Tech-enabled apartment rental startup Casai has acquired Brazilian smart-lock provider Loopkey for an undisclosed sum.
The deal follows Mexico-based Casai’s purchase of Brazilian property technology specialist Roomin in December 2021, which expanded Casai’s presence in the region.
Casai, which translates to smart home, offers design-focused, tech-equipped accommodations for short- to medium-term stays in Mexico and Brazil. It offers self check-in and a 24/7 concierge and has hosted more than 30,000 guests across six cities.
Loopkey is a smart-lock hardware and software company that facilitates the maintenance of electronic smart locks across multiple properties.
Its technology was developed with researchers and students at the University of Brasília in 2014, and in 2018, Loopkey launched its first access control platform.
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Casai says the acquisition is part of the startup’s plan to “revolutionize the hospitality market and lead the short- to medium-term stay segment” in Latin America.
“One of the main reasons property owners choose Casai is our focus on seamless reliability for both guests and property owners. By acquiring Loopkey, we will continue to ensure that our check-in process is the most streamlined in the market,” says Casai co-founder and CEO Nico Barawid.
With the acquisition, Casai and Loopkey’s engineering teams will collaborate to develop Casai’s hospitality operating system, however the two startups will maintain their independent operations.
Loopkey will begin commercializing its product in Mexico with plans to expand to other Latin American markets.
“A software platform in a hardware-heavy market is a great differentiator. We will be able to generate more insights that will contribute to the development of the proptech market in Latin America. Additionally, incorporating a leading access control systems company into our operations allows us to create a more assertive global model for guests and property owners,” Barawid says.
In October 2020, Casai raised $48 million in funding led by Andreessen Horowitz. It currently has more than 1,400 units in its portfolio.