This week's (second) funding and investment roundup includes some big names worldwide. We'll start in Europe...
LeBonCoin CEO Antoine Jouteau has hinted that the marketplace may be up for sale, but insists "it is not a subject for now." [translated from French]
Jouteau told the French business channel BFM Business that a sale could be a "possibility" for LeBonCoin, the Adevinta-owned generalised marketplace.
Adevinta has already begun transitioning itself to divest from its diverse marketplace portfolio, beginning with Jouteau returning to his previous post if heading up LeBonCoin after Adevinta opted to operate without a centralised CEO.
In a wide-ranging interview, Jouteau also confirmed that LeBonCoin is seeking damages from Google in a multi-mission dollar lawsuit, and said the platform grew by 10% to €550 million in 2024.
Private equity firm Cinven finally closed its €2.9 billion ($3.1 billion) acquisition of the international real estate portal operator Idealista this week.
Despite being all but signed, sealed and delivered since this summer, Expansíon has reported that the official transaction closed on December 10, 2024.
The newspaper claimed it is the biggest single deal involving a Spain-based internet business of all time, with the valuation rising from the agreed sale price after changes in Idealista's operating performance in recent months.
Cinven's took a 70% stake in the portal operator, a clear market leader in Spain and Portugal, and a close-run market leader in Italy against Immobiliare.it.
Idealista Global, Idealista's parent company, increased its revenues to €259 million in 2023, a 19% increase year over year.
MagicBricks has acquired a majority stake in the proptech PropViz for an undisclosed sum.
PropViz offers 3D visualisation and immersive technology solutions such as virtual tours and smart maps, an integrated bookings system and real-time inventory management tools.
The proptech has developed 125 million sq. ft. of virtual spaces, designed 1,800+ interactive spatial layouts, and works with over 100 developers in India.
Sudhir Pai, CEO at Magicbricks, said:
"We now offer a full suite of solutions tailor-made for both homebuyers and developers as part of our full-stack positioning. For developers, apart from our leading ad-sales solutions, we’ve launched Site Visits & Verified Leads as disruptive solutions. With PropViz, we will expand our range of solutions for developers covering the entire funnel from prelaunch to launch to sustenance selling of projects."
The top broker in the United States, Compass, has agreed to acquire @properties and Christie’s International Real Estate for $444 million.
Compass is a big-name, coast-to-coast brokerage operator in the States and also competes with Zillow across mortgages and other services.
Robert Reffkin, CEO at Compass, said:
"We’re operating two great companies ‘as is,’ and that’s a really important message. We want to make sure we get the best from each other but not necessarily change quickly."
The AI-enabled lettings marketplace Dwelly has made another acquisition after a busy second half of the year which has seen the challenger marketplace close two significant investments in rentals businesses.
Dwelly acquired Gallant Richardson earlier this month, adding circa 450 rental properties to its portfolio.
The acquisition follows the purchase of Lime Property in September, which added circa 1,000 properties to Dwelly's marketplace.
This week's Product Roundup is all about Europe. We'll start with Spain's market-leading portal, idealista... Europe: idealista adds online...
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Baltic Classifieds Group, which operates over a dozen leading classifieds platforms in Lithuania, Estonia, and Latvia, has released typically strong...
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Scout24, the operator of leading German portal ImmoScout24, has approved a new share buy-back programme of up to €500 million...
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Sweden’s leading property portal Hemnet is rolling out a “sell first, pay later” model and chain-level broker partnerships in a...
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