Italy-born digital real estate platform company Casavo, which recently secured €400 million in equity and debt funding, has acquired French proptech startup Proprioo to enable it to launch in Paris with a “guaranteed sale” offer.
Since its launch in Italy in 2017, Casavo already expanded to Spain and Portugal, and is now moving up north by means of M&A.
Proprioo was launched in the same year as its new owner by entrepreneurs Simon Primack and Henri Pagnon, who bring much-needed local real estate brokerage know-how to the table.
According to Casavo, selling a property in the current market environment in France, at the best price and in the shortest possible time, is increasingly complicated.
Bringing a “guaranteed sale” offer to the French residential market, the largest in Europe by number of transactions at present, Casavo warrants real estate sellers a transaction at an agreed price in under 5 months after the property gets listed. If it doesn't get bought at or above the price that was set, Casavo buys the property itself.
"We are delighted to announce our entry into the French market with the acquisition of Proprioo, a leading French proptech platform. Our ultimate goal is to enable thousands of French individuals to sell or buy a home in a simple, safe and convenient way. We are particularly excited to join forces with Simon, Henry and the entire Proprioo team, which has executed well to date on the same mission," said Giorgio Tinacci, founder and CEO of Casavo.
"By 2025, our goal is to achieve 5% market share in France’s biggest metropolitan areas, starting with Paris. The goal is ambitious but possible thanks to our technology, our significant investment capacity for France, and Proprioo's local market expertise," he added.