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Research · Proptech

Proptech: capital, debt and M&A in Mexico 2026

Venture capital has halved since 2021, transactional platforms fund themselves with bank lines of up to USD 60 million and the regional leader buys instead of raising.

By Israel Cerda de la Garza ( LinkedIn opens in a new window ) · · 6 min read

This note gathers the public transaction activity we use to place a mandate in proptech. Every figure carries its source and date. We include no estimates of our own.

Capital raising

Venture capital in the sector peaked in 2021 and fell by more than half in 2022. Deals in Mexico went from USD 106 million in 2017 to USD 910 million in 2021 according to Endeavor; in 2022 the sector captured about USD 414 million, down 54.5% (Expansión, November 2024). In the first half of 2025, ten real estate startups in the region raised close to USD 50 million (El Financiero, June 2026).

MoradaUno raised a USD 5.6 million Series A in November 2024 to take its rental model to six cities (Techla, November 2024). Lebane, a construction tech company focused on Mexico, raised USD 4 million co-led by Atlántico and Zacua Ventures in February 2026, with 60 Mexican clients among more than 300 (Startups Latam, February 2026).

Habi has not returned to the equity market since its USD 200 million round in 2022 and recorded its first full month of profitability in November 2025 (El Observador, February 2026). This is the signal an investment committee reads today: the next round of a transactional platform is negotiated on proven profitability, not on inventory growth.

Debt and structured financing

BBVA Spark raised Tuhabi’s line from USD 20 million to USD 60 million in August 2025, its second expansion in less than nine months; the company reported more than 50,000 families with transactions and close to USD 2 billion facilitated in the region (BBVA, August 2025). In 2023 Banorte had granted it MXN 400 million of financing (Tuhabi, 2023).

Habi planned to invest USD 500 to 600 million in home purchases during 2025 with an undrawn USD 30 million IFC line (Fintech Expert, April 2025). For a platform that buys or finances homes, the balance sheet is funded with debt and equity is reserved for operations; the lender measures inventory turnover, cost of funding and expected loss.

Mergers and acquisitions

Habi acquired Pulppo, a Mexican platform for brokers with more than USD 215 million in transactions in 2025 and more than 1,500 brokers in Mexico, Colombia and Argentina, in February 2026; terms undisclosed (Yahoo Finance and El Observador, February and March 2026). Habi and Pulppo together handled close to USD 1 billion in transactions in 2025.

QuintoAndar merged Benvi into Inmuebles24 Full in April 2024 to offer rentals without guarantor or deposit and with a twelve-month payment guarantee (Centro Urbano, April 2024). Flat.mx bought Intelimétrica and became Clau in 2024, within the wave of restructurings, cuts and acquisitions among instant buyers and portals that Expansión documents (Expansión, November 2024).

In the industrial segment, activity normalises after nearshoring: national inventory of 113.66 million square metres, absorption of 1.26 million and vacancy of 5.2% in the second quarter of 2026, with 87% of Monterrey demand coming from expansions of companies already installed (Solili, July 2026; CBRE, May 2026). Industrial assets trade between trusts and institutions, not between startups.

Market context

More than 150 proptech startups in Mexico, the second regional hub after Brazil (Proptech Latam, 2026). 8.38 million homes in housing deficit, 21.9% of the total (Sedatu and Conavi, August 2025), and potential demand of 7.5 million homes (BBVA Research, October 2025). Mortgage market down in 2025: 0.5% fewer loans and 2.9% less in real amount, with commercial banks down 5.2% and Infonavit up 2.4%; mortgage credit penetration is 35% against a potential of 70% (BBVA México, 2025 and 2026).

G2’s reading for a mandate

In proptech the committee separates the software from the balance sheet. A platform that buys or finances homes is valued on inventory turnover, cost of funding and expected loss, and its optimal structure is a debt line for the balance sheet, like Tuhabi’s with BBVA Spark and Banorte, with equity only for operations. Software for brokers, property managers or developers is valued as SaaS and its natural buyer is the regional platform consolidating distribution, as the purchase of Pulppo shows.

Sources