Home buying and selling services platform Rive just revealed raising a series A funding, tying down €23 million to spur development of its rent-before-you-own property service.
IDC Ventures led the series A round, which also includes existing investors from Rive's earlier equity deals. While the existing backers weren't named in the formal announcement, Rive's 2018 seed round bagged €1.7 million from lead investors Speedinvest and media group Schibsted, with Icebreak.vc injecting further funds.
Back then, Rive was still known as Kodit.io. Its name has changed, but the business model is the same: giving homeowners a far less stressful experience while making arrangements to buy, sell or rent their properties.
Rive's platform, primarily marketed as a "rent-to-own" service, has 30,000 potential homebuyers registered across Finland, Spain and Poland. The main feature is letting home seekers put down rent for their "dream" property while saving for their mortgage.
Rive also ensures all of the home properties listed on its platform are renovated to "modern standards", particularly around energy efficiency.
Bobby Aitkenhead, IDC Ventures co-founder and managing director, said: "Rive is at the forefront of changing how people buy and sell homes.
"Our team has been following the proptech sector for years, and immediately recognised that Rive is a game-changer.
"With a market-leading services platform, innovative business model, and rapidly growing team of professionals, Rive delivers radically different customer experience in the housing market.”
Kalle Salmi, founder and CEO of Rive, said: "We are very excited to partner with IDC Ventures to help us in our ambition to radically improve the consumer experience in the housing market and help millions of people to change their lives and properties.
"With this fresh funding and a new brand, we are ready to accelerate organic and inorganic growth in Europe"