“We are running a marathon and we are only at the beginning. But by running we adapted, we learned a lot and understood one thing: you can do a great digital enterprise even in Italy”. Giorgio Tinacci, founder and CEO of Casavo, a new generation platform for selling and buying a house in Europe, today announces a capital raising of 400 million euros.
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Immobiliare, Casavo has closed a 100 million round led by Exor
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Round of financing of 100 million, led by Exor NV. It is a Series D round. This is the largest ever loan in the PropTech sector in Europe. To which are added credit lines of 300 million euros from Intesa Sanpaolo, Viola Credit and other institutions.
“I am happy, it is a great achievement, considering the difficult market conditions: it demonstrates the solid fundamentals of our business and confirms the growth prospects” explains Tinacci. Thirty years old, graduated from Bocconi, in 2017 he left a secure and well-paid job in Boston Consulting to found Casavo in a coworking. “I’ve always dreamed of building something of my own, but it wasn’t a rational choice. I followed the belly, I took a leap in the dark, trying to do well”.
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American model, the idea did not exist in Italy. Casavo is not a real estate agency. It is not a fund. It is not a builder. It was born as an Instant Buyer: a technological platform that buys properties directly from those who sell them and, after the renovation, finds the final buyers. Leveraging its technology, it has then evolved into a marketplace, where homeowners can initiate the sale or purchase process with Casavo’s support at every stage.
“For a long time we were considered a gang of kids. Yet we did a capital-intensive startup. And we succeeded, because we attracted the best talents. This is what I have learned in these 5 years of business: it is the people who do the difference. Technology is built, the business changes, what remains and works is a team of talents with the same creed “.
There are 450 talents, all under 30, a mix of different skills. United by the same vision: to change the life of those who buy and sell homes, simplifying it. “None of us had ever bought a house at the beginning. We were agnostics. A naive ambition and a freshness of mind moved us: we were free from the logic of thought that exists in the sector. We did not know the problems. allowed to take risks in a healthy way, “he explains again.
Today Casavo is among the best Italian startups (source LinkedIn). “We are not alone. In Italy a new generation of startups is being born: they are the demonstration that we are not” toy-companies “”: so, during an interview, a few years ago, Giorgio announced the project to us, then folding that ” We are a finger in the eye of those who think that nothing can be done in Italy “. Is it even more valid today? “Yes, the conditions are there: it is only a matter of time and the results will be seen”.
Casavo carried out transactions for over € 1 billion. It aims to extend into Europe. The new investors include, among others, Neva SGR (Intesa Sanpaolo Group), Endeavor Catalyst, Hambro Perks, Fuse Ventures Partners, as well as angel investors such as Sébastien de Lafond (founder of MeilleursAgents). , Project A Ventures, 360 Capital, P101 SGR, Picus Capital and Bonsai Partners participated in the Series D investment round.
We contact Giorgio 30 minutes after the announcement. He also smiles when he talks about difficulties. “It takes optimism, if you want to be an entrepreneur, you always have to look at the glass as half full. In this market moment, raising capital is very difficult: valuations are compressed, there is uncertainty, there is less risk appetite. Yet precisely when resources are scarce, there is a positive side: investors make clearer decisions, more attention is paid and growth-oriented projects get credit. “