Casai and Nomah merge “quick time period leases” companies and goal for presence all through Latin America
- August 19, 2022
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Merger of Mexican Casai with Brazilian Nomah includes a capital increase, made by the companies’ current investors: Andreessen Horowitz, Monashees and Loft Group
Technology companies dedicated to short term apartment rental — the so-called short stay rentals — the Mexican married and the Brazilian nomah announce the merger of the businesses.
The two are the largest companies in Latin America in the segment.
Combined, the new company will have 3,000 housing units on offer in Brazil and Mexico. The guest base reaches 200,000.
The merger includes a capital increase, made by the companies’ current investors — Andreessen Horowitz, Monashees and Loft Group. The value was not revealed.
What does Nomah do?
Real estate technology company Loft acquired Nomah in 2020 and will have a stake in the combined company.
Nomah was founded in São Paulo, in 2016, by the administrator Thomas Guz after a stint as a private equity analyst at the Astra Investimentos fund, in addition to experiences at ADP and Air France.
In addition to him, the administrator Fabio Bertini makes up the co-founder.
The deal comes from a feeling of the partners about the lack of options in the middle of a conventional hotel and the one offered in apps like Airbnb.
For this, Nomah forms partnerships with developers to manage residential buildings in order to transform them into accommodation that looks like a hotel — at an Airbnb price.
the money comes from fees charged from:
- developers for asset management
- end customers for the complete package of typical bills for an apartment stay (rent, condominium, IPTU, electricity and internet)
In six years, Nomah worked with references in the real estate market, such as Even and setand today it is present in São Paulo, Rio de Janeiro and Fortaleza.
Where Casai is present
The Mexican Casai followed a similar path in Mexico. Founded in 2019 by Nico Barawidan American who worked at BCG consultancy and in the M&A area of the renewables company SunEdison and at the banks Nova Credit and Beneficial State Bank, all in San Francisco, in Silicon Valley.
Today, Casai offers short-term stays in the main tourist destinations in Mexico and also in some Brazilian cities — São Paulo, Rio, Brasília and Florianópolis.
Investment in Mexico was a gateway to an ambition to grow fast across the Latin America — will behind the negotiations between the two companies.
“Hospitality is one of the biggest factors contributing to the economic development of the region. Over the past few years, more and more people have discovered Latin American culture, gastronomy, landscapes and history,” says Barawid. “The merger is a giant step forward in the hotel industry in the region.”
What is the partners plan?
On the partners’ radar is an expansion to Colombia and Chile in the coming months.
At this first moment, both companies will keep their brands.
Under the merger rules, Nico Barawid takes over as CEO of the new company.
Thomaz will be named president, responsible for integration, culture, people, strategy, public relations and Nomah’s team during the integration – a process of up to six months, say the partners of the two companies.
In Guz and Barawid’s plans is to replicate the guest facial recognition technology created by Nomah on Casai’s systems.
In the opposite direction, Casai’s sales teams should help Nomah in the pricing of apartments to serve new audiences, says Guz.
In addition, the new company will offer stock options — stock options — to all employees.
“We want all employees to feel like they own the business, with the aim of building a company that transforms the way people stay and invest in the real estate market. This is just the beginning,” says Guz.