IMMO, a London, UK-based real estate fintech startup, closed a €72m funding round.
The round included:
– €11.5m in equity from a Series A funding led by Talis Capital and HV Holtzbrinck Ventures, Tom Stafford & Rahul Mehta of DST Global, and Mato Peric, amongst others, and
– €60m is in capital from its real estate investment platform.
The company intends to use the funds for further expansion into the UK and Germany.
Founded by Hans-Christian Zappel (Davidson Kempner, Forbes 30U30), Samantha Kempe (Blackstone) and Avinav Nigam (P&G), IMMO buys residential properties directly from consumers on behalf of professional investors.
The acquired properties are upgraded and turned into fully-furnished homes targeting the long-term rental market.
The company has built the technology to source, appraise and acquire single units at scale, thereby opening up a single unit residential real estate as a new asset class for institutional investors.
In one year, IMMO has assessed over 6,000 property leads (€2.2Bn) using proprietary machine learning technology. The company’s intelligence combines this property level data with millions of environmental data-point such as traffic nodes, crime statistics, school/restaurant/airbnb ratings, distance to supermarkets etc. to come up with an offer price for the seller. This allows IMMO to buy properties at scale directly from sellers.