PH housing startup Lhoopa and ADB sign deal pushing for green affordable housing
Summary
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. 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.ADBs Director General for Private Sector Operations, Suzanne Gaboury, underscored the importance of this project, noting it as ADBs inaugural private sector housing initiative in the country. This is ADBs 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. 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.
Funding
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