Milan-based Casavo, a proptech company revolutionizing home buying and selling, has raised €20 million in new capital. This funding round, completed in March, was led by UniCredit and saw participation from key shareholders such as Exor NV, Project A Ventures, Neva SGR, and 360 Capital.
The new investment continues Casavo’s partnership with UniCredit, following a €10 million investment in 2022 and the integration of Casavo’s technology into UniCredit SubitoCasa’s real estate services. This capital raising extends the 2022 Series D round and supports the growth of Casavo’s Marketplace business. The company also announced its 2023 financial results, indicating its path towards profitability.
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CEO’s Vision and Company Resilience
Casavo’s founder and CEO, Giorgio Tinacci, expressed gratitude for the continued support: “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.”
Transforming the Real Estate Market
Founded in 2017, Casavo provides a seamless digital experience for home buying and selling. The platform offers instant purchase offers or connects 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. Casavo operates in major cities across Italy, Spain, and Portugal, aiming to make real estate transactions fast, transparent, and hassle-free.
Strategic Reorganization and Market Focus
Over the past year, Casavo transitioned from an Instant Buyer to a Marketplace model, aiming for financial sustainability by 2025. In 2023, Casavo’s consolidated turnover rose to €225 million from €216 million in 2022. In the first half of 2024, the italian firm sold its remaining real estate inventory valued at €36 million, consisting of 98 units at the end of 2023. The company reduced production costs by nearly 40% due to its shift to an “asset-light” business model and focus on core markets, expecting positive impacts in the 2024 income statement.
In 2023, the PropTech assisted over 3,200 sellers and buyers and allocated nearly €5 million in commissions to its real estate agents. The company aims to expand its customer base and agent network while transforming real estate sales through digitalization and smart, transparent services.
With this substantial investment, the startup is set to enhance its innovative real estate solutions, driving growth and efficiency in the property market and aiming for profitability by 2025.
