Proptech Casavo raises EUR 400 million to expand into Europe

July 25, 2022 by
Frank Calviño

Casavo, one of Europe's leading tech platforms, has recently announced that it has raised capital of up to €400 million. Casavo is known for transforming the experience of home sellers and home buyers. 

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The Casavo story 

Casavo is today a leading integrated platform for home sellers and home buyers. Founded in 2017, it has always been guided by the goal of eliminating the normal complexities that come with home buying and selling. 

To achieve this goal, Casavo has relied on a business model known as "instant purchase". Thus, it has managed to become the platform of reference for most sellers, offering a fast and transparent service. 

By developing its own technology, Casavo has managed to become an innovative marketplace where homeowners can start the process with the support of the platform. Sellers receive purchase offers directly through Casavo, or have the opportunity to find the perfect buyer using the network of partner agencies. In addition, buyers can access a wide selection of properties that are marked as "ready to move in", accessing a curated user experience as well as complementary services such as Casavo mortgages. 

Today, Casavo also connects real estate agents, agencies, banks, and renovation companies, generating value for all players in its ecosystem.

Casavo technology platform raises a record amount of capital 

The capital raised by the company to expand the real estate acquisition business is divided, on the one hand, into a Series D funding round of EUR 100 million. Then, additional credit lines of 300 million euros have been raised. 

The financing round was led by the Agnelli family's financial holding company, Exor NV. But new investors have also emerged, including Hambro Perks, Endeavor Catalyst, Neva SGR, and Fuse Ventures Partners, among others. It is also important to mention the so-called angel investors, such as Sébastien de Lafond, founder of the company MeilleursAgents. 

All these investors were part of the Series D investment round. From this pool of investors, they bring a combination of strategic market knowledge to support Casavo's future growth. 

In this sense, the founder and current CEO of Casavo, Giorgio Tinacci, explained that this round allows the company to consolidate its leadership in the rest of the European continent, achieving further growth in strategic countries such as Italy, Portugal and Spain. At the same time, he explains that this financing will allow the company to expand its business into new markets, with France as the main priority at present.

As for the additional funding of €300 million, this is backed by assets including a €190 million extension of the company's main credit line to support expansion into new geographies. It is financing that includes a large reduction in the cost of capital and new lenders such as Intesa Sanpaolo, which has joined the existing team of D.E. Shaw & Co. and Goldman Sachs. 

Now, the company's main objective is to continue to invest in its mission to facilitate and simplify the way homes are sold and bought, maintaining a constant evolution from instant buyers to new generation residential markets.

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