Greenoaks leads €50m series-B for Casavo

The investment is composed of €20m of equity and €30m of debt, which was provided by an undisclosed German banking institution.

Casavo plans to use the fresh capital to boost its expansion by opening new agencies in Bologna and other Italian cities and subsequently expand into new countries across southern Europe. In addition, the capital will be used to improve Casavo's marketplace platform, increase efficiency and add complementary services to its offering.

Previous funding
Following a pre-seed round of €500,000 raised from early-stage investor Picus Capital in September 2017, Casavo received €1.4m of funding in a round led by 360 Capital Partners with participation from Picus in March 2018. Subsequently, the startup raised an additional funding round of an undisclosed amount in November 2018. 

Germany-based venture capital firm Project A Ventures led a $7.9m series-A funding round for Casavo in February 2019. In addition, previous backers Picus and 360 Capital Partners took part in the round, alongside Kervis Asset Management, Boost Heroes, Rancilio Cube and Marco Pescarmona, founder and chair of MutuiOnline Group. More recently, Casavo received €25m in debt financing from an undisclosed international fund in June 2019.

Company
Established in 2017 and based in Milan, Casavo offers an online marketplace to buy and sell residential properties. The startup provides real-time evaluations and purchase offers within 24 hours, allowing vendors to sell their properties within 30 days. Once acquired by Casavo, the properties are renovated, fractioned and sold again on the platform.

The company has so far closed 300 real estate deals worth around €50m and counts 1,000 agencies and 60 staff across its network in Milan, Rome, Turin and Florence.

People
Greenoaks Capital - Bob Scully (principal).
Casavo - Giorgio Tinacci (founder, CEO).

Advisers
Equity - Bonelli Erede (legal); Gunderson Dettmer Stough Villeneuve Franklin & Hachigian (legal).
Company - Chiomenti (legal); Rödl & Partner (legal).

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• Topics
• Expansion
• Southern Europe
• Real estate
• Venture
• Italy