Casavo, the real estate fintech company founded in Italy but looking to grow mainly in Spain, has closed a $238 million (€200 million) funding round, with the entry of new and well-known investors. The Series C equity round has been led by Exor Seeds, the investment arm of Exor, a holding company controlled by the Agnelli family and owner of companies such as PartnerRe, Ferrari, Stellantis, CNH Industrial, Juventus FC and The Economist Group.
“We are delighted to welcome Exor as a strategic partner to change the way we sell, live, and buy homes in Europe. We are honored to be able to benefit from their entrepreneurial heritage while sharing the same innovative vision,” said Giorgio Tinacci, founder and CEO of Casavo. “The new round will accelerate our growth in our current markets of Italy and Spain, as well as in other European cities. The funds raised will allow us to continue investing in equipment and technology to offer the best user experience to thousands of home sellers and buyers.”
Another investor that has now decided to bet on Casavo after confirming its plan to grow in Spain is Bonsai Partners. The Spanish venture capital fund invests in technology opportunities across Europe. Bonsai was among the first investors in Idealista, Glovo, or Wallapop.
P101 and related funds (including Azimut Libera Impresa), have now also entered the new round, Casavo’s fifth since its inception in 2017. Existing investors Greenoaks Capital, Project A Ventures, 360 Capital and Picus Capital continue to support the company.
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The investors as a whole have provided $59.5 million (€50 million) in capital, the vast majority of which was injected by Exor
Goldman Sachs has also decided to back Casavo and its growth in Spain, providing the company with a credit line of $178.5 million (€150 million) to finance the purchase of real estate properties. As Francisco Sierra, head of Casavo in Spain and soon also in Portugal, explains, this is the first time the U.S. bank has financed a real estate fintech.
“We are very pleased to be able to support Casavo’s growth at this important time. This line of credit is in line with our strategy of supporting innovative and differentiated high quality
innovative and differentiated high quality platforms globally” added Simone Verri, Partner and Global Co-Head of Debt Capital Markets at Goldman Sachs.
The objective of this financing round is “to be able to buy assets in Spain and open up the Portuguese market”, explains Sierra, who highlights “the great moment to invest in the Spanish real estate market, where 80% of the properties are owned by private individuals, compared to the trend in other countries where funds are the largest owners”.
With this new round of financing Casavo brings the total investment raised to date by the Italian company to $458 million (€385 million)
Casavo achieves this injection of funds after triple-digit growth in 2020 and demonstrating its success in the digitization of the home buying and selling process, reducing the average sale time from 6 months to less than 30 days, “bringing value to all players in the real estate ecosystem,” says Francisco Sierra, who adds that in Spain there are now 17 employees, but soon another seven people will join, and will open office, in addition to Madrid, in Barcelona and Seville. He also confirms that new rounds are planned for the medium term, in which Agnelli and Goldman Sachs will participate.
The company will launch this year a technological platform that will help real estate agencies to adapt to the new situation caused by the pandemic, achieve greater operational efficiency and increase their number of transactions.
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