Adevinta has participated in a new funding round of funding for Kodit.io as part of its strategy to explore new business models that improve customer and user experience.
Kodit.io, a Finnish startup in the real estate segment, uses the so-called iBuyer model. It uses AI technology to reduce the average time needed to buy or sell a home. Kodit has just closed its second round of investment worth EUR 12 million. Kodit is already operating in Madrid, and plans its arrival in Barcelona, Valencia and Alicante in the next 6 months.
“We invested in Kodit.io during its seed round last summer, to explore how the iBuyer model is changing how consumers buy and sell homes. We are convinced that this new model has good potential in many real estate markets in Europe, and therefore we decided to participate in this new financing round as well,” said Jussi Lystimaki, VP of Ventures at Adevinta.
“Beyond our financial investment, we will also cooperate closely with Kodit in Spain to develop market liquidity and to connect the iBuyer model with our leading Spanish real estate sites, adding value for buyers and sellers.”
Adevinta’s Ventures team invests in new marketplace models by acquiring minority stakes in startups in the areas of real estate, autos, and future of work. Adevinta has participated in this investment round for Kodit.io with the aim of selling apartments faster and cooperating in the advance of the technology in Spain’s real estate market to add more value for buyers and sellers on its two leading real estate marketplaces in Spain, Fotocasa and Habitaclia. Kodit.io offers sellers instant cash offers for their homes. Purchased properties are then refurbished and put up for sale.
“We support opportunities that have a positive impact on our clients and users,” said Jose Manuel Merino, General Manager for Fotocasa and Habitaclia. “We will collaborate with Kodit.io to explore how the iBuyer model can increase the liquidity of the real estate market by speeding up sales, helping both individuals and agencies.”