Mexico City — Mexican online property financing and management startup DD360 has secured a series of investments totaling $91 million from institutional investors, led by Creation Investments Capital Management, a Chicago-based global asset manager and investor in emerging markets.
The new injection of capital complements the $140 million in committed credit line financing that the company founded by Jorge Combe and Martin Werner has raked in.
This capital raise will allow DD360 to continue consolidating its offering, which combines proptech and fintech for the development, construction and acquisition of housing in Mexico, as well as to continue the development of its digital platforms that aim to benefit both developers and retail customers in search of housing.
Currently, DD360 offers platforms that provide complementary digital tools to individuals and developers to improve decision-making in residential real estate transactions, through analysis tools and access to comparative information on offers and prices.
The company’s technology ecosystem enables it to provide services to developers throughout the entire life cycle of their project, from financing to marketing and individual mortgage origination to unit purchasers.
To date, DD360 has financed more than 120 developments built and marketed in approximately foour years within the real estate finance and investment market, in addition to having a loan portfolio in excess of 4.5 billion pesos ($224.6 million).
Fintech and technology drive
Jorge Combe, CEO and co-founder of DD360, said the financing will be used to accelerate the growth of its loan portfolio for residential real estate developers, scale its individual mortgage product, and to continue investing in the development of DD360′s technology platforms, while attracting software engineering talent.
DD360′s technology enhancements help drive real estate investments through more agile and efficient digital processes, he said. As a result, the company can address the deficit that exists in Mexico in terms of new home development.
The residential real estate sector in Mexico directly employs 4.5 million workers, according to BBVA research.
“This is no coincidence, and on the contrary responds to the great opportunity for development that exists in a country in which the GDP of the housing sector reached an amount of more than 1 trillion 273 billion pesos ($13.6 billion), in its most recent measurement in 2020, which meant a participation of 5.8% of GDP,” Combe said in a statement.
From DD360′s perspective, financing for the real estate sector is essential for the proper functioning and growth of the sector, where the current alternatives have great inefficiencies and obsolete procedures.