Adevinta ASA, under Schibsted and is the parent company of property portals such as Fotocasa, LebonCoin, and OLX, has agreed to sell its Dominican Republic generalist marketplace, Corotos to three entrepreneurs, Antares Equity Partners’ Alvaro De Camps, Bonita Real Estate Group’s Javier Lara, and 7Labs’ Sergio Dario Reyes.
Corotos is flourishing in its headquartered region of the Dominican Republic, with more than 1.3 million unique website visits a month, easing Adevinta’s worries about the portal’s future when releasing it from under its care.
Rolv Erik Ryssdal, CEO Adevinta, said:
“Exiting the Dominican Republic will allow Adevinta to focus on continuing to build momentum in markets where we see more significant growth opportunities. Corotos is an attractive asset for a local player which will be better positioned to leverage local synergies and partnerships. During the transition period, we will fully support the Corotos team and the new owners in achieving a smooth handover.”
The new owners will shift Corotos to their own platform over the coming months, which will give Corotos the necessary forward movement to grow and develop its product portfolio.