Shared 9 August, 2024
Italian PropTech disruptor, Casavo, has announced a €20 million funding round led by UniCredit. This strategic investment, which marks an extension of the company’s Series D round, will fuel Casavo’s transition from an instant buyer model to a dynamic marketplace platform.
The funding comes as Casavo navigates a challenging real estate market marked by rising interest rates. Despite these headwinds, the company has demonstrated resilience and a strong commitment to financial sustainability.
A Pivot to Marketplace
Casavo’s strategic shift towards a marketplace model is a bold move designed to optimize operations and enhance customer experience. By focusing on connecting buyers and sellers directly, the company aims to reduce costs and increase transaction volume.
“Our transition to a marketplace model is a cornerstone of our growth strategy,” said Giorgio Tinacci, [Casavo’s Title]. “This funding round provides us with the necessary resources to accelerate this transformation and solidify our position as a leading PropTech player.”
Financial Performance and Future Outlook
In line with its strategic pivot, Casavo has achieved significant operational efficiencies. The company reported a consolidated revenue of €225 million in 2023, a notable increase from the previous year. Furthermore, Casavo has successfully offloaded its remaining property inventory, generating €36 million.
“We’ve made substantial progress in reducing our cost base by nearly 40%,” Tinacci added. “This, coupled with our strategic focus on core markets, positions us strongly for profitability in 2025.”
A Strategic Partnership
The renewed partnership with UniCredit underscores the mutual confidence between the two companies. The integration of Casavo’s technology into UniCredit SubitoCasa has already yielded positive results, and this latest investment signals a long-term commitment to collaboration.
“UniCredit is proud to support Casavo in its journey to become a leading European PropTech player,” said [UniCredit Representative]. “Their innovative approach to real estate aligns perfectly with our strategy of providing cutting-edge solutions to our customers.”
Navigating Industry Challenges
The PropTech industry is experiencing a period of rapid change and increased competition. However, Casavo’s ability to adapt to market conditions and leverage technology sets it apart.
“While the market has presented challenges, we’ve demonstrated our ability to evolve and thrive,” said Tinacci. “Our focus on customer satisfaction, coupled with our technological expertise, positions us well for long-term success.”
As Casavo continues to expand its marketplace platform and optimize operations, the company is poised to become a dominant force in the European real estate market. With the support of investors like UniCredit, Casavo is well-equipped to navigate industry challenges and achieve its ambitious growth targets.
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