Palomma raises $10M Series A led by Cometa for rent payments in Colombia

Palomma has raised a $10 million Series A led by Mexican firm Cometa, with Volpe Capital, Clocktower Technology Ventures, Tekton Ventures, Simma Capital and Yango Ventures joining. Including $4 million not disclosed before, total funding is $14 million. Existing backers include Y Combinator, 17Sigma, Nido Ventures and Norte Ventures.

The Medellín company was founded by CEO Cipriano Echavarría, who worked at Nubank on its Colombia launch, with Felipe Monsalve and Nicolás Gómez del Campo. It sells AI software for property managers covering leasing, customer service and collections, a rent payments system, rent advances for landlords and rental income protection.

Palomma processes about $130 million in rent each month for more than 200,000 tenants through over 500 property managers. Annual recurring revenue is about $3 million, up thirtyfold in 18 months. Mexico, Brazil and the US Hispanic market are under consideration.