To revolutionize the way people purchase and sell homes online, real estate firm Casavo has secured €400 million (USD 406 million) in debt and equity, making it the most significant fundraising round in Europe for an emerging industry.
Along with Sébastien de Lafond, other investors include Neva SGR (Intesa Sanpaolo Group), Endeavor Catalyst, Hambro Perks, and Fuse Venture Partners. In addition to previous backers, this round also included participation from Greenoaks, Project A Ventures, 360 Capital, P101 SGR, Picus Capital, and Bonsai Partners.
What the founder has to say:
Founder and CEO Tinacci said:
“This mix of equity and debt demonstrates our unwavering commitment to sustainable expansion and faith in our long-term strategy. By expanding into new markets, with France as a top priority and our current ones in Italy, Spain, and Portugal, the round will enable us to solidify our position in Europe. After developing into a premier next-generation European residential marketplace from a purely home-buying platform, we’ll keep investing in our objective to make it easier for individuals to sell and purchase houses.
What the investors have to say:
Exor Seeds’ Noam Ohana commented:
“Casavo is emerging as the European PropTech leader, and we are eager to press further with Giorgio. The team has performed incredibly well despite tumultuous market conditions, and we are hopeful for the future.”
More about this startup:
The firm has already demonstrated its competence in its industry by dominating the markets in Spain and Italy and rising quickly in Portugal. With his discovery, the business is now preparing to relocate to France, where there is unquestionably significant market potential.
Casavo intends to expand its 400-person workforce by 200 individuals over the following year in addition to entering the lucrative French market. The company also wants to keep developing new products to eventually offer all types of real estate services, including mortgages and other financial products. In Italy, Casavo is already a mortgage broker; they wish to broaden their service across key markets and add new services.
Casavo, a company that assists sellers in marketing their properties—typically apartments—on its online marketplace, was formed in 2017. Casavo guarantees a sale within 30 days of listing by directly buying the property if no interested parties have expressed themselves during that time.
The startup provides sellers with a quick property valuation using an algorithm. Collecting a percentage of each sale made on a property acquisition by third parties makes money.
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