Kodit.io, a Finnish real estate startup using tech to speed up sales in the housing market, has raised €100 million in a combination of equity and debt. The round, led by Nordic real estate investor NREP, will be used to purchase new homes for Kodit's real estate portfolio. The company aims to scale in its existing markets of Finland, Spain and Poland, and is considering expansion into new markets.
Founded in 2017, the proptech company started by building a machine learning-powered real estate data platform to give home sellers instant cash offers, and to provide home buyers with renovated move-in ready homes. Recently the Nordic business launched a real estate brokerage and is making moves to encompass other housing needs beyond ownership. The latest round shows the Helsinki-based startup has come a long way from its €1.7 million seed raise two years ago. Since then Kodit.io has taken a mix of equity and debt, namely €3 million in Series A funding along with €9 million in debt financing in May 2019.
“We have grown to a level where we are ready to absorb institutional real estate capital and I could not think of a better partner than NREP to do that with,” said Kodit.io Founder Kalle Salmi. The Nordic real estate investor has more than €5.5 billion assets under management. Photo by Juho Kuva: Alex Safarov, CFO at Kodit.io; Jani Nokkanen, Partner and CIO at NREP; Kalle Salmi, CEO at Kodit.io; Fanny Tabermann, Finance Director at Kodit.io