Milan-based Casavo, a proptech scale-up providing smart home buying and selling solutions, announced on Wednesday, August 7, that it has raised €20M in new capital.
This round, completed in March, was led by UniCredit and included participation from major shareholders like Exor NV, Project A Ventures, Neva SGR, and 360 Capital.
The partnership with UniCredit continues, following a €10M investment in 2022 and the integration of Casavo’s technology into UniCredit SubitoCasa’s real estate services.
This capital raising is an extension of the 2022 Series D round and will support the growth of Casavo’s Marketplace business. The Milan-based company also announced its 2023 financial results, confirming its path towards profitability.
Casavo founder and CEO, George Tinacci, says, “We are pleased to announce this new capital injection and grateful for the trust from UniCredit and our main investors.”
“Despite significant challenges related to rising interest rates, the team’s resilience and ability to rapidly evolve have allowed us to continue on the path to profitability. We remain confident of achieving this goal by 2025.”
Smart solutions to sell and buy homes
Casavo is a European platform transforming the home buying and selling process with an end-to-end digital experience.
Founded in 2017 by Giorgio Tinacci, Casavo simplifies real estate transactions by offering instant purchase offers or connecting sellers with buyers through a network of partner agents.
Buyers benefit from a curated selection of move-in-ready homes and integrated services, including mortgages.
Operating in major cities across Italy, Spain, and Portugal, Casavo aims to make real estate transactions fast, transparent, and hassle-free while collaborating with brokers, banks, and renovation companies to enhance the ecosystem.
Transition to the marketplace model
Over the past year, Casavo has undergone a strategic reorganisation to transition from an Instant Buyer to a Marketplace model and to achieve financial sustainability by 2025.
In 2023, Casavo’s consolidated turnover rose to €225M from €216M in 2022. In the first half of 2024, Casavo sold the remaining real estate inventory, valued at €36M, which consisted of 98 units at the end of 2023.
Additionally, the Italian company claims to have reduced production costs by nearly 40 per cent, due to its shift to an “asset-light” business model and focus on core markets, with positive impacts expected in the 2024 income statement.
In 2023, Casavo assisted over 3,200 sellers and buyers and allocated nearly €5M in commissions to its real estate agents.
The company aims to expand its customer base and agent network while transforming real estate sales through digitalisation and a smart and transparent service.
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