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QuintoAndar secures $250M in funding round led by SoftBank

Brazilian real estate technology developer QuintoAndar Serviços Imobiliários Ltda. raised $250 million in a Series D investment round led by SoftBank Group Corp. and Dragoneer Investment Group LLC, according to industry reports.

The round pushes QuintoAndar into a select group of Latin American companies valued at $1 billion or more, known as unicorns.

QuintoAndar, which translates to "Fifth Floor" from Portuguese, is a digital marketplace for property rentals across Brazil. The site allows for transaction processing and stores the digital contracts between landlords and tenants.

The startup has grown since it was founded in 2013 as an increased number of Brazilians rent rather than purchase real estate, which is not a possibility for large segments of the middle class.

SoftBank continues to deploy its $5 billion SoftBank Innovation Fund in tech companies in the region and is reportedly in discussions with several Latin American venture capital firms for investments worth hundreds of millions of dollars.

The Japanese bank's investments in the region include its purchase of stakes in Brazilian digital banks Nubank and Banco Inter, as well as in a Colombian government-led tech fund, and Mexican payment startup Clip.