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*** press release ***
- Despite challenging real estate and capital market conditions, Casavo completes a new round of investments
- Over the last twelve months, the company has completed the transition to the Marketplace model, in line with its sustainability objective. financial forecast for 2025
- Casavo's long-term vision is to redesign the future of real estate sales for sellers, buyers and agents thanks to technology
Casavo, a PropTech scaleup that offers smart solutions for selling and buying homes, announces the completion of a new capital raising of 20 million euros, the financial results for 2019 and 2023 and confirms the path towards profitability.
New investment round
The capital raising, concluded in March, is It was led by UniCredit and involved all major shareholders, including Exor NV, Project A Ventures, Neva SGR, and 360 Capital. This capital injection is a strategic extension of the 2022 Series D round and will help finance the business plan based on the growth of the Marketplace business. The long-term partnership with UniCredit therefore continues after the initial investment of 10 million euros in 2022 and the integration of Casavo technology into the real estate buying and selling experience of UniCredit SubitoCasa customers since last April.
2023: transition to the Marketplace model
Over the past year, Casavo has completed a strategic reorganization guided by two key objectives: transitioning from the Instant Buyer to the Marketplace model and starting the journey towards financial sustainability by 2025. In 2023, Casavo recorded a consolidated turnover of €225 million, up from the €216 million result of 2022. In line with this path, in the first half of 2024, Casavo completed the sale of the residual real estate inventory on the balance sheet, which at the end of 2023 consisted of 98 units for a value of €36 million.
Casavo has also reduced production costs by almost 40% in one year, with further positive impacts that will be reflected in the 2024 income statement, a direct consequence not only of the transition to an asset-light business and operating model, but also of the strategic decision to focus on its core markets.
2024 and beyond: an increasingly digital real estate transaction
In 2023, Casavo served over 3,200 sellers and buyers, distributing almost €5 million in commissions to the real estate agents with which it collaborates. Casavo's goal is to continue to expand its customer base and its network of partner agents, reshaping the future of real estate transactions. To do this, it is focusing on the digitalization of the sales process, evolving its distinctive offering, based on a smart, simple and transparent service.
We are happy to announce this new capital injection and grateful for the trust of UniCredit and our main investors. Despite the significant challenges linked to the increase in interest rates, the team's resilience and ability to evolve rapidly have allowed us to continue on the path towards profitability. We remain confident of achieving this goal by 2025.”
Giorgio Tinacci