Kodit.io, a Finnish Proptech company that gives homeowners a stress-free way to sell their homes for a fair price quickly, has announced the close of a €12M ($13.4M) venture round to fund expansion in Europe.
Kodit.io is a so-called iBuyer that uses machine learning and automation to offer home sellers fair cash offers for their properties within 24 hours. After purchase Kodit.io renovates the properties to offer home buyers move-in ready and risk-free homes to buy.
In short, Kodit.io disrupts the outdated and time consuming process of selling residential real estate and brings much needed transparency and liquidity to housing markets.
Kodit.io has been in the market for less than two years but is already the leading iBuyer in Europe. The company recently launched in Madrid, and is also operating in Tallinn and six cities in Finland. Later this year, the startup expects to expand to Paris, Barcelona and Warsaw.
An industry in transformation
Behind the €12M funding is a group of renowned marketplace investors. These include VC firms like New York-based FJ Labs, Austrian Speedinvest and Spanish All Iron Ventures, as well as Norwegian Adevinta (formerly Schibsted Marketplaces) that owns leading marketplaces in 16 different countries.
Hugo Mardomingo, Principal of All Iron Ventures, says of his firm’s decision to invest:
The real estate market is undergoing a strong transformation. Kodit.io brings a transparent and disruptive model to the table to eliminate the friction experienced by home buyers and sellers. We can contribute to Kodit.io with our experience in international expansion and collaborations with our investor base, many of them interested in the real estate investment opportunities that the European company can offer them.
Kodit.io, who previously raised €2M in seed capital, is planning to use its new funding to strengthen its expansion to new markets.
Take a look at the video below to know more about the proptech startup.
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