Italian digital residential platform that is redesigning the experience of selling and buying homes in Europe, Casavo has now set foot in Portugal. It will invest over €100 million to acquire houses in Portugal in the short run. With its team and office in Lisbon, the prop tech company plans to hire over 20 people over the next couple of months to reinforce its growth plan in the country.
Founded in 2017 in Milan by Giorgio Tinacci, the platform currently has a team of over 300 people and operates in Milan, Rome, Turin, Florence, Bologna, Madrid, Barcelona, and now in Lisbon. The startup expanded operations to Spain in 2020 after witnessing a good run in its home turf. In its third country of operations, the startup will pursue its mission of changing the way people sell, live, and buy homes in Europe. The company had earlier raised €200 million in March 2021.
Talking about how it will disrupt the fragmented market in Portugal, Giorgio Tinacci, CEO & Founder of Casavo said: “The Portuguese residential market is apt for Casavo as people still prefer to buy houses rather than rent. Similar to the other Southern European markets, the residential market here is fragmented, complex, and offline. The pandemic has accelerated a change in customer behaviour towards digital adoption. Entering the Portuguese market allows us to continue our expansion, strengthening our proposition and keeping investing in innovation.”
The company has developed a proprietary technology platform that carries out property valuations, after which it either makes a direct offer to the home seller or finds the best buyer on the market.
If the property is acquired by Casavo, it guarantees the entire transaction process and makes payment to the owner in full in a matter of days. Through this process, it brings liquidity to the property market and transparency as opposed to the traditional selling process. It then carries out renovation works and puts the properties back up for sale, offering ready-to-live houses. The proptech also offers integrated home-related services, providing a turn-key experience with an inclusive approach towards real estate operators.
As of now, the startup has completed over 160,000 home valuations through its website, carried out more than 2,300 transactions worth over €700 million, and raised over €450 million in equity and debt.