Milan-based proptech firm Casavo has announced a €200 mln capital raise to finance expansion across Europe following a triple digit business growth over the past 12 months.
Casavo, which is seeking to revolutionise the way people buy and sell homes in Europe, secured a €150 mln financing facility from Goldman Sachs as well as €50 mln in a series C equity round, led by the Agnelli family’s Exor and followed by existing investors Greenoaks Capital, Project A Ventures, 360 Capital and Picus Capital. P101 and Spanish venture capital fund Bonsai Partners also participated as new investors.
This now brings Casavo’s total raise to €385 mln including debt and equity.
Founded in 2017 in Milan, Casavo reduces the time to sell a home from an average of six months down to 30 days. With their Instant Buyer platform, the firm reported triple-digit growth over the course of 2020. The company has handled more than 1100 real estate transactions to date for a total value in excess of €300 mln. With a team of 200 people, Casavo is currently operating in Milan, Rome, Turin, Florence, Bologna, Verona, and Madrid.
‘We’re excited to welcome Exor as a long-term partner to change the way people sell, live and buy homes in Europe. We are proud 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 across our existing markets in Italy and Spain as well as in other European cities, helping thousands of home sellers and buyers. The equity proceeds will allow us to continue investing in our team and technology to deliver the best user experience for our customers. Finally, the facility secured from Goldman Sachs represents a strategic milestone for Casavo to finance at scale our real estate transactions on the institutional debt market.’
Noam Ohana, managing director of Exor Seeds, the early-stage investment arm of Exor said: ‘Casavo is emerging as the European PropTech category leader and we are thrilled to partner with Giorgio and his team and use the full depth of Exor’s global platform to build a European champion.’
Existing investors Greenoaks Capital, Project A Ventures, 360 Capital, and Picus Capital continue to support the company.
‘We are very excited to be able to support Casavo’s growth at this very important juncture. This facility fits our strategy of supporting innovative and differentiated high quality platforms globally,’ commented Simone Verri, a partner at Goldman Sachs and global co-head of Debt Capital Markets.
