Italy-based proptech startup Casavo announced in March 2021 that it has bagged €200 million in a Series C funding round led by Exor Seeds. Other funding round participants include Greenoaks Capital, Project A Ventures, 360 Capital, Picus Capital, P101 and related funds (including ITALIA 500 from Azimut Libera Impresa), and Bonsai Partners.
About the startup
Giorgio Tinacci founded Casavo in 2017. The startup has developed a technological platform named Instant Buyer’ that submits direct offers to buy homes, and post renovation finds the final buyers. Casavo aims to change the way people sell, live and buy homes in Europe. The startup claims to have handled over 1100 real estate transactions to date for a total value in excess of €300 million. It currently comprises a team of 200 people and in Milan, Rome, Turin, Florence, Bologna, Verona, and Madrid.
The startup recorded triple-digit growth in 2020 as the company provides customers with an excellent digital user experience, reducing the average time to sell a home from 6 months to less than 30 days, and benefitting all players in the real estate ecosystem.
Statements from the stakeholders
CEO Giorgio Tinacci said they are excited to welcome Exor as a long-term partner to change the way people sell, live and buy homes in Europe. He added that they feel proud to benefit from their entrepreneurial heritage, while sharing the same innovative vision. The new round will accelerate the startup’s growth across its existing markets in Italy and Spain as well as in other European cities, helping thousands of home sellers and buyers. The equity proceeds will allow them to continue investing in their team and technology to deliver the best user experience for our customers.
Noam Ohana, Managing Director of Exor Seeds was quoted to have said: “Casavo is emerging as the European PropTech category leader and we are thrilled to partner with Giorgio and his team and use the full depth of Exor’s global platform to build a European champion.”
Goldman Sachs will provide Casavo with a secured facility of up to €150 million to finance the growth of Casavo’s real estate inventory: “We are very excited to be able to support Casavo’s growth at this very important juncture. This facility fits our strategy of supporting innovative and differentiated high quality platforms globally”, stated Simone Verri, a Partner at Goldman Sachs and Global Co-Head of Debt Capital Markets.
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