Casavo, an Opendoor-style proptech from Italy, raises $410M to expand its instant buyer platform across Europe

Casavo, an Opendoor-style proptech from Italy, raises $410M to expand its instant buyer platform across Europe

Opendoor opened the door, so to speak, to the idea of applying technology to the concept of house flipping to both scales the opportunity and make it considerably more efficient. While its share price is being hammered at the moment in a wider downturn for tech stocks overall, it’s a strong enough concept that it’s inspired a number of others to follow in its footsteps. In the latest development, an Opendoor-style startup called Casavo, out of Italy, is announcing that it has raised €400 million (about $410 million currently).

It plans to use the money to expand its business across Europe on the back of a platform that today is listing close to 4,000 homes in Italy, Spain, and Portugal and has to date (since being founded at the end of 2018) sold some 3,200 properties for an aggregate value of €1 billion, according to CEO and founder Giorgio Tinacci.

The funding is coming in the form of a €100 million Series D and €300 million in debt to buy up and fix up properties. Casavo noted that this Series D is the largest “proptech” equity investment to date in Europe, while the debt round takes the startup’s borrowing capacity to half a billion euros.

Tinacci said in an interview that the company was not disclosing valuation except to note that it’s more than twice the size it was in its last round. For context, that was $194 million in February 2021, per PitchBook data, which makes Casavo’s valuation now likely over $400 million.

Exor — a traditional-style holding company controlled by the Agnelli family that has a wide variety of investments ranging from publishing (e.g., The Economist) through to automotive brands (e.g., Ferrari and Stellantis) and sport clubs (football behemoth Juventus) — is leading the equity round with participation from a number of others that will be giving it some strategic resources as well as money. Casavo’s new investors include Neva SGR (Intesa Sanpaolo Group), Endeavor Catalyst, Hambro Perks, Fuse Ventures Partners and angel investor Sébastien de Lafond (founder of MeilleursAgents). Alongside them, previous backers Greenoaks, Project A Ventures, 360 Capital, P101 SGR, Picus Capital and Bonsai Partners also participated.

Intesa Sanpaolo (IMI Corporate & Investment Banking Division), Goldman Sachs and D.E. Shaw & Co provided the debt.

Casavo’s rise has largely come out of three main areas: the pandemic, the gaps in the property market in Europe as it exists today, and Casavo’s particular approach to tackling that.

About Casavo: Casavo is a digital residential platform that is redesigning the experience of selling and buying homes in Europe leveraging proprietary technology in each step of the transaction process. Whether you want to sell or buy a home, Casavo makes it simple, fast and convenient, providing the best solution for your needs. Casavo offers integrated home-related services, providing a turn-key experience with an inclusive approach towards real estate operators (brokers, contractors, banks. etc). Founded in 2017 by Giorgio Tinacci, Casavo currently operates in Italy (Milan, Rome, Turin, Florence, Bologna), Spain (Madrid, Barcelona, Malaga, Seville) and Portugal (Lisbon), rapidly expanding into other European markets.

Casavo seems to be a fascinating startup with a motivating turn of events on the real estate platform. Best wishes for the new startup business venture. I know that the team worked incredibly hard on it. I wish them great success in the future!

Shishir Gupta, Founder and CEO, StartupLanes

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.