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Casavo Grows and Opens the Spanish Market

  • Two years after the launch of operations in Italy, where it is present in 5 cities, the Proptech startup starts growth in southern Europe
  • The organization in Italy has also been strengthened, with the appointment of 7 new managers; over 50 new hires expected in 2020

Casavo, Italy’s leading "instant buyer" online marketplace, has announced that it has also extended its business to the Spanish real estate market. The announcement comes three months after the closing of the Series B financing round, which had brought to Casavo 50 million euros (20 million in equity and 30 in debt), thanks to which it was the most financed startup in Italy in 2019. The arrival of Casavo on the Spanish market also coincided with the strengthening of the managerial structure in Italy, with the appointment of seven new managers, with the aim of improving the seller and buyer experience and achieving the 2020 targets.

The Spanish team is led by Juan Uribe, with the role of General Manager for Spain. He graduated in Industrial Engineering at Tecnológico de Monterrey in Mexico and holds an MBA from the Tuck School of Business at Dartmouth, US. Former consultant from both McKinsey&Co and Boston Consulting Group as well as leadership roles in various tech companies also in the real estate sector.

The real estate market in Spain - This is a good time for the real estate market in Spain. As reported by the Ufficio Studi Gruppo Tecnocasa Spain, in the last half of 2018 Madrid recorded a 16.62% in prices increase and the property prices in the main districts of the capital are among the highest in the country. According to statistics speaded by the Colegio de Registradores de Espana, moreover, throughout the country, house sales between January and March 2018 increased by 13.4% compared to the previous year and by 15.3% compared to the previous quarter.

Giorgio Tinacci, Casavo, Founder and CEO: "According to the Colegio de Registradores de Espana, Madrid is the city with the highest number of house sales in the country throughout 2018, exceeding the 45,000 transactions. Based on these numbers and taking advantage of the experience gained in Italy in the first two years of activity, we want to provide excellent service also to all sellers, buyers and real estate agencies in Spain. Now we have to think about growing in Spain and then strengthening further in southern Europe and strengthening our team by hiring new resources, not only in the financial field but also in the technological one. Ultimately, our goal is to create the best buying and selling experience for any customer in Europe, and we will continue to build value for our clients by launching new services and innovative real estate products".

During the first two years of activity in Italy, Casavo was supported from investors including the American Greenoaks Capital, Project A Ventures and Picus Capital of Germany, in addition to Italian-French investment fund 360 Capital, Kervis Asset Management, Boost Heroes (holding company led by Fabio Cannavale), Marco Pescarmona (founder and chairman, MutuiOnline) and Rancilio Cube.

Casavo is Italy’s first "instant buyer", offering tremendous value to both sellers and buyers of residential real estate in Southern Europe. Casavo is addressing a critical pain point in the property marketplace by significantly reducing the time it takes to transact. According to Banca d’Italia, on average it takes more than seven months to sell a residential property through the traditional channels in Italy’s main cities. However, Casavo simplifies the process, allowing sellers to avoid the hassles and uncertainties associated with the different phases of the sale process. Casavo achieves this by stepping in as a direct buyer. The company’s automated valuation system takes into consideration dozens of variables and provides potential sellers with the exact value of their property and an immediate purchase offer in real time. After accepting the offer, Casavo carries out a free inspection of the property, while the seller receives the full payment within a matter of days.

Further, the company has closed more than 300 real estate acquisitions worth more than €85m. The team has grown to about 100 people and more than 1,000 real estate agencies have joined the Casavo network in Milan, Rome, Turin, Florence and Bologna.

Casavo is a startup that operates in the real estate sector and has developed an innovative and unique business model: a technological platform that directly buys the property of those who want to sell their home in a matter of days. Founded in Milan in 2017 by Giorgio Tinacci, Casavo aims at reducing sales times, while eliminating stress and uncertainty from the process. Casavo is financed and supported by some of the most important Italian and international investors, such as Greenoaks, Project A Ventures, Picus Capital, 360 Capital, Kervis Asset Management, Boost Heroes and Marco Pescarmona. Further information is available at www.casavo.it.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200121005502/en/


Casavo Management Spa
Via Elia Lombardini, 10 20143 Milano
E-mail: marketing.italy@casavo.com
Amministratore Delegato: Giorgio Tinacci
P.I. 10540340964, C.F. e iscrizione registro
Imprese di Milano 10053290960 – R.E.A. MI – 2501133
Capitale sociale: Euro 128.352,00 i.v.

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