Lhoopa Secures $80M to Enhance Affordable Housing in the Philippines

Lhoopa, a Philippine proptech company, announced the successful completion of its $80 million funding round on Tuesday.

Of the total amount, $20 million was in equity, co-led by the International Finance Corporation (IFC) of the World Bank and Wavemaker Partners. Other participants included Pavilion Capital, 10X Group, Concentric Equity Partners (CEP), UAE-based Mirath Investments, and US-based NataRock Partners Fund.

Notable investors Steve Melhuish, Co-founder of PropertyGuru Group, Black Kite Capital, and Ron Hose, Co-founder of Coins.ph, also contributed. Existing investors Patamar Capital and Tekton Ventures joined as well.

The equity round secured $60 million in debt facilities for Lhoopa from development finance institutions such as the Asian Development Bank (ADB), the United States International Development Finance Corporation (DFC), and Lendable.

This new capital will enable Lhoopa to expand within the Philippines and into other emerging markets, enhance its technology to better support partners, and introduce green housing options. Additionally, the company plans to hire more executives, senior managers, and product developers.

Lhoopa has sold over 2,500 affordable houses in 58 cities across the Philippines and expanded its team from 30 to 95 employees. The company aims to provide over 15,000 affordable homes in the next three years.

Marc-Olivier Caillot, Founder of Lhoopa, highlighted that this funding marks a crucial moment for the company as it scales operations to meet the growing demand for affordable housing in Southeast Asia. He emphasized their goal to create a paradigm shift in real estate through leveraging technology and local partnerships.

Sabrina Tan, President and Co-Founder of Lhoopa, stated that their mission is to address the problem of affordable housing and provide financial growth opportunities to local partners. She noted that the continued support from investors validates their vision and strengthens their resolve to bridge the housing gap in emerging markets.

Founded in 2018, Lhoopa facilitates the large-scale development of affordable homes in the Philippines by leveraging data and technology and engaging stakeholders through a decentralized approach.

Jean-Marc Arbogast, Country Manager for the Philippines at IFC, expressed hope that this partnership would help close the gap in affordable housing and promote inclusive development.

Paul Santos, Managing Partner at Wavemaker Partners, acknowledged that affordable housing is not typically seen as a venture play but believes Lhoopa is addressing a long-standing problem. He noted that the Philippines has an affordable housing backlog of over 6.5 million, projected to reach 22 million by 2040.

ADB Director General for Private Sector Operations Suzanne Gaboury described their collaboration with Lhoopa as a strategic partnership aligning with their shared vision for poverty reduction and sustainability. She highlighted their innovative financing structure tailored to Lhoopa’s needs.

Suresh Samuel, Managing Director and Head of Fintech Investments at Lendable, remarked that since their initial transaction with Lhoopa in late 2022, their partnership has grown as the company scaled. He praised Lhoopa as a globally ambitious business addressing the core impact need of affordable housing for underserved populations.

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