Lhoopa Secures Record $80M Funding, Largest by a Philippine Startup in 2024

Lhoopa, a Philippines based proptech firm has successfully concluded an $80 million funding round. This round stands as one of Southeast Asia’s largest in 2024 and hence is crucial for Philippine startup space. 

$20 million of the total funding was raised through equity, co-led by the World Bank’s International Finance Corporation (IFC) and Wavemaker Partners. Participating investors include Pavilion Capital, 10X Group, Concentric Equity Partners (CEP), Mirath Investments from the UAE, and NataRock Partners Fund in the US. 

Key individual investors include Steve Melhuish of PropertyGuru Group and Ron Hose of Coins.ph, alongside institutional backers like Black Kite Capital, also contributed to the round. Existing investors Patamar Capital and Tekton Ventures supported this financing initiative.

The equity portion of the funding facilitated an additional commitment of $60 million in debt facilities from prominent development finance institutions. The Asian Development Bank (ADB), the US International Development Finance Corporation (DFC), and Lendable, a provider of debt to fintech in emerging markets, participated in this debt financing. 

Lhoopa aims to leverage these funds to expand its initiatives to provide accessible housing solutions. The company’s approach includes enhancing its technology infrastructure and scaling its operations to address the growing demand for affordable housing. 

Founded in 2018, Lhoopa employs data and technology to facilitate the development of affordable housing solutions across the Philippines. The recent $80 million funding injection will support the company’s expansion within its home country and into other emerging markets. 

Additionally, it aims to support its technological capabilities to better assist partners and introduce environmentally friendly housing options. Additionally, Lhoopa plans to recruit more executives, senior managers, and product developers to enhance its operational capacity.

Marc-Olivier Caillot, Founder of Lhoopa, emphasized the importance of this funding round, stating, “This marks a pivotal moment for Lhoopa as we scale our operations to meet the escalating demand for affordable housing in Southeast Asia. Our goal is to revolutionize the real estate landscape by leveraging technology and local collaborations to deliver high-quality, cost-effective homes efficiently.” He expressed confidence that with the support of investors and financial partners, Lhoopa will make a substantial impact in the affordable housing sector, benefiting numerous deserving families.

Sabrina Tan, President and Co-Founder of Lhoopa highlighted the company’s mission to tackle the challenge of affordable housing and provide avenues for financial growth to local partners. She underscored the role of the recent funding in accelerating their efforts, thanking investors and partners for their ongoing support. Tan emphasized that this backing not only validates their vision but also strengthens their commitment to bridging the housing gap in emerging markets.

Looking ahead, Lhoopa has set ambitious goals to revolutionize affordable housing throughout Southeast Asia. With the recent influx of funding, the company aims to surpass its objectives, establishing new standards in affordable housing and technological advancement. Lhoopa welcomes partners and stakeholders to join in its journey as it reshapes the real estate landscape and uplifts communities.

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