Spitogatos.gr, one of the largest real estate website in Greece, takes another step forward in its mission of making Greek property search and real estate transactions more transparent and efficient. The company announced that Real Web SA, a company based in Luxembourg which owns the leading real estate website in Italy, Immobiliare.it, has acquired the majority stakes in the company.
Spitogatos.gr was founded in 2006 and was the first Greek online business to raise venture capital money in 2009 from Oxygen Capital, a TANEO backed venture capital fund. Since its foundation, it has shown strong performance and growth despite turbulent times in Greece, achieving the leading position in the market.
“We are very proud of what Dimitris and his team achieved for the company, the VC market and the country, and hope that this fine example will educate and inspire young entrepreneurs and attract more investors to participate in the Greek venture capital market and in Greek startups”, said Andreas Zombanakis, Chairman and CEO of TANEO
Real Web is already present in Greece and has been since 2007, operating the real estate website Spiti24.gr. Now the site will be managed by the Spitogatos.gr team, thus creating a much stronger offering to its over 1.5 million users per month. The company will continue being incorporated in Athens, and plans to make new investments to expand its sales and technology teams in the coming months to further support its growth.
"We are extremely happy to support Spitogatos’ growth and we believe that by joining the forces of Spitogatos and Spiti24 we will be able to create the best possible experience for all Greeks involved in real estate transactions," said Silvio Pagliani, a Real Web representative and Immobiliare.it co-founder.
"We are very excited with the beginning of this new chapter, supercharged with everything we need to create significant value in the local market. We are ready to work even harder and do great things in the Greek internet scene", said Dimitris Melachroinos, Spitogatos.gr co-founder and CEO.
Spitogatos.gr is Greece's N.1 real estate website, with more than 750,000 properties to buy or rent, over 1.5 million visits generating 45 million page views a month, including real estate website Spiti24.gr. More than 75% of all properties for sale in Greece are listed on Spitogatos.gr, worth around € 240 billion in value based on the asking price. After being founded in 2006, Spitogatos.gr was the first Greek online startup to raise growth capital from venture capital fund Oxygen Capital in 2009, and since 2014 has become part of Real Web, which controls Immobiliare.it, the N.1 real estate website in Italy.
TANEO is a Fund of Funds established by the Hellenic Republic with the express purpose of creating a Venture Capital market in Greece. TANEO is a co- investor with €150m under management. Together with its 11 underlying funds and committing over €300m of capital for investment in early stage companies, TANEO's funds have invested in 48 companies to date, across all sectors of the economy creating over 2000 new jobs.
About Real Web SA
RealWeb has developed and operates leading internet real estate & financial portals/marketplaces in selected European countries, connecting millions of home seekers with real estate agents/home-owners as well as helping people to compare insurance, loans, mortgages and utilities.