Casavo, the proptech scaleup that offers smart solutions for selling and buying homes, reports that it has completed its new EUR 20m capital raising, its financial results for the year 2023 and confirms its path to profitability.
New capital
The capital raising, concluded in March, was led by UniCredit, and involved all major shareholders, including Exor NV, Project A Ventures, Neva SGR and 360 Capital. This capital injection is a strategic extension to the Series D round of 2022, and will help finance the business plan based on the growth of the business marketplace. The long-term partnership with UniCredit thus continues after the first investment of EUR 10 million in 2022 and the integration since last April of Casavo technology within the real estate buying and selling experience of UniCredit SubitoCasa customers.
The marketplace
In the past year, Casavo completed a strategic reorganisation driven by two key objectives: to move from the instant buyer model to marketplace and to start on the path towards financial sustainability by 2025. In 2023, Casavo recorded a consolidated turnover of €225 million, up from the €216 million result in 2022. Consistent with this path, in the first half of 2024 Casavo completed the sale of the remaining real estate inventory on the balance sheet, which had 98 units worth EUR 36 million at the end of 2023.
Casavo also decreased production costs by almost 40% in one year, with further positive impacts that will be reflected in the 2024 income statement, a direct consequence not only of the shift to an asset-light business and operating model, but also of the strategic decision to focus on its core markets.
Digital property buying and selling
In 2023, Casavo served more than 3,200 sellers and buyers, distributing almost EUR 5 million in commissions to the real estate agents it works with. Casavo’s goal is to continue expanding its customer base and its network of partner agents, reshaping the future of real estate buying and selling. To do so, it is focusing on digitising the sales process, evolving its distinctive offer based on a smart, simple and transparent service.
“We are delighted to announce this new capital injection and grateful for the confidence of UniCredit and our major investors. Despite significant challenges related to rising interest rates, the team’s resilience and ability to evolve quickly have allowed us to continue on the path to profitability. We remain confident that we will achieve this goal by 2025,’ commented Giorgio Tinacci, founder and CEO of Casavo (pictured), in a note.
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