QuintoAndar Startup Diligence Report
Proceed only to confirmatory diligence. A positive thesis requires proving that QuintoAndar can convert large marketplace activity into durable profitable revenue while managing Brazil/LatAm real-estate cycles, no-guarantor credit exposure, partner quality, competition and multi-jurisdiction legal/privacy obligations.
QuintoAndar Startup Diligence Report
QuintoAndar appears to be an active private unicorn with strong public evidence of funding, product breadth and company-published operating scale. Investability remains unresolved because revenue quality, unit economics, guarantee/credit losses, concentration, cap table, legal/regulatory schedules and current valuation support are private.
Valuation/funding/activity are public, but revenue, margin, burn, cash, debt, CAC/payback and unit economics are private.
Diligence request: Require audited financials, KPI pack, unit-economic bridge, cash/debt schedule and forecast model.
Rental and purchase volumes are exposed to affordability, credit, Selic, rent inflation, FX and local regulation.
Diligence request: Build downside scenarios by Selic, mortgage rates, city, country and product; review licenses.
Independent partners, no-guarantor rental, fraud controls and sensitive data create disputes, compliance and reputation exposure.
Diligence request: Review fraud controls, complaints, partner SLAs, LGPD/privacy, CRECI licensing and consumer matters.
Public metrics do not disclose revenue concentration, top counterparties, delinquencies, losses or guarantee exposure.
Diligence request: Request top counterparties, cohort retention, city/product mix, delinquency/default/loss triangles and guarantee terms.
Investor names do not reveal ownership, liquidation preferences, debt, warrants, option pool or side letters.
Diligence request: Obtain charter, cap table, financing docs, option ledger, debt agreements and waterfall.
Public terms/privacy do not provide full legal schedules across Brazil and other countries.
Diligence request: Counsel should run docket/registry/IP/privacy/contract review and request insurance schedules.
Funded proptechs and incumbent brokers compete for supply, demand and transaction economics.
Diligence request: Conduct win/loss, pricing, CAC, inventory exclusivity and city-share analysis.
Large activity metrics require reconciliation to source systems, cancellations, revenue and cohorts.
Diligence request: Request raw dashboards, data dictionary, monthly history and independent references.
Public evidence supports unicorn valuation and financing history, but audited financials, unit economics, current valuation support and capital structure remain private.
not publicly verifiable confidence: high
No audited statements, management reports, backlog, AR aging or gross-profit breakdown were public; valuation and activity metrics are not financial-quality evidence.
| metric | public signal | diligence request | status |
|---|---|---|---|
| Revenue / ARR / GMV | No audited revenue or ARR public. | Audited statements and revenue bridge by product/channel/geography. | not_publicly_verifiable |
| Unit economics | No public CAC, margin, default/loss or payback data. | Contribution margin and loss curves by product/cohort. | not_publicly_verifiable |
| Cash/debt/runway | Funding total public; cash, burn and debt private. | Cash, debt, burn, runway and financing plan. | not_publicly_verifiable |
| Rate/cycle sensitivity | Business tied to real-estate transactions. | Selic/mortgage/rent inflation scenarios. | diligence_required |
partially verified confidence: medium
A valuation anchor exists, but forecasts, rate/cycle sensitivity, capex, working capital and financing assumptions need private models.
| date | round or event | lead or participants | amount | valuation or caveat | verification status |
|---|---|---|---|---|---|
| 2018-12-01 | Series C | General Atlantic; Kaszek/QED/Qualcomm existing investors | $64M | not public | verified headline amount |
| 2019-09-10 | Series D / unicorn | SoftBank led | $250M | unicorn territory; exact valuation not in extracted text | verified amount; valuation partially verified |
| 2021-05-28 | Series E | Ribbit led; SoftBank/Kaszek/Dragoneer participated | $300M | $4.0B | verified |
| 2021-08-20 | Series E extension | not fully enumerated | $120M | $5.1B | verified |
| 2025-05-05 | Raised-to-date summary | Kaszek, General Atlantic, SoftBank, Tencent and others | $755M-$755.74M total | $5.1B latest known | verified public-screening |
Round documents not reviewed.
partially verified confidence: medium
Major investor names are public, but shares, preferences, option pool, warrants, notes, debt and off-balance-sheet liabilities are not.
| stakeholder or instrument | public position | diligence caveat | status |
|---|---|---|---|
| Kaszek, General Atlantic, SoftBank | Listed in CB/TechCrunch coverage. | Ownership, preferences and control rights unknown. | partially_verified |
| Tencent, Ribbit, Greenoaks, Globo and others | Listed in CB/TechCrunch coverage. | Current holdings/secondaries/side letters unknown. | partially_verified |
| Common/founders/option pool | No public fully diluted cap table. | Founder ownership, option pool and vesting required. | not_publicly_verifiable |
| Debt/notes/warrants/off-balance-sheet | No public schedule. | May affect exit economics. | not_publicly_verifiable |
partially verified confidence: medium
Financing chronology is public at headline level; tax positions, accounting policies and round economics require company records.
The rental, buying/selling, owner-tool, QPreço/data and partner-product surface is visible; product economics, roadmap and risk controls are not.
partially verified confidence: high
Public sources verify rent/buy/sell marketplace, digital contracts, owner tools, no-guarantor flow and data products; market share, costs and profitability are private.
| product or surface | audience | public evidence | diligence focus |
|---|---|---|---|
| Rental marketplace | Tenants and owners | Listings, visits, digital contracts and no-guarantor message. | Conversion, defaults, fraud, margin, NPS. |
| Buy/sell marketplace | Buyers, sellers, owners | Company reports sale/listing/visit activity. | Take rate, close rate, financing and cycle sensitivity. |
| Owner tools/calculators | Owners/sellers | Owner area and rent/sale calculators. | Supply acquisition and owner retention. |
| QPreço/data and B2B brands | Owners, brokers, agencies | QPreço plus Union/Tokko ecosystem brands. | Model quality, monetization, partner economics. |
| product area | public metric | economic gap | status |
|---|---|---|---|
| Rental | >15k contracts/month; >60k active listings. | Take rate, guarantee losses, CAC, support cost. | partially_verified |
| Purchase/sale | >3k sold/month; >20k new sale listings/month. | Commission, close rate, working capital. | partially_verified |
| QPreço/data | Tools visible, no pricing found. | Revenue and model cost. | not_publicly_verifiable |
| Partner/B2B | Partners and brands described. | Revenue share and SLAs. | not_publicly_verifiable |
Public metrics show segments and activity but not top customers, revenue concentration, churn, credit losses or supplier dependencies.
partially verified confidence: medium
Public evidence describes tenants, owners, buyers, sellers and brokers/agencies rather than named top revenue contributors.
| segment | use case | public evidence | concentration gap |
|---|---|---|---|
| Tenants | Search, visit, apply and sign rental contracts. | Rental flow and metrics public. | Revenue, churn, default by city/cohort. |
| Property owners/landlords | List and manage rental/sale properties. | Owner area/calculators public. | Top owners and inventory concentration. |
| Buyers/sellers | Purchase/sale transaction support. | Sale/listing/visit metrics public. | Close rate and revenue by segment. |
| Brokers/agencies | Independent intermediation support. | Terms describe partner agencies/brokers. | Top partner contribution and churn. |
partially verified confidence: medium
Terms and company materials show independent brokers/agencies and Group brands, but contribution, SLAs and economics are private.
| relationship | nature | public evidence | gap or request |
|---|---|---|---|
| Associated brokers/agencies | Intermediation support | Independent partner language in terms. | Contracts, SLAs, contribution, complaints. |
| Union/Tokko and Group brands | Ecosystem/SaaS brands | Newsroom describes brands. | Ownership, revenue, integration cost. |
| Payments/credit/fraud/insurance/data providers | Operational dependencies | Privacy/fraud and payment flow signals. | Vendor list, spend, contracts, loss sharing. |
not publicly verifiable confidence: high
Revenue by customer/counterparty and any greater-than-5% concentration are not public.
| supplier category | role | public signal | concentration risk | request |
|---|---|---|---|---|
| Cloud/infrastructure | Marketplace/data systems | Vendor schedule not public. | Single-cloud/platform outage risk. | Vendor list, architecture, DR/BCP, SLAs. |
| Payments/credit/fraud | Rent payment, underwriting, fraud controls | Payment/fraud processing visible; vendors not listed. | Provider/model weakness affects guarantees. | Contracts, losses, fallback process. |
| Field operations/partners | Visits, brokerage, inspections, photos | Terms describe independent professionals. | Quality and liability risk. | Top spend, SLAs, complaints, indemnities. |
Supplier names/spend not publicly verifiable.
not publicly verifiable confidence: low
No public severed-relationship schedule was available for customers, partners, suppliers, insurers, lenders or technology vendors.
not publicly verifiable confidence: medium
Top suppliers are not public; likely critical categories include cloud, payments, credit/fraud, insurance/reinsurance, field operations and brokers/agencies.
QuintoAndar competes with funded LatAm proptechs and traditional broker channels; win/loss, pricing power and share are private.
verified confidence: medium
CB Insights and TechCrunch support a competitor set including Loft and Habi; competition likely centers on liquidity, trust, fees, CAC and partner reach.
| competitor | segment | funding or signal | overlap | source |
|---|---|---|---|---|
| Loft | Brazilian proptech | Valued at $2.9B; layoffs in 2022. | Real-estate/credit transactions in Brazil. | TechCrunch |
| Habi | LatAm proptech | Raised $200M; unicorn status. | Residential transaction digitization. | TechCrunch |
| La Haus / Clau / EmCasa and others | Digital brokerage/marketplaces | Listed as CB alternatives/competitors. | Listings and buy/sell/rent workflows. | CB Insights |
| Traditional brokers/agencies | Incumbents | Partner/broker role reflected in QuintoAndar terms. | Supply acquisition, visits, negotiation, closing. | QuintoAndar terms |
| axis | quintoandar public position | competitor pressure | diligence needed |
|---|---|---|---|
| Liquidity | >60k listings, >15k rental contracts/month, >3k sold/month. | Proptechs and agencies compete for supply/demand. | City share, exclusivity, conversion. |
| Trust/no-guarantor | No-guarantor digital rental messaging. | UX can be copied; losses determine sustainability. | Loss, fraud, disputes, insurance. |
| Pricing/CAC | Actual fees and source economics private. | Alternatives pressure take rates and CAC. | Take rates, CAC, win/loss. |
| Technology/data | Tech hub, QPreço and data tools visible. | Model/data quality hard to verify. | Technical review and IP/data rights. |
Public GTM surfaces include listings, owner tools, brokers/agencies, content/data and multi-country footprint; channel economics are private.
partially verified confidence: medium
Public GTM emphasizes owned digital flows, owner acquisition, partner brokers/agencies, market data and brand content.
| channel | audience | public evidence | gap |
|---|---|---|---|
| Owned listings | Tenants/buyers/owners | Rent/buy listings in major cities. | Traffic source, conversion, CAC. |
| Owner supply tools | Owners/landlords/sellers | Owner area and calculators. | Owner CAC/retention/supply concentration. |
| Broker/agency network | Professionals/agencies | Terms describe independent brokers/agencies. | Economics/churn/quality. |
| Brand/data/newsroom | Consumers/press/market | Newsroom, data, guides, indices. | Attribution and ROI. |
| International/group brands | Six LatAm countries | Footprint public. | Country P&L and CAC. |
| signal | public value or statement | source | caveat |
|---|---|---|---|
| Brand/search | Company says most searched real-estate brand in Brazil with >30% search share. | Newsroom | Request third-party search/attribution. |
| Rental activity | >15k rental contracts/month and ~500k visits/month. | Newsroom | Need definitions and conversion. |
| Purchase/sale activity | >3k sold/month, >20k listings/month, ~150k visits/month. | Newsroom | Need close-rate and revenue. |
| Funding awareness | Unicorn/funding coverage by TechCrunch/CB. | TechCrunch/CB | Awareness is not profitability. |
not publicly verifiable confidence: high
Major customer status and pipeline are private; marketplace metrics do not identify major revenue contributors.
partially verified confidence: medium
Visible avenues include web/app listings, owner tools, calculators/QPreço, partner network, content/data studies and brand campaigns; actual mix is private.
not publicly verifiable confidence: low
Sales compensation, quota, ramp, cycle and productivity metrics are not public.
not publicly verifiable confidence: high
Budget sufficiency cannot be assessed publicly because spend, CAC, payback and runway are not disclosed.
Public technology signals include Lisbon tech hub, QPreço/data tools and marketplace systems; org, roadmap, security and costs are private.
partially verified confidence: medium
Tech hub and product/data surfaces are public, but R&D org, budget, security, incidents and technical debt are private.
| person or role | public signal | source | gap |
|---|---|---|---|
| Gabriel Braga | Founder/co-founder CEO; announced tech hub. | TechCrunch | Current role, reports and succession. |
| Lisbon technology hub | Tech hub aimed at talent. | TechCrunch | Current headcount, spend, mission. |
| Data/product teams | QPreço/data products imply data capability. | Company pages | Model governance and roadmap. |
partially verified confidence: medium
Visible product surfaces include QPreço, calculators, consórcio/data and B2B/partner solutions; new-product timing and cost are private.
| project or area | public status | expected date | verification | request |
|---|---|---|---|---|
| QPreço/valuation intelligence | Visible tools/pages. | active surface; roadmap undisclosed | partially_verified | Adoption, model validation, monetization. |
| B2B/partner ecosystem | Group technologies for brokers/agencies/etc. | active surface; roadmap undisclosed | partially_verified | SaaS revenue, integrations, roadmap. |
| Mortgage/title/insurance/escrow adjacencies | TechCrunch described expansion ambitions. | not public | inconclusive | Current status and regulatory analysis. |
| Fraud/guarantee systems | Fraud prevention and no-guarantor flow visible. | active need; roadmap undisclosed | partially_verified | Fraud model, incidents, claims. |
Public sources identify Gabriel Braga and broad headcount growth; complete org, comp, equity, attrition and employee matters are private.
not publicly verifiable confidence: medium
No formal public org chart was found; public evidence supports at least founder/CEO leadership and large team scale.
| name or role | public role | tenure or signal | source | gap |
|---|---|---|---|---|
| Gabriel Braga | Founder/co-founder and CEO | Identified in 2018 and 2021 coverage. | TechCrunch | Current status, ownership, comp, references. |
| Broader executive leadership | not_publicly_verifiable | No complete roster in reviewed sources. | Diligence gap | C-suite/VP roster, tenure, backgrounds. |
| Board/investor directors | not_publicly_verifiable | Major investors public, seats not public. | Diligence gap | Board/observer list and rights. |
Only Gabriel Braga is publicly named in this run.
partially verified confidence: medium
Public anchors show 600 people in 2018 and more than 3,500 by 2025; function/location mix and projections are private.
| date or period | public headcount or signal | function or location | source | gap |
|---|---|---|---|---|
| 2018-12 | 600-person company | Company-wide/Brazil context | TechCrunch | Function/location/contractor split. |
| 2021-11 | Lisbon tech hub announced | Portugal tech talent | TechCrunch | Current hub headcount and spend. |
| 2025-05 | >3,500 people | Group/six countries/Europe hub | TechCrunch | HRIS history and projections. |
partially verified confidence: medium
Gabriel Braga is publicly identified as founder/co-founder and CEO; broader management bios require confirmation.
not publicly verifiable confidence: low
Key employment agreements, compensation and benefit plans are not public.
| area | public evidence | risk | request | status |
|---|---|---|---|---|
| Executive departures | No comprehensive public schedule. | Key-person/succession. | Executive departures last 36 months. | not_publicly_verifiable |
| Employee turnover | Headcount anchors only. | Execution and hiring cost. | Monthly attrition by function/location. | not_publicly_verifiable |
| Employee relations/labor | No comprehensive public schedule. | Claims, contractor issues, settlements. | Labor matter schedule. | not_publicly_verifiable |
| Comp/equity retention | No public terms. | Retention/dilution/change-of-control. | Comp plan, option grants, benefits. | not_publicly_verifiable |
not publicly verifiable confidence: low
Option pool size, equity incentive plan, grants, vesting and strike prices are not public.
not publicly verifiable confidence: low
No comprehensive public employee-relations schedule was available; absence of public evidence is not proof of absence.
not publicly verifiable confidence: low
Turnover and retention metrics for the last two years are not public.
Terms/privacy verify exposure categories, but litigation, IP, insurance, material contracts and regulatory-action schedules require counsel review.
not publicly verifiable confidence: low
No comprehensive lawsuit schedule was available; company counsel and jurisdiction-level docket searches are required.
| case or category | jurisdiction | public status | diligence request |
|---|---|---|---|
| Consumer/tenant/owner claims | Brazil and other countries | No comprehensive docket schedule in this run. | Counsel schedule with damages, reserves and status. |
| Broker/agency/partner claims | Operating jurisdictions | Partner structure creates exposure; schedule not public. | Partner disputes, terminations, settlements. |
| Privacy/data/fraud/customer security | Brazil/LGPD and other jurisdictions | Privacy notice shows exposure; litigation schedule private. | Incidents, notices, claims and reserves. |
Stub artifact: no comprehensive docket search available.
not publicly verifiable confidence: low
No comprehensive public schedule of company-initiated litigation was available.
| defendant or category | jurisdiction | public status | diligence request |
|---|---|---|---|
| Collections / guarantee recoveries | not_publicly_verifiable | No schedule public. | Collections and recovery actions by cohort. |
| Fraud/platform abuse actions | not_publicly_verifiable | Fraud prevention public; actions not public. | Fraud recovery cases and referrals. |
| IP/contract enforcement | not_publicly_verifiable | No schedule public. | IP, partner, supplier and contract matters. |
Stub artifact: counsel should populate.
not publicly verifiable confidence: low
The business appears tech/intermediation-heavy, but office, field-visit, inspection, photographer and contractor safety issues require review.
| exposure | public signal | why material | request |
|---|---|---|---|
| Rental guarantee/payment risk | TechCrunch says company takes monthly payment risk. | Losses affect unit economics. | Insurance/reinsurance, reserves, loss runs. |
| Cyber/privacy/fraud | Privacy notice references fraud/security. | Incidents create legal/reputation loss. | Cyber policy, incidents, fraud losses. |
| Partner/field operations liability | Independent professionals in terms. | Partner conduct/visits may create claims. | E&O, GL, indemnities, safety policies. |
| Material contracts | No schedule public. | Termination/exclusivity/assignment terms affect value. | Material contract schedule and copies. |
not publicly verifiable confidence: medium
Brand/software/data assets are visible, but material registrations, assignments and open-source obligations were not verified.
| asset or category | jurisdiction | public status | source or signal | request |
|---|---|---|---|---|
| QuintoAndar and Group brands | Brazil/international | Public brand use visible; registry not verified. | QuintoAndar, Union, Tokko. | Trademark exports, assignments, oppositions. |
| Software/data/models | Global development footprint | Product surfaces visible; ownership not public. | QPreço, marketplace, tech hub. | IP assignments, SBOM, data rights. |
| Patents/copyright/licenses | not_publicly_verifiable | No schedule reviewed. | Diligence gap. | IP and license inventory. |
not publicly verifiable confidence: high
Insurance for guarantee, fraud, cyber/privacy, partner conduct, D&O/E&O and field operations is not public.
not publicly verifiable confidence: high
Material customer, partner, supplier, insurer, payment, cloud, financing and data contracts are not public.
partially verified confidence: medium
CRECI/privacy/fraud exposure is public; enforcement history, license status and country-by-country regulatory correspondence are not.
| area | exposure | public status | request |
|---|---|---|---|
| CRECI / real-estate brokerage | Intermediation and partners. | CRECI referenced; enforcement history not public. | License matrix, filings, notices. |
| LGPD / privacy | Personal data, fraud/security. | Privacy notice describes bases; incidents not public. | DPIAs, incidents, regulator correspondence. |
| Consumer protection/marketplace | Tenants, owners, buyers, sellers, partners. | Intermediary role public; complaints/enforcement private. | Consumer agency matters and complaint dashboards. |
| Cross-border jurisdictions | Argentina, Brazil, Mexico, Ecuador, Panama, Peru. | Footprint public; country compliance private. | Country legal/tax/privacy/real-estate matrix. |
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | QuintoAndar is publicly listed as a private unicorn with a $5.1B valuation anchor and active public presence. | verified high | SRC-001SRC-002SRC-003SRC-004SRC-009 |
| EC-002 | Public sources disclose major financings totaling roughly $755M-$755.74M. | verified high | SRC-001SRC-003SRC-004SRC-005SRC-006SRC-007 |
| EC-003 | Founding year is generally reported as 2012, with one public-source inconsistency referencing 2013 inception. | partially verified medium | SRC-001SRC-003SRC-004 |
| EC-004 | QuintoAndar operates a real-estate platform for renting, buying and selling homes with listings, visits and digital contracts. | verified high | SRC-001SRC-006SRC-009SRC-010 |
| EC-005 | No-guarantor/no-deposit rental positioning and digital rental workflow are public. | verified high | SRC-001SRC-006SRC-010 |
| EC-006 | Company-published scale metrics show >70 Brazilian cities, rental contracts, active listings, visits and sale activity. | partially verified medium | SRC-009SRC-003SRC-008 |
| EC-007 | Audited financial statements, revenue, margin, burn, unit economics, backlog and AR aging are not public. | not publicly verifiable high | SRC-001SRC-003SRC-009 |
| EC-008 | Major investors are public; current ownership, preferences, option pool, debt and side letters are not. | partially verified medium | SRC-001SRC-002SRC-003SRC-005 |
| EC-009 | Customer/revenue concentration and credit/guarantee exposure are not public. | not publicly verifiable high | SRC-006SRC-008SRC-009SRC-010 |
| EC-010 | QuintoAndar uses independent brokers/agencies and Group brands/partners. | verified medium | SRC-009SRC-011 |
| EC-011 | QuintoAndar faces competition from Loft, Habi, other proptechs and traditional brokers. | verified high | SRC-001SRC-013SRC-014 |
| EC-012 | GTM uses owned digital listings, owner tools, broker/agency partners, content/data channels and multi-country footprint; actual channel economics are private. | partially verified medium | SRC-009SRC-010SRC-003 |
| EC-013 | Public evidence shows active technology/R&D investment, including Lisbon tech hub and data tools; R&D cost/roadmap are private. | partially verified medium | SRC-008SRC-009SRC-010 |
| EC-014 | Public management evidence identifies Gabriel Braga as founder/co-founder CEO and shows headcount growth; HR details are private. | partially verified medium | SRC-003SRC-007SRC-008 |
| EC-015 | Real-estate intermediation, privacy, fraud and independent-partner operations create legal/regulatory exposure. | verified medium | SRC-011SRC-012 |
| EC-016 | Brazil real-estate, credit and rate cyclicality is material for QuintoAndar. | inconclusive medium | SRC-009SRC-010SRC-015 |
| EC-017 | Litigation, IP, insurance, material-contract and regulatory-action schedules were not public in this run. | not publicly verifiable high | SRC-011SRC-012 |
| EC-018 | International footprint includes six Latin American countries, but revenue/geographic mix and local compliance are private. | partially verified medium | SRC-003SRC-009 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.