The archive · Developer & Business Tools · Strategic decision · 2021–2026
Pulppo's broker-empowerment bet ends in Habi acquisition
Mexican proptech Pulppo bet AI tools could empower real-estate brokers, not replace them; US$6.7M raised, then acquired by Colombia's Habi in 2026.
Pulppo
What the business is
Pulppo is a Mexico-based proptech giving real-estate brokers AI-powered tools for valuations, listings, home visits and client management, earning revenue by splitting the broker's commission.
Starting capital：US$1.7M pre-seed led by Latitud (2022) and a US$5M seed led by DAAL Ventures with Y Combinator, 1984VC and Boost Capital (2023).
How it started
Gath and Iglesias, Argentine founders who moved to Mexico, launched Pulppo's MVP in October 2021 with 20 agents. Their contrarian bet: most proptechs tried to remove the broker, so Pulppo would arm brokers with valuation, marketing-metrics and home-visit tools and take a cut of the fee instead of charging upfront.
What happened
A US$1.7M pre-seed led by Latitud closed in February 2022 with Newtopia and angels from Rappi, Kavak and HiHab. In January 2023, DAAL Ventures led a US$5M seed with Y Combinator, 1984VC and Boost Capital. Pulppo said its tools cut selling time from the regional 9–12 months toward 90 days, and 30 allied brokerages grew 50–60% year over year in their first quarter.
How it ended up
In February 2026, Colombia's proptech unicorn Habi acquired Pulppo to add broker tools across Mexico, Colombia and Argentina; terms were not disclosed. Habi framed the deal as consolidation after LatAm funding dried up, and reported its own first full month of profitability in November 2025.
Background
Pulppo was founded in 2021 by two Argentine founders in Mexico, Matías Gath and Agustín Iglesias, who bet the opposite of most proptechs: rather than removing real-estate brokers, they would make brokers better with software. Pulppo gave agents AI-assisted tools for valuations, listings, home visits and client management, and made money by splitting the broker's commission instead of charging the agent.
The bet found early believers. A US$1.7M pre-seed led by Latitud closed in February 2022, and DAAL Ventures led a US$5M seed in January 2023 with Y Combinator, 1984VC and Boost Capital. Pulppo said brokers cut selling time from the typical 9–12 months toward 90 days, and its first 30 allied brokerages grew 50–60% year over year.
In February 2026, Colombia's proptech unicorn Habi acquired Pulppo, folding its broker tools into an ecosystem spanning Mexico, Colombia and Argentina; terms were not disclosed. The deal came as LatAm startups consolidated after venture funding dried up, and Habi — which recorded its first full month of profitability in November 2025 — positioned Pulppo as the tooling layer for its brokers.
What has to be true
- Empowering the incumbent faces no startup-vs-incumbent rivalry: brokerages bought the tool instead of defending against it.
- Targeting homes above US$200,000 kept the wedge small and the service expectations high.
- Splitting the commission aligned Pulppo's revenue with broker success instead of charging software seats.
- Founders who had run the trade could sell a workflow fix, not a tech fantasy.
- A proprietary broker network became the asset an acquirer wanted, even without a big valuation.
What can be applied
Building for the incumbent instead of against them gave Pulppo a wedge nobody defended — the acquirer paid for the broker relationships, not the software.
Aftermath
As of September 2026, Pulppo no longer operates independently; its platform and team sit inside Habi, which is using the tools to serve real-estate agents in Mexico, Colombia and Argentina while it studies further acquisitions. Habi has not raised new capital since its 2022 round and says it is prioritizing profitable growth after reaching its first full month of profitability in November 2025. No further Pulppo funding or product news has been published since the acquisition.
Sources
- Mexican Proptech Pulppo Raises $1.7M in Pre-Seed Round
- DAAL Ventures invests in Mexico's Pulppo
- Habi adquiere Pulppo y acelera su expansión en México, Colombia y Argentina
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