CondoConta Secures US$13.2 Million in Series A Funding

Published 5 months ago

Just over a month after a R$30 million investment from EXT Capital, CondoConta, a leading fintech specializing in condominium finance, has secured a Series A funding round of US$13.2 million (approximately R$72.3 million). The new investors include SYN Proptech, owned by Elie Horn, founder of Cyrela, Endeavor Scale-Up, and Terracotta Ventures, the first venture capital in Latin America focusing on property technology (proptech) and construction technology (constructech).

A Consortium of Investors

Existing investors, such as Redpoint eVentures and Igah Ventures, also participated in this funding round. Rodrigo Della Rocca, CEO of CondoConta, expressed his satisfaction with the diverse investor base, which includes both Brazilian and foreign investors of great relevance, specialists in proptech and constructech markets, as well as founders of benchmark companies in other markets.

This marks the seventh investment received by CondoConta. In 2021, the fintech received two contributions from Redpoint eVentures along with Darwin Startups, and another from Igah Ventures, totalling R$22.6 million. In the following year, the startup raised another R$70 million to lend to condominiums that wanted to make improvements or resolve their defaults by securing receivables.

The Future of CondoConta

The new financial boost of R$72 million will be used to consolidate CondoConta’s leadership as Brazil’s leading condominium bank, and to accelerate its growth in large regions. Another significant portion of the funds will be invested in product development and enhancing integrations with Condominium Management Systems and Administrators.

In a recent development, CondoConta made its API publicly available for free, partnering with the largest management systems used by administrators. By 2024, the fintech aims to expand its services beyond account management to include payments and receipts.

Impressive Growth and Projections

With 400,000 condominium users across Brazil, CondoConta has already facilitated more than R$650 million in transactions. The fintech has witnessed a 180% growth in its guaranteed income product, which ensures condominium fees to administrators while making payments easier for condominium owners. The fintech’s forecast for 2024 is to reach R$1 billion in transactions and deposits.