Puerto Rico startup RED Atlas raises $1.2M, buys Finco.co
RED Atlas Inc., a provider of real estate data and research to businesses and individuals in Puerto Rico, announced it completed its acquisition of Finco.co, a Colombian real estate analytics platform utilizing artificial intelligence tools, in addition to closing $1.2 million in its seed round.
RED Atlas connects Puerto Rican real estate professionals with property-level data to help assess properties at a fair, market-driven tax valuation, it stated.
The information can also be accessed by local individuals, organizations, and governments.
With its database of public and private data assets, users can access information including estimated lease and transaction value, permit data, market demographics, and more for both listed and off-market properties.
By leveraging artificial intelligence (AI) and machine learning (ML), RED Atlas enables real estate industry key players, property owners, and establishments to streamline their processes, broaden their databases, and facilitate transactions.
The latest acquisition and funding will allow RED Atlas to expand to new markets in Latin America, officials said.
“The acquisition of Finco.co is a game changer regarding our ability to collect and process information. Since the acquisition, we have incorporated all three Puerto Rican government property portals: CRIM, Karibe, and MIPR into our platform, in addition to the two hundred real estate listing websites we have identified on the Island,” said RED Atlas CEO Henry Keenan.
“The acquisition has also allowed us to break ground in new Latin America markets including Argentina, Colombia, and Mexico,” he said.
A diverse group of investors led RED Atlas’ seed round, including Alchemist, Parallel18, and Morro Ventures alongside individual investors experienced in the technology and real estate sectors. Key launch partners include JLL, Sotheby’s Real Estate, and the Partnership for Modern Puerto Rico.
The RED Atlas platform encompasses more than 1.5 million properties in Puerto Rico and approximately 20,000 individual property listings, with plans for future expansion to new Latin American markets.
“RED Atlas saw our technology and the way we collect information, and we believe that our combined capabilities will be greater than the sum of their parts,” said Salomón Muriel, co-founder of Finco.co. “We’re excited to serve clients in Colombia and Latin America with our technology-based solutions.”
Including the Finco.co team, RED Atlas now has 18 full-time employees serving platform users and Fortune 500 research clients in the real estate industry, it stated.