Casavo, a Milan, Italy-based online platform for instant buying in real estate, closed an additional funding round of $7.9M in equity funding.
The round was led by Project A Ventures, which joined existing investors Picus Capital, 360 Capital Partners, Kervis Asset Management, Boost Heroes (holding company led by Fabio Cannavale), Marco Pescarmona (founder and chairman of MutuiOnline Group), and Rancilio Cube.
So far, Casavo raised more than $23.7M in both equity and debt funding.
The company intends to use the funds to grow across Italy and Southern Europe and to add tech-features to the core product, with the goal to make the process more efficient and therefore increasing the speed of the transaction even more, and to develop further complementary services for customers to be provided in the near future.
Founded in Milan in 2017 by Giorgio Tinacci, CEO, Casavo is a real estate startup which developed a tech-enabled platform that directly buys a property from the seller within 30 days.
For sellers, the company eliminates the hassle and uncertainty of valuation, renovation, viewings and months of waiting until finally finding a buyer.
Casavo’s automated valuation engine takes more than 70 variables into account and immediately provides potential sellers with the fair value of their property – and a purchase offer.
Upon acceptance of the offer, the company arranges a free inspection of the property and the seller receives the full cash payment within 30 days.
The property is eventually renovated and sold to the next owner directly by Casavo.
The company closed more than 50 real estate deals investing more than $12.4M and grew from two to 30 employees in little more than a year.
More than 700 real estate agencies have joined their network in Milan and Rome. As of April, Casavo will expand their operations to Turin and Florence, targeting other Italian metropolitan areas and then extending the service internationally in Southern Europe.