Pulppo
Summer 2022AcquiredShopify for Real Estate Agents in LATAM
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Shopify for Real Estate Agents in LATAM
Explore the risks and possibilities with a prompt for ChatGPT, Claude, or your agent.
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.
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.
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.
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.
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.
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.
The acquisition combined complementary positions. Pulppo brought agents and workflow; Habi brought property data, direct transactions, financing, and a regional consumer platform.
Pulppo proposed taking a share of broker commissions rather than relying only on software subscriptions. That aligned revenue with completed transactions and allowed the company to fund services around agents. It also exposed Pulppo to long sales cycles, failed deals, and local commission practices.
Transaction value was the most visible growth measure, but it was not revenue. The useful economic questions were Pulppo's net share, costs of leads and broker support, cancellation rates, and time from listing to closing. Those figures were not publicly disclosed.
Pulppo reached an acquisition while still operating and growing. Habi did not retire the platform; it said Pulppo would keep its brand, team, model, and partnerships. The terminal event was loss of independence, not product closure.
The strategic logic was distribution in both directions. Habi could offer its market data, inventory, mortgages, and guarantees through Pulppo's brokers. Pulppo could give agents a wider transaction and financing system without building every service itself.
Consolidation also reflected financing conditions. Regional venture funding tightened after the pandemic-era boom, favoring combinations with broader scale and clearer paths to profit. Habi reported reaching profitability in Mexico in late 2025, while Pulppo supplied an agent network rather than another capital-intensive home inventory business.
The acquisition terms remain unknown. Reported transaction volume and broker counts support operating relevance but do not reveal revenue or investor returns. The clearest conclusion is that broker workflow became strategically valuable when attached to a larger regional housing platform.