Real estate tech company Bricksave acquires Colombian proptech Macondo

Real estate investment company Bricksave has reinforced its presence in Latin America with the acquisition of Colombian property tech firm Macondo.

“Expectations are very high,” Sofía Gancedo, co-founder and COO of Bricksave, told BNamericas. “The acquisition of Macondo gives us local expertise to grow exponentially in the Colombian market.”

The amount of the transaction was not disclosed. The combined value of both companies exceeds US$50mn.

Bricksave is based in London and allows investors to buy property in Europe and the US based on the crowdfunding model, and does not rule out doing so in Latin America in the future. Since launching in 2016, it has invested more than US$35mn in 260 properties and has 20,000 registered users in 19 countries, most of whom are in Latin America.

“We have evaluated some options in Uruguay, but we’re not moving forward yet,” Gancedo said. “We only invest in residential and finished properties, and the main requirement is that the macroeconomies in which we operate provide safe conditions for investment: protection of private property, good returns for the investor, financial security.” 

The company has Swiss regulatory approval for digital registration technology.

Gancedo believes there is a lot of growth potential in the region for savers who are looking for investment alternatives abroad. “The focus at the moment is on consolidating the acquisition Macondo, which will take us approximately six months, in addition to consolidating our investor base in Argentina, Brazil and Uruguay, among others,” she said.

“We do not rule out future acquisitions, although we won’t make them at the moment,” Gancedo said.

In the latest investment round, for US$6mn, the company received support from funds Kinled Holding, LAB Miami Ventures and Graphene Ventures. Additionally, the UK government's Future Fund invested US$1.6mn in the company.

Now Bricksave is looking for a new round of investment. “We’re in very advanced talks to obtain new funds that will allow us to continue growing our platform,” Gancedo said.