In a recent development, Casavo has bagged €7 million in Series A funding round led by Project A Ventures based in Berlin. Even its existing investors such as Kervis Asset Management, Boost Heroes, 360 Capital Partners and Picus Capital and others including Ranilio Cube and Marco Pescarmona are involved in the funding round.
Casavo was founded in 2017 by Giorgio Tinacci in Milan. With this investment, the overall funding raised by the company totals to €21 million.
How Casavo works?
When it comes to selling residential property in the main Italian cities, it takes seven months on an average even with the help of brokers. This is where the team at Casavo comes to play as it aims to simplify the process and transaction experience with its Instant Buyer aka iBuyer model.
Casavo’s automated valuation engine considers over 70 variables and provides potential sellers with their property’s fair value instantly. On accepting this purchase offer, the proptech startup arranges for a free inspection of the property and assures that the seller will receive the full cash for the property in 30 days.
Before selling the property to the next owner, Casavo renovates it. And, the selling process is transparent. The company uses its technological edge to decrease the selling time and create value for the seller.
Finalised 50 deals
As yet, Casavo has finalised 50 real estate deals and grown from two to 30 employees in less than two years. Over 700 real estate agencies have joined the Casavo network in Rome and Milan.
Expansion plans
The startup is also in plans to expand its operations to Florence and Turin by April. It is also targeting other metropolitan areas in Italy. Besides this, the startup is in plans to extend the service in Southern Europe as well.
It is said that the recent funding that Casavo has raised will be used to further develop its technology and make it more efficient so that the transaction speed is increased. It is also prepping additional services for the customers.
“Casavo has grown quickly and gained the trust of the market and investors,” said Giorgio Tinacci, founder and CEO of Casavo. “The large influx of capital reflects investors’ strong conviction in our innovative business model. We are very proud to have opened the Italian market to international investors such as Project A. This capital injection is going to support our growth plans across Italy and Southern Europe and mission to improve the sellers’ and buyers’ experience in the residential property sector.”
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