Research
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.
Sectors
Proptech
Thesis
Latin American proptech spans property management software, rental and sales platforms, and hospitality and housing models. Software businesses with an active property base and consistent EBITDA are attractive assets for private and strategic buyers; asset-intensive models require debt structures. We advised the sale of Vivook, a platform with more than eleven years in the market and more than 2,300 active properties.
Buyer and investor dynamics
Equity investors are funds with vertical software and housing theses; lenders are funds financing inventory or real estate portfolios. Buyers are regional real estate and property management platforms, developers and real estate groups acquiring technology, and private buyers seeking profitable software businesses.
Sector research
Capital, debt and M&A in the sector, with public sources cited.
Public multiples
Listed comparable companies in the sector: price, market value, multiples and expected growth. Data as of 31 August 2026.
- 4.7x Median EV / revenue CY 26E
- 18.7x Median P / E CY 26E
- 13% Median revenue growth CY 26E
- 12 Companies in the universe 3 LatAm
Market transactions
Analyses of recent deals in the sector: structure, value drivers and what they signal to the market.
Deal analysis
Compass: all-stock merger with Anywhere Real Estate at an enterprise value close to USD 10 billion
The largest residential brokerage in the United States absorbed the owner of Coldwell Banker, Century 21 and Corcoran with stock, USD 1 billion in convertibles and Anywhere’s debt on the balance sheet; antitrust let the transaction through despite objections from its own staff.
Deal analysis
CoStar Group: purchase of Zonda from MidOcean Partners for USD 800 million in cash
CoStar paid in cash, with no stock and no earn-out, for the new-home data and software provider that MidOcean Partners had controlled since 2019; a financial sponsor’s exit to a strategic buyer for a subscription business with net retention above 100%.
Deal analysis
Duppla: USD 60 million in debt and equity led by Patria
Patria’s first venture investment in Colombia funds a rent-to-own platform that has already sold a portfolio to an institutional investor; in our reading, that precedent is worth more than any projection.
Deal analysis
Habi: USD 40 million credit line from BBVA Spark in Colombia
BBVA Spark adds USD 40 million in Colombia to the USD 60 million already committed to Tuhabi in Mexico; in our reading, prior profitability and inventory as collateral explain why a bank scales the relationship to USD 100 million.
Deal analysis
Habi: structured credit line of up to USD 50 million from IDB Invest
A trust vehicle, a committed tranche in Colombian pesos and an optional tranche backed by CMBS; in our reading, a replicable template for platforms holding residential inventory in Mexico.
Deal analysis
Habi: acquisition of Pulppo to scale in Mexico, Colombia and Argentina
The region’s first proptech unicorn buys the Mexico-based AI platform for brokerages; in our reading, the asset being priced is the broker network and its volume, not the software.
Deal analysis
Higharc: USD 95 million Series C led by Insight Partners
The design-to-construction platform for homebuilders raised primary capital from growth funds and corporates in the building materials chain; a reference for what the market pays for vertical software with measurable results in margin and construction time.
Deal analysis
Klar: acquisition of Yave to enter mortgage lending
A neobank with more than 7 million users buys a digital mortgage originator with MXN 5 billion placed, in the year of the slowest growth in Mexican housing credit in two decades.
Deal analysis
Lastro: R$ 85 million Series A led by Prosus Ventures
An AI assistant that handles buyers and tenants over WhatsApp raises USD 16 million; in our reading, the capital pays for the channel and the conversion metric, not the model architecture.
Deal analysis
Lebane: USD 4 million seed round co-led by Atlántico and Zacua Ventures to consolidate Mexico
The Argentine project management platform for real estate developers, artificial intelligence-native and run through WhatsApp, raised capital to consolidate its operation in Mexico and launch financial products; a reading of how vertical construction software is financed in the region.
Deal analysis
Opendoor: USD 650 million in 0% convertible notes with a capped call and a first share buyback
The iBuyer placed zero-coupon convertible debt at a 35% premium, covered dilution up to twice the share price with a capped call and repurchased 5% of its share capital the same day; a corporate financing reference for real estate inventory models in Mexico.
Deal analysis
Rocket Companies: acquisition of Mr. Cooper for USD 14.2 billion in stock
The largest mortgage originator in the United States absorbed the largest servicer in an all-stock transaction, conditioned by the FHFA to a 20% cap on Fannie Mae and Freddie Mac servicing; a reference for mortgage consolidation in Mexico.
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