Founded in Milan in 2017 by Giorgio Tinacci, Milan-based Casavo aims to decrease the time it takes to sell a property, and eliminate the stress and the uncertainty of the process.
Only 17 months after launching, Casavo has raised €7 million in Series A funding. The round was led by Berlin-based Project A Ventures, with participation from existing investors Picus Capital, 360 Capital Partners, Kervis Asset Management, and Boost Heroes, along with Marco Pescarmona and Rancilio Cube. This brings the total raised by Casavo to €21 million in equity and debt funding.
On average, it takes seven months to sell a residential property with the help of traditional brokers in the main Italian cities. The team behind Casavo, however, wanted to create a simplified transaction experience, using the Instant Buyer (iBuyer) model. Casavo’s automated valuation engine takes more than 70 variables into account and immediately provides potential sellers with the fair value of their property – and a purchase offer. Upon acceptance of the offer, Casavo arranges a free inspection of the property and the seller receives the full cash payment within 30 days.
The property is eventually renovated and sold to the next owner directly by Casavo in a transparent process that fosters customer confidence and peace of mind. The combination of technological edge paired with the team’s focus on flawless execution enables Casavo to decrease selling time, ultimately creating value for the seller.
Casavo has so far closed more than 50 real estate deals, and has grown from two to 30 employees in little more than a year. More than 700 real estate agencies have joined their network in Milan and Rome. As of April, Casavo will expand their operations to Turin and Florence, targeting other Italian metropolitan areas and then extending the service internationally in Southern Europe. Simultaneously, the fresh funding will be used to further develop the startup’s technology, with the goal to make the process more efficient and therefore increasing the speed of the transaction even more. The company is also working on further additional services for customers to be provided in the near future.
“Casavo has grown quickly and gained the trust of the market and investors,” said Giorgio Tinacci, founder and CEO of Casavo. “The large influx of capital reflects investors’ strong conviction in our innovative business model. We are very proud to have opened the Italian market to international investors such as Project A. This capital injection is going to support our growth plans across Italy and Southern Europe and mission to improve the sellers’ and buyers’ experience in the residential property sector.”
“We’re thrilled to complete our first investment in Italy,” commented Anton Waitz, General Partner at Project A Ventures. “Casavo’s track record is very exciting and we are impressed by the relentless focus on execution excellence demonstrated by Giorgio and his team. Our goal now is to support the company on its path to become the leading tech-enabled real estate platform in Italy and Southern Europe. We strongly believe that the Italian startup ecosystem is becoming more appealing for international venture capital funds which will fuel its growth in the coming years.”