Italian proptech startup Casavo takes home €400 million as it shakes up Europe’s property market

Milan-based startup Casavo has just scooped up €400 million in an immense Series D funding round, showing that proptech is still growing despite economic concerns growing across Europe. The proptech startup is now planning its French expansion.

Since 2017, Casavo has been influencing the property market in Southern Europe. Founded by Giorgio Tinacci, the property platform redesigns the way the property market operates, using a distinct and innovative business model. Now, the company has just secured €400 million in a Series D funding round. This comes little more than a year after a €200 million Series C raise which already marked the company as one of Europe’s fastest-growing proptechs. 

The funding 

A €100 million equity portion was led by Exor, whilst the additional €300 million was led by Intesa Sanpaolo and Viola Credit.

Additional investors include Neva SGR (Intesa Sanpaolo Group), Endeavor Catalyst, Hambro Perks, Fuse Venture Partners, as well as angel investor Sébastien de Lafond. Existing investors, Greenoaks, Project A Ventures, 360 Capital, P101 SGR, Picus Capital, and Bonsai Partners also participated in this round.

Reimagining the property market

Casavo takes a unique look at the property market – and it’s clearly on to something. It offers free appraisals to sellers, generates a quick offer, buys it and then renovates it to sell at a profit. Flipping houses in Southern Europe, the startup has gained traction in its native Italy, and Spain and expanded to Portugal this year. In this part of the continent, the model works well, there are many properties available that have massive potential but are sitting either derelict and/or haven’t changed hands for decades and are in need of some refurbishment. 

Using its technological platform – ‘Instant Buyer’ – Casavo is fundamentally changing how people sell and buy homes in Europe. It uses a dynamic pricing model to evaluate the financial potential of each home, calculating what the value will be post-refurbishment based on data it has on similar properties. 

It’s reported that the startup grew its user base 3x in 2021 and the company has handled €1 billion worth of transactions. 

Founder and CEO Tinacci said: “This combination of equity and debt is a recognition of our relentless focus on sustainable growth and confidence in our long-term vision. The round will allow us to consolidate our leadership in Europe by growing across our existing markets in Italy, Spain and Portugal, while expanding into new ones, with France being a priority. We’ll continue investing in our mission to simplify the way people sell and buy homes, having evolved from a pure home-buying platform to a leading next-generation European residential marketplace.”

What’s next

While the property market might have been slow to digitise compared to other sectors, there is plenty of space for fresh innovation in the sector. Property investment continues to be one of the most popular investment areas, and so, platforms like Casavo have a real market potential to continue growing, despite wider economic concerns. 

The startup has already proven itself in its space – holding a high value of the market share in Italy and Spain and growing fast in Portugal. Now, with his new finding, the startup is planning its move to France – where there is undoubtedly big market potential. 

Alongside moving into France’s lucrative market, Casavo plans to add an additional 200 people to its team of 400 in the next year. In addition, the firm wants to continue product development, so it can become an all-in-one property provider, with the capability to offer mortgages and so on. Already Casavo is a mortgage broker in Italy, and they want to expand on this offering across core markets and add further features. 

Exor Seeds’ Noam Ohana, commented: “Casavo is becoming the clear European PropTech leader and we are excited to continue the journey with Giorgio. Despite turbulent market conditions, the team has executed extremely well to date and we are optimistic about the future.”