Milan-based residential platform redesigning the way homes in Europe are bought and sold, Casavo has raised €400 million in a Series D funding round. Now turning its focus towards France, the €100 million equity portion was led by Exor, while €300 million is provided in the form of debt funding via Intesa Sanpaolo, Viola Credit, and “other leading institutional lenders”, one of whom chose not to be named in the 11th hour.
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 Lisbon.
Having proved its method and mechanism of carrying out property valuations, after which it either makes a direct offer to the home seller or finds the best buyer on the market, successful on its home turf, Casavo took to Spain in 2020 and launched operations in Portugal earlier this year.
According to the company, to date, it’s executed €1+ billion in transactions.
“This combination of equity and debt is a recognition of our relentless focus on sustainable growth and confidence in our long-term vision. The round will allow us to consolidate our leadership in Europe by growing across our existing markets in Italy, Spain and Portugal, while expanding into new ones, with France being a priority,” commented Tinacci. “We’ll continue investing in our mission to simplify the way people sell and buy homes, having evolved from a pure home-buying platform to a leading next-generation European residential marketplace.”
New investors on Casavo’s list include Neva SGR (Intesa Sanpaolo Group), Endeavor Catalyst, Hambro Perks, Fuse Venture Partners. On the angel investor list, Casavo now ads Sébastien de Lafond (founder of MeilleursAgents).
“Casavo is becoming the clear European PropTech leader and we are excited to continue the journey with Giorgio. Despite turbulent market conditions, the team has executed extremely well to date and we are optimistic about the future,” said Exor Seeds’ Noam Ohana.
The additional €300 million of debt financing includes a €190 million extension of Casavo’s main asset-backed financing facility that was provided in part by an existing syndicate comprised of Goldman Sachs and D.E. Shaw & Co, and now includes Intesa Sanpaolo (IMI Corporate & Investment Banking Division), as well as this mysterious “other” investor.