Buying and selling homes can be difficult, but many proptech companies have appeared to make things easier. One of the startups making waves is Italian startup Casavo, which operates on an instant purchase model. The company wants to change how people buy and sell homes in Europe. It all starts with the technology, which allows Casavo to buy, renovate and sell properties quickly and efficiently. And now, after raising a significant amount of money, Casavo is looking to expand.
The leading European proptech platform that innovates home sales and purchases has today announced a €400 million funding round.
The latest €100M Series D equity round confirms the strong fundamentals and prospects of the business despite difficult capital market conditions. The additional €300 million in debt brings the company’s borrowing capacity to €500+ million, with sufficient resources to grow its home buying business for years to come.
Significant investor interest
The latest equity round was led by Exor NV. New investors include, among others, Neva SGR (Intesa Sanpaolo Group), Endeavor Catalyst, Hambro Perks, Fuse Venture Partners, as well as angel investors such as Sebastien de Lafond (founder of Mailers Agents). The roundup will provide a mix of strategic expertise to support the company’s future growth. All major investors participated in the Series D round, including GreenOx, Project A Ventures, 360 Capital, P101 SGR, Picus Capital and Bonsai Partners.
“Following their initial investment last year, we are delighted to be strengthening our relationship with Exor and supporting all new investors alongside our shareholders.” He says. Giorgio Tinacci, Casavo founder and CEO. “This combination of equity and debt reflects our focus on sustainable growth and our belief in our long-term vision. The round will allow us to strengthen our leadership in Europe by expanding into new ones in our existing markets in Italy, Spain and Portugal, with France as a priority. We continue to invest in our mission to simplify the way people buy and sell homes by transforming from a pure home buying platform to a first-generation European residential marketplace.
“Cassavo is becoming a clear European proptech leader and we are excited to continue the journey with Giorgio. Despite the turbulent market conditions, the team has performed extremely well to date and we are optimistic about the future,” he said. Noam Ohana, Managing Director of Exor Seeds.
A war-chest of money with reduced capital expenditure
The additional €300 million debt financing includes a €190 million extension of Casavo’s principal asset-backed financial facility, which will support Casavo’s expansion into other geographies. New institutional lenders such as Intesa Sanpalo (IMI’s corporate and investment banking division) are joining the company’s existing Goldman Sachs and DE Shaw & Co syndicates. The additional financing has a significant reduction in the cost of capital. The confidence shown by institutional investors further underscores Casavo’s sound fundamentals.
An end-to-end platform for home sellers and buyers
In the year Since its inception in 2017, Casavo has been guided by a clear vision: to free people from the complexity of selling and buying. Casavo is a business known as the “quick buyer” that started as a home buying platform and became the online reference point for most sellers by offering a fast and frictionless proposal – as opposed to the traditional slow sales process.
Leveraging the company’s proprietary technology stack, it has evolved into an innovative marketplace where homeowners can begin their buying or selling journey, fully supported by Kasavo at every step of the process. To date, Casavo has executed 1+ billion Euro transactions.
Sellers can accept a direct purchase offer through Kazavo or find the right buyer through our network of partner agents on the marketplace. Buyers can access an exclusive inventory of ‘ready-to-move-in’ properties, a curated user experience and integrated services such as mortgages. The Casavo platform connects brokers, banks and renovation companies, including real estate operators, to deliver value to stakeholders across the ecosystem.
Finally, Casavo sees himself as a market maker who seamlessly matches sellers and buyers.
The original press release is available on the Casavo website.
Spencer Hulse is a news desk editor at Grit Daily News. It covers startups, affiliates, viral and marketing news.