Pulppo

Overview

Pulppo built operating software and brokerage services for residential real-estate agents in Latin America. Its product combined customer management, listings, valuation, transaction analytics, home visits, and dashboards for buyers and sellers. The company positioned itself as infrastructure for brokers rather than an attempt to remove them.

Founded in Mexico in 2022, Pulppo raised about $5 million, joined Y Combinator, and expanded a network that it said reached 100 brokerages and 800 brokers. Habi acquired Pulppo in early 2026 for undisclosed terms. Habi said the brand, platform, team, and partnerships would continue independently while the companies combined data, financing, inventory, and distribution.

The acquisition ended Pulppo's independence only four years after founding. It was not a shutdown: the buyer kept the operating product. The outcome illustrates how a workflow platform can become more useful inside a regional property transaction network that also provides valuation, brokerage, and mortgage services.

Founding Story

Matias Gath and Agustin Iglesias founded Pulppo after operating other Latin American technology businesses. Iglesias had created Tokko Broker, a real-estate CRM that reached more than 20,000 paid brokers before acquisition. He later led the Mexican operation of property portal Inmuebles24. Gath had managed Glovo in Argentina and built another acquired startup.

The founders moved from Argentina to Mexico and launched Pulppo in 2022. Their thesis differed from businesses trying to replace agents: residential transactions remained local, relational, and operationally messy, so software should make brokers more productive.

Pulppo raised a $1.7 million pre-seed round led by Latitud in February 2022 and joined YC's Summer batch. Reported funding reached $5 million by the end of the year.

Timeline

• 2022: Gath and Iglesias founded Pulppo in Mexico.
• February 2022: The company raised a $1.7 million pre-seed round.
• Summer 2022: Pulppo joined Y Combinator.
• Late 2022: Reported funding reached $5 million, and the company projected $1.5 million in first-year revenue.
• 2023: Pulppo pursued regional expansion and promoted artificial-intelligence tools for brokers.
• 2024: The company later reported $200 million in Mexican property sales.
• 2025: Pulppo reported more than $215 million in Mexican transaction value and expanded into Argentina.
• January 2026: Habi announced the acquisition of Pulppo.
• After acquisition: Pulppo continued as a distinct platform and team while adding Habi's inventory, market data, mortgages, and rental guarantees.

What They Built

Pulppo gave brokers one system for leads, clients, listings, valuations, appointments, and transaction progress. Automatic publishing reduced duplicate listing work. Seller dashboards showed activity and pricing signals. Buyer collaboration kept requirements and candidate properties visible.

The company also operated as a technology-enabled brokerage network. Agents received software, marketing, and operating support while Pulppo participated in transaction economics. This made the product more than a CRM: it connected workflow with a commercial network.

That integration increased value and complexity. Property data in Latin America is fragmented, transactions can take many months, and financing introduces additional parties. Pulppo had to make local processes consistent without pretending each market shared identical rules or records.

Market Position

Target Customers

Pulppo served independent agents and brokerages in Mexico and other Latin American markets. Buyers and sellers interacted through dashboards, but brokers were the primary operating users. Habi valued Pulppo partly for this professional distribution network.

Market Size

The founders cited $166 billion in annual regional real-estate commissions, a broad estimate rather than Pulppo's immediate market. The practical opportunity was broker-mediated residential resale transactions in cities where digital records, standardized listing exchange, and financing access remained fragmented.

Competition

Pulppo competed with local CRMs, listing portals, franchise systems, general sales software, and brokerages building internal technology. Compass inspired the integrated brokerage-software model in the United States. Habi approached the market from transaction liquidity, valuation, and used-home inventory.