Milan, October 9, 2019 - Casavo, Italy’s leading 'instant buyer' online marketplace, has announced the close of its Series B round, raising a total of €50m, with €20m in equity and €30m in debt, and becoming the first Italian startup to raise €100m of capital within two years. This latest equity funding round, led by Greenoaks, comes a few months after Casavo’s Series A, which was led by Project A Ventures, 360 Capital and Picus Capital in February 2019. Debt financing was provided by an undisclosed German institution.
“We’re excited about Greenoaks’ investment and this new capital injection, which will enable Casavo to continue building our technology platform and drive our expansion into new markets,” says Giorgio Tinacci, founder and CEO of the Milan-based startup. “In addition to strengthening our presence in Italy by entering new cities, starting with Bologna, we plan to expand our platform in southern Europe and grow our team by hiring additional managers, data scientists and product engineers. 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.”
Bob Scully, an investor at Greenoaks said, “Casavo offers a remarkable value proposition for everyone – seller, buyer and agent – involved in the real estate transaction. We’ve seen significant value created through proptech innovation for consumers in the United States, and we look forward to working with Giorgio and the entire Casavo team to better serve consumers in the Italian and European markets.”
Greenoaks is a San Francisco-based private investment firm that makes concentrated, long-term investments in internet-enabled businesses globally. Other Greenoaks investments include Coupang, Brex, Deliveroo, Robinhood, Sonder and Discord.
Additionally, Casavo sees continued support from existing investors including 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. On average, it takes 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 almost 300 real estate transactions worth more than €50m. The team has grown to almost 60 people in two years and more than 1,000 real estate agencies have joined the Casavo network in Milan, Rome, Turin and Florence.
Italian law firm Chiomenti was lead deal advisor. BonelliErede and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP acted as co-counsels to Greenoaks, and Rödl & Partner as co-counsel to Casavo. A German/Italian team from Orrick advised on the debt financing.