Habi
$1.5Bpaper valuation
// OVERVIEW
Habi is a Colombian iBuyer that convinced venture capital to fund instant liquidity for real estate in a market where property ownership documentation is inconsistent, mortgage lending infrastructure is underdeveloped, and the rule of law operates on a sliding scale depending on which neighborhood you are standing in. It raised $150M in 2021 to buy houses in Bogotá at algorithm-determined prices, then discovered that Latin American real estate markets contain risks that Silicon Valley spreadsheets do not capture — like unclear title chains, informal construction, and homeowners who sometimes decide not to move after signing the contract.
// HQ
Bogotá, Colombia
// STATUS
PRIVATE
// FOUNDED
2019
// TIER
The Unicorn Herd · $1B – $9.9B
// PRIMARY SECTOR
marketplace
// FOUNDERS
// FUNDING ROUNDS
// SECTORS SERVED
// TECHNOLOGY
The platform uses automated valuation models trained on property registry data, satellite imagery, and transaction histories to generate instant cash offers for homes in Colombia, Mexico, and Brazil. Habi's algorithm prices properties within 48 hours based on comparable sales, neighborhood appreciation trends, and renovation cost estimates. The technology works adequately in newer formal developments where title is clear and construction is documented — and breaks down in the informal housing stock that represents 40-60% of urban real estate in Latin American cities where regulatory enforcement is weakest.
// WOWLS ASSESSMENT
Habi raised $225M total through 2021 when US iBuyers like Opendoor and Offerpad were trading at 10-15x revenue and the instant liquidity thesis looked inevitable. Then US interest rates rose, inventory holding costs tripled, and Opendoor's stock fell 95% from peak as the entire iBuyer model revealed itself to be a leveraged bet on falling rates and rising home prices. Habi operates in markets where mortgage rates are 8-12% even in good times, where property rights disputes can take years to resolve, and where economic volatility makes algorithmic pricing a game of predicting currency devaluation as much as real estate appreciation. The company has not disclosed revenue, unit economics, or inventory turnover since its Series C — a silence that in proptech usually means the numbers explain themselves. SoftBank led the $100M Series C in April 2021 at a reported $1B+ valuation, which tells you everything about the due diligence rigor applied and nothing about whether the business model survives contact with macroeconomic reality.
// WHY WOWLS HUNTS THIS
SoftBank deployed $100M into a business model that requires low interest rates, rising home prices, and perfect title documentation in a region where none of those conditions reliably exist. The company has gone silent on metrics since 2021 — which in proptech means the inventory is not turning and the unit economics are not working.
// VALUATION NOTE
Last reported valuation was $1B+ at Series C in April 2021 per SoftBank announcement. $1.5B estimate appears to reflect post-Series C secondary market speculation with no disclosed primary round to support it. Company has not confirmed current valuation publicly.
VERDICT: BLOATED — HABI RAISED $225M TO IMPORT THE IBUYER MODEL TO LATIN AMERICA TWO YEARS BEFORE OPENDOOR LOST 95% OF ITS MARKET VALUE PROVING THE MODEL DOESN'T WORK EVEN IN THE US
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// LOADING INTEL…
// BROADCAST INTEL
// SIMILAR TARGETS
// INTEL UPDATED: MAY 2026
// INTELLIGENCE DISCLAIMER: Assessments represent editorial opinion based on publicly available data including filings, press reports, and market data as of the date shown. Valuations are approximate. Not financial or investment advice.
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