Kodit.io raises 12 million euros and enters the Spanish market

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This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

Kodit.io, startup of Finnish origin framed in the real estate segment of iBuyers companies that use digital technology to drastically reduce the average time necessary to buy or sell a home, has just closed its second round of investment by value of 12 million euros. With this capital, in which Spanish investors have participated, the company seeks to advance in its international expansion, with the Spanish market being part of its strategic plan.

The product vision of this proptech and its powerful multidisciplinary team, together with the real need of the real estate market to innovate to optimize the buying and selling processes and improve the consumer experience, have convinced international investors to bet on their project.

European investors include All Iron Ventures, a venture capital fund created by Ander Michelena and Jon Uriarte, and other Spanish entrepreneurs such as Javier Etxebeste and José Javier Osés with Mercurius Early Investments, a fund specialized in investments in classifieds startups and marketplaces. Likewise, Adevinta has also participated in this round, the new recently split brand of Schibsted Media Group and owner in Spainish marketplaces such as Fotocasa, Habitaclia, InfoJobs, Coches.net or Milanuncios.

As Hugo Mardomingo, Director of All Iron Ventures explains, "the real estate market is undergoing a strong transformation and Kodit.io eliminates the friction experienced by real estate buyers and sellers with a transparent and disruptive model. We can contribute a lot to Kodit.io thanks to our experience in international expansion and to collaborations with our investor base, many of them interested in the investment opportunities that the European company can offer them. This is an example of the projects we like to support."

For his part, the General Director of Fotocasa, José M. Merino, says: "We value very positively that Adevinta Ventures invests in new business models that favor the development of sectors such as real estate. From Fotocasa we will support those opportunities that have a positive impact on our customers and users. We will collaborate with Kodit.io to explore how the iBuyer model is capable of increasing the liquidity of the real estate market by speeding up the sale of real estate, favoring both individuals and agencies."

Finnish origin with Spanish presence

Kodit.io was created in 2017 in Helsinki. Its founding team is made up of the entrepreneurs Kalle Salmi, Martti Suomela, the Argentinian Nico Rotstein (doctor in Machine Learning-Artificial Intelligence) and the Spanish Thandia Pomar Zurita.

An international executive and successful entrepreneur, Pomar is an amateur investor and has a brilliant career in areas such as consulting and banking/insurance in the United States and Latin America. His passion for technology and the real estate industry embarked on this project as a professional challenge whose success he trusts, and which now allows him to "return to Spain to give the best service to the Spanish consumer," he says.

During this time they have formed a team of 27 professionals specialized in engineering, artificial intelligence, real estate and business growth, which has positioned the company as the leading iBuyer in Europe, with more than 300 clients.

The next steps within your international strategy will take you to Poland and France. In the country they are already operating in Madrid, and their goal for this year is to expand to Barcelona, ​​Valencia and Alicante.

Artificial intelligence to sell an apartment 'on demand'

With his arrival in the country, Kodit.io aims to provide a more satisfying experience for people who decide to sell their home. "It is a slow process, which in Spain on average can last 250 days, full of comings and goings and negotiations, in which there is no price transparency and where at this moment there is not enough market liquidity, aspects that generate uncertainty , loss of confidence and in many cases worry, "says Pomar.

What this company does is to offer the seller an instant cash offer for his house, with total transparency and a fair price according to the market, allowing him to close the transaction in an agile and fast way, get his money at the moment and save countless managements and lengths months of waiting, "as if it were a sale on demand and with zero complications," explains the Director of Operations.

Subsequently, these properties are reformed and put back on sale. Consumers can receive, in this way, their floor completely renovated with top quality materials, turnkey, without tedious reform processes.

The innovation that Kodit.io brings begins in the own experience that is offered to the consumer both in the sale and in the purchase. But behind it there is an advanced technological platform, developed from tools of artificial intelligence, machine learning and mathematical algorithms, which allows to make the whole process a reality.

News Kodit.io captures 12 million and enters the Spanish market published in comunicae.es

This news has been published through the information service that Comunicae provides to Profesionales Hoy. If you represent a company and wish to benefit from the advantages of this service, access the Press Release service of Comunicae.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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Acerca de Lucas Vargas:

  • Empezó en Grupo ZAP como el VP de Sales y en 2016 cuando la empresa tenía 60 empleados. Fue nombrado COO de VivaReal tomando el mando de Brian Requarth el Co-Fundador. VivaReal lanzó en Colombia y se trasladó a Brasil. En 2017 se hizo CEO del Grupo ZAP.
  • Ha trabajado en Mexico en PWC y en el Banco Santander
  • Tiene un Master de Business Administration de Harvard
  • En noviembre este año después de la fusión de OLX Brasil y Grupo ZAP fue nombrado el CEO del OLX Business Unit. Lidera la empresa junto con Andries Oudshoorn y Marcos Leite
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Simon Baker is the Founder and Executive Chairman of Online Marketplaces and Property Portal Watch. Involved with property portals for 15 years, he’s a well-recognized expert and industry consultant.
As former CEO/MD of the REA Group for 8 years, Simon led the group to its current market-leading position. When he joined REA Group in 2001, it had $4m in revenues, $6m in losses and an $8m market cap.
By 2008, the company presided over $155m in revenues, $35m in EBITDA and enjoyed a peak market cap of $1b. Simon is currently Chairman of the Mitula Group and Real Estate Investar and a serial portal founder and, investor.