Finnish Proptech Startup Kodit.io Raises €12M To Fund European Expansion
Kodit.io, a Finnish Property-tech company that gives homeowners a stress-free way to quickly sell their homes for a fair price, has announced the closing of a €12M ($13.4M) venture round to fund expansion in Europe.
Kodit.io is a so-called iBuyer that uses machine learning and automation to offer home sellers fair cash offers for their properties within 24 hours. After purchase, Kodit.io renovates the properties to offer home buyers move-in ready and risk-free homes to buy.
In short, Kodit.io disrupts the outdated and time consuming process of selling residential real estate and brings much needed transparency and liquidity to housing markets.
Kodit.io has been in the market for less than two years but is already the leading iBuyer in Europe with more than 300 customers. The company recently launched in Madrid, and is also operating in Tallinn and six cities in Finland. Later this year, the startup expects to expand to Paris, Barcelona and Warsaw.
An industry in transformation
Behind the €12M funding is a group of renowned marketplace investors. These include VC firms like New York-based FJ Labs, Austrian Speedinvest, Finnish Icebreaker.vc and Spanish All Iron Ventures, as well as Norwegian Adevinta (formerly Schibsted Marketplaces) that owns leading marketplaces in 16 different countries.
Hugo Mardomingo, Principal of All Iron Ventures, says of his firm’s decision to invest:
The real estate market is undergoing a strong transformation. Kodit.io brings a transparent and disruptive model to the table to eliminate the friction experienced by home buyers and sellers. We can contribute to Kodit.io with our experience in international expansion and collaborations with our investor base, many of them interested in the real estate investment opportunities that the European company can offer them.
Kodit.io, who previously raised €2M in seed capital, is planning to use its new funding to strengthen its expansion to new markets.
For more info you can contact:
Kalle Salmi, CEO
+358 50 5735229