The concept of bringing technology to the concept of house flipping to scale the potential while also making it significantly more efficient While its share price is currently being crushed as part of a broader fall in technology companies, it’s a good enough concept that it’s inspired several others to follow in its footsteps. In the most recent development, an Opendoor-style business called Casavo from Italy announced that it had raised €400 million (about $410 million at the time).
According to CEO and founder Giorgio Tinacci, the money will be used to expand its business across Europe on the back of a platform that currently lists close to 4,000 homes in Italy, Spain, and Portugal and has sold approximately 3,200 properties for an aggregate value of €1 billion since its inception at the end of 2018.
The cash will be provided in the form of a €100 million Series D and €300 million in debt to purchase and renovate properties. Casavo said that this Series D round is Europe’s most prominent “proptech” equity investment, while the debt round increases the startup’s borrowing capability to half a billion euros.
Tinucci told TechCrunch that the firm is not announcing its valuation; other than that, it is more than twice the size it was in its previous financing. According to PitchBook data, that was $194 million in February 2021. Therefore, Casavo’s valuation is now projected to exceed $400 million.
The debt was given by Intesa Sanpaolo (IMI Corporate & Investment Banking Division), Goldman Sachs, and D.E. Shaw & Co.
Casavo’s rise has been driven primarily by the pandemic, the inadequacies in the European property market as it now exists, and Casavo’s unique method to address them.
