Seventure and CM-CIC invest €4.2m in EffiCity

Seventure contributed €2.8m through its Banque Populaire Innovation 13 and CA Innovation 9 funds; CM-CIC invested €1.4m.

The funding will allow EffiCity to develop its offering across France. The investors were attracted by the company's business model, believing it fits a growing need among customers to reduce unnecessary costs.

Founded in 2007, EffiCity is a network of "low-cost" estate agents. The company aims to reduce hidden costs for the customer and typically charges between 1% and 3% commission per sale (against a 6.5% national average).

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Grégoire Gille on +44 20 7484 9824 or gregoire.gille@incisivemedia.com

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• Topics
• France
• Consumer
• Expansion
• CIC
• France