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Press release
- Casavo raises €100 million in Series D investment round led by Exor, the largest ever financing in the PropTech sector in Europe.
- The company has Casavo has also secured additional credit lines of €300 million from Intesa Sanpaolo, Viola Credit, and other major banks.
- Casavo aims to extend its industry leadership in Europe by continuing to develop its platform and expanding into new markets.
Milan, July 19, 2022 - Casavo, the market-leading European PropTech platform that is redesigning the experience of home buyers and sellers, today announces a €400 million capital raising.
This €100 million Series D financing round demonstrates the solid fundamentals of the business and confirms its growth prospects despite challenging capital market conditions. The additional €300 million credit lines increase the capital available to scale the business to over €500 million. real estate acquisition strategy for the coming years.
Numerous investors involved
The financing round was led by Exor NV. New investors include, among others, Neva SGR (Intesa Sanpaolo Group), Endeavor Catalyst, Hambro Perks, Fuse Ventures Partners, as well as angel investors such as Sébastien de Lafond (founder of MeilleursAgents). The group of investors involved provides a mix of strategic expertise to support the company's future growth. All major existing investors, including Greenoaks, Project A Ventures, 360 Capital, P101 SGR, Picus Capital, and Bonsai Partners, participated in the Series D investment round.
"We are delighted to strengthen our relationship with Exor following their initial investment last year and to welcome all new investors alongside our existing shareholders," says Giorgio Tinacci, Founder and CEO of Casavo. "This extraordinary transaction is recognition of our continued focus on sustainable growth and our long-term strategy. This round will allow us to consolidate our leadership in Europe through further growth in Italy, Spain, and Portugal, and will enable us to expand our business into new markets, with France as a priority. We will continue to invest in our mission to simplify the way people buy and sell homes, continuing the evolution from Instant Buyer to a next-generation residential marketplace.
Casavo is becoming the undisputed leader in Europe in the PropTech sector and we are excited to continue the journey with Giorgio. Despite the turbulent market conditions, the team has performed very well to date and we are optimistic about the future,” said Noam Ohana, Managing Director of Exor Seeds.
Access to capital at a reduced cost
The additional asset-backed financing of €300 million includes a €190 million extension of Casavo’s main credit line, to support expansion into additional geographies. The transaction saw the participation of new lenders, including Intesa Sanpaolo (IMI Corporate & Investment Banking Division), who join the current team composed of Goldman Sachs and DE Shaw & Co. The financing provides for a significant reduction in the cost of capital. The confidence shown by investors confirms the solidity of Casavo's business model.
An integrated platform for those who sell and buy homes
Since its founding in 2017, Casavo has been guided by a clear vision: to remove the complexities typical of real estate sales. Casavo was born as a platform for the direct purchase of homes, with a business model known as "Instant Buying," and has become the online reference point for most sellers thanks to a fast and transparent service, unlike the traditional process.
By leveraging its proprietary technology, the company has It then evolved into an innovative marketplace, where homeowners can begin the selling or buying process with Casavo's full support at every stage. To date, Casavo has completed transactions worth over €1 billion.
Sellers can receive a purchase offer directly from Casavo, or find the perfect buyer on the market thanks to the network of partner agencies. Buyers have access to a selection of "ready-to-move-in" properties, integrated with a curated user experience and complementary services such as Casavo Mortgages. The Casavo platform also connects real estate operators, including real estate agencies, banks, and renovation companies, generating value for all stakeholders in the ecosystem.