Finnish startup Rive has just raised €23 million for its real estate platform that’s making the property buying and selling process simpler. The proptech startup takes an AI approach and is planning to take its solution to international markets.
Getting on the property ladder, and navigating it effectively, is notoriously difficult. From high costs to entry to over-complicated manual processes, many people struggle with this space. Currently, Europe’s real estate market is on the verge of crisis with reports showing that higher interest rates and increased inflation will create financial pressure on lower-income and over-indebted households. Given that purchasing property was already for those with juicier bank accounts, this crisis will exacerbate the problem.
Aiming to help more people access the real estate market, by making the process simpler and giving people tools to overcome the gap in unequal wealth distribution, Rive has developed home ownership solutions. The startup has now secured fresh capital and placed itself as one of Europe’s leading proptech providers.
Funding details:
- €23 million raised in Series A funding
- The round was led by IDC Ventures, with participation from existing investors.
- Rive has also recently rebranded from iBuyer Kodit.io, acquired four real estate agencies and two rent-to-own platforms, grown 5x Year-over-Year and is selling over €300 million worth of real estate every year.
Kalle Salmi, founder and CEO of Rive: “We are very excited to partner with IDC Ventures to help us in our ambition to radically improve the consumer experience in the housing market and help millions of people to change their lives and properties. With this fresh funding and a new brand, we are ready to accelerate organic and inorganic growth in Europe”.
Switching homes the simple way
Founded in 2017, Rive’s end-to-end proptech platform brings simplicity to switching homes by providing liquidity to sellers and fully renovated, move-in-ready homes for buyers, while providing real estate agents with a unique combination of tech tools and products to give better service to their customers.
As a result, Rive’s customers get everything they need for a successful real estate transaction, from real-time market insights to instant cash offers and renovation services delivered by local real estate professionals who guide them at every step.
It comes as Europe’s real estate market faces growing challenges, namely the access to ownership and carbon emissions related to building new real estate. Rive aims to help more people enter the real estate market by providing novel home ownership solutions. For example, Rive’s rent-to-own solution, which already has over 30,000 potential homebuyers registered, offers them a chance to rent their dream home while saving money for the down payment. Additionally, by renovating existing apartments to modern standards, Rive aims to reduce the negative impact of new buildings, and improve the energy efficiency of the existing building stock.
Kalle Salmi: “During times of economic uncertainty and declining housing prices, our ability to provide liquidity and real-time understanding of the market becomes crucial. There is a rapidly increasing demand for our services, and we are dedicated to making a positive impact in the housing market one transaction at a time.”
The firm currently has operations in Finland, Spain, and Poland and will use this funding to develop the platform, which can provide integrated services for instant cash offers, tech-enabled real estate brokerage, and rent-to-own. In addition to developing its service solutions, the investment will be used to further international growth, with the rebrand being central to Rive’s already successful M&A strategy.
Bobby Aitkenhead from IDC Ventures: “Rive is at the forefront of changing how people buy and sell homes. Our team has been following the proptech sector for years, and immediately recognised that Rive is a game-changer. With a market-leading services platform, innovative business model, and rapidly growing team of professionals, Rive delivers radically different customer experience in the housing market.”
