Helsinki-based Rive (formerly Kodit.io), a real estate services platform, announced on Wednesday that it has secured €23M in a Series A round of funding. The round was led by IDC Ventures, with participation from existing investors.
The Finnish company says it will use the funds to develop and scale its integrated real estate services platform for buying and selling properties, including instant cash offers, tech-enabled real estate brokerage, and rent-to-own.
The investment will also accelerate international expansion and M&A strategy.
“We are very excited to partner with IDC Ventures to help us in our ambition to radically improve the consumer experience in the housing market and help millions of people to change their lives and properties,” says Kalle Salmi, founder and CEO of Rive. “With this fresh funding and a new brand, we are ready to accelerate organic and inorganic growth in Europe.”
Rive: What you need to know
Founded by Kalle Salmi, Rive is an AI-powered real estate services platform with a mission to make buying and selling homes more accessible.
The platform offers end-to-end solutions for a successful real estate transaction, from real-time market insights to instant cash offers and renovation services delivered by local real estate professionals who guide them at every step.
“During times of economic uncertainty and declining housing prices, our ability to provide liquidity and real-time understanding of the market becomes crucial. There is a rapidly increasing demand for our services, and we are dedicated to positively impacting the housing market one transaction at a time,” Salmi continues.
To date, the real estate platform has acquired four real estate agencies and two rent-to-own platforms, grown 5x YoY, and sold over €300M worth of real estate annually.
The firm currently has operations in Finland, Spain, and Poland.
IDC Ventures is an international VC Fund with headquarters in Madrid and offices in Copenhagen and Guatemala.
The VC is industry and audience agnostic, but focuses heavily on offline to online innovation in three verticals: FinTech, Marketplaces, and Platforms in Europe, the US, and LATAM.
“Rive is at the forefront of changing how people buy and sell homes,” says Bobby Aitkenhead from IDC Ventures. “Our team has been following the proptech sector for years and immediately recognised Rive as a game-changer. With a market-leading services platform, innovative business model, and rapidly growing team of professionals, Rive delivers radically different customer experience in the housing market.”