Tech-driven housing startup Lhoopa and the Asian Development Bank (ADB) recently signed a loan agreement of up to $20 million. The collaboration between the two parties aims to make affordable housing more accessible by focusing on sustainable solutions that cater to underserved Filipinos from SEC D.
Founded in 2017 by Marc-Olivier Caillot and Sabrina Tan, Lhoopa ventures into real estate investments and leverages its network of construction, sales, and customer management to construct cost-effective residences, subsequently offering them to deserving clients for purchase. It has previously collaborated closely with state-owned and private entities, including the Home Development Mutual Fund (PAG-IBIG) while becoming a portfolio company of Endeavor.
Lhoopa’s unique strategy involves utilizing its digital platform to identify potential demand and collaborating with over 100 local small-scale contractors and 4,000 real estate agents to meet that demand. This not only boosts local employment but also makes housing solutions more accessible. Lhoopa aims to deliver up to 4,000 houses annually by 2025 and 8,000 by 2028.
In 2022, Lhoopa successfully secured funding in its Series A round (led by Wavemaker Partners and Patamar Capital), facilitating its expansion into additional cities across the Philippines and exploration of opportunities in Indonesia.
ADB’s Director General for Private Sector Operations, Suzanne Gaboury, underscored the importance of this project, noting it as ADB’s inaugural private sector housing initiative in the country. Gaboury stressed the project’s alignment with ADB’s mission of promoting resilience and sustainability in Asia and the Pacific. “This is ADB’s first private sector housing project in the Philippines, and Lhoopa is a fitting partner as it caters to people who are often unable to adapt to the impacts of climate change. The project not only provides livable spaces for these communities, but also enhances their climate resilience,” Gaboury stated.
“With the ADB facility, we will be able to provide thousands more affordable homes to Filipino families. Having such an esteemed institution by our side puts us on a global stage and will allow us to apply our technological solutions on a larger scale, thereby impacting more lives in the process,” said Caillot.
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