Casavo, the Italian real estate instant buying platform, announced a 7 million euros series A funding round. The lead investor was Project A Ventures, the European venture capital fund based in Berlin, who was joined by investors who had already supported Casavo, such as Picus Capital, based in Munich, and the Italo-French fund 360 Capital Partners. Also participating in this round were Kervis Asset Management, Boost Heroes (the investment veichle owned by Italian entrepreneur Fabio Cannavale), Marco Pescarmona (founder and president of the MutuiOnline Group) and Rancilio Cube, the family office and impact investing group founded in Milan by the Rancilio family (see the press release here).
“This capital injection will support our growth plans in Italy and Southern Europe and our mission, that is to improve the experience of sellers and buyers in the residential sector of the real estate sector”, said Giorgio Tinacci, ceo of Casavo . The new finance received will also be used to improve the technological features of the platform, with the aim of further increasing the speed of the transaction. Furthermore, the company is working on additional additional services for customers. “Our goal is to support the company in the growth process in order to make it the main technological reality of the real estate sector in Italy and throughout Southern Europe”, said Anton Waitz, general partner of Project A Ventures. After this round, the total capital raised by Casavo reaches 21 million euros, including shares and debt.
Casavo was founded in 2017 by Giorgio Tinacci and Simon Specka. It offers an automated property evaluation system, which takes into consideration over 70 variables and offers real-time value to their potential sellers and allows them to sell them immediately. After accepting the offer, Casavo organizes a free inspection of the property, while the seller receives the payment within 30 days, against the 8 months on average necessary to sell a house in Italy. The service is free: Casavo earns an average discount of 8% applied to the market price of the property. The startup then restructures and in turn resells the property. Casavo does not compete, but collaborates with real estate agencies: over 700 have joined its network in Milan and Rome and report the properties that are in a hurry to sell. The startup is currently active in Milan and Rome, but from April it will also be present in Turin and Florence. To date, Casavo has closed more than 50 real estate transactions, investing more than 11 million euros and has grown from 2 to 30 employees in just over a year.