In the ever-evolving landscape of European property technology, Casavo continues to make waves. The Milan-based proptech scale-up, known for its innovative approach to home buying and selling, has recently secured additional funding to fuel its growth and transformation.

Casavo's Latest Funding Round

In March 2024, Casavo successfully raised €20 million in an extension of its Series D round. This latest injection of capital was spearheaded by UniCredit, with significant participation from key shareholders including Exor NV, Project A Ventures, Neva SGR, and 360 Capital. This development follows UniCredit's €10 million investment in 2022 and marks a continuation of their strategic partnership.

The Journey Towards a New Business Model

Over the past year, Casavo has undergone a significant strategic shift. The company is transitioning from its original Instant Buyer model to a Marketplace approach. This pivot aims to enhance financial sustainability, with the company setting its sights on profitability by 2025. The move to an "asset-light" business model has already yielded positive results, with production costs reportedly decreasing by nearly 40 percent.

Financial Performance and Market Impact

Despite challenges posed by rising interest rates, Casavo has demonstrated resilience. In 2023, the company's consolidated turnover reached €225 million, a slight increase from €216 million in 2022. The first half of 2024 saw Casavo divest its remaining real estate inventory, valued at €36 million. Throughout 2023, the platform facilitated transactions for over 3,200 sellers and buyers, while allocating approximately €5 million in commissions to its network of real estate agents.

Casavo's Unique Value Proposition

Casavo, established in 2017 by Giorgio Tinacci, has positioned itself as a disruptor in the real estate industry by offering an end-to-end digital experience. The platform simplifies property transactions through instant purchase offers or by connecting sellers with buyers via a network of partner agents. For buyers, Casavo provides a curated selection of move-in-ready homes, complete with integrated services such as mortgages. The company operates across major cities in Italy, Spain, and Portugal, aiming to make real estate transactions faster, more transparent, and hassle-free.

Investor Confidence and Future Outlook

The recent funding round underscores the continued faith investors have in Casavo's vision and potential. Giorgio Tinacci, Casavo's founder and CEO, expressed gratitude for the trust UniCredit and other major investors placed in the company. He acknowledged the challenges faced but remained optimistic about reaching profitability by 2025, crediting the team's resilience and adaptability.

As Casavo forges ahead with its strategic transformation and expansion plans, the company remains committed to its core mission of revolutionizing the European real estate market. By leveraging technology to create a more efficient, transparent, and user-friendly property transaction process, Casavo is well-positioned to capitalize on the growing demand for innovative proptech solutions. The recent funding and strategic shifts signal an exciting new chapter in the company's journey toward becoming a dominant player in the European real estate technology sector.