and Argentina with proven volume; that scarcity supports the price even in a selective capital market.
What the market is signalling
For Mexico, the signal is that the sector’s strategic buyer today is a profitable regional proptech, not a portal or a bank. Comparables in brokerage software, real estate CRM and digital mortgage origination now have an M&A exit reference, while venture capital for the sector remains selective.
For founders, it indicates that the priced asset is the active broker network and transacted volume, not the number of software licences. For lenders, that Habi keeps widening its perimeter without raising equity reinforces the inventory-backed debt model already funded by IDB Invest, IFC and Victory Park.
G2’s reading for a mandate
A sell-side mandate for a real estate software platform in Mexico is prepared with the volume transacted through the network as the central metric, with the cohort of active brokerages and their retention, and with a strategic buyer map that includes the region’s profitable operators as well as the portals. In our reading, the payment structure and founder retention must be modelled from the term sheet, because they are the variables the buyer will use to adjust the price.
Sources
- Bloomberg Línea, 26 February 2026: Habi adquiere Pulppo y acelera su expansión en México, Colombia y Argentina
- Yahoo Finance / PR Newswire, 2 March 2026: Habi Acquires Pulppo to Expand Leadership in Latin America’s Residential Real Estate Market
- Pulse2, 3 March 2026: Habi Acquires Pulppo to Expand Leadership in Latin America’s Residential Real Estate Market
- El Observador, 27 February 2026: Habi, el primer unicornio proptech latinoamericano, adquirió Pulppo y crece en México, Colombia y Argentina