How Real Estate Disruptors Are Consolidating To Capture EU PropTech Market
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Loading... - Kissa Darwish
- 11 Oct 2022
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Milan-based PropTech firm Casavo recently announced that it is acquiring Paris-based online estate agent Proprioo as part of its expansion into the French market.
The Casavo platform streamlines the process of selling property by offering free appraisals to sellers, generating a quick offer to buy a property if an offer is accepted.
Launched in 2017, the PropTech firm has since expanded into Spain and Portugal and initially announced its intention to target France when it raised 400 million euros in a series D round in July.
As the company’s CEO Giorgio Tinacci said at the time: “The round will allow us to consolidate our leadership in Europe by growing across our existing markets in Italy, Spain and Portugal, while expanding into new ones, with France being a priority.”
Tinacci added that by 2025, their “goal is to achieve 5% market share in France’s biggest metropolitan areas, starting with Paris.”
With around 45,000 residential transactions per year, the Paris real estate market is certainly an attractive one for Casavo, which will now go head-to-head with rival platform Zefir, a French firm currently offering a similar proposition to home sellers in the city.
In fact, the latest merger suggests that after a heady few years for real estate platforms in the region, consolidation may be setting in, and Casavo, which has no known competitors in its home market, is well-positioned to become a market leader in France and Europe’s leading real estate platform. Read More...
