Adevinta Agrees to Sell Marketplace, Corotos

June 21, 2020
Share this Post: 

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.

June 21, 2020
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Shutterstock 181374380
Slashed Costs and Net Loss Improvement for FangDD in 2022 - But Will it be Enough For Struggling Chinese Portal?

The Chinese real estate marketplace and transaction platform company FangDD has reported on its performance for Q4 of 2022. Notable...

Read More
Zillow And Opendoor
Zillow and Opendoor Further Extend Their Partnership into 3 New Markets

US giant Zillow and Opendoor have expanded their home sales partnership into three new markets. The new markets are Houston,...

Read More
Ke Holdings Decoration
Chinese Leader KE Holdings Sees Net Losses Widen to $203m in 2022 As It Goes "from high-speed to high quality growth"

Leading Chinese real estate brokerage and portal company KE Holdings (aka Beike) has released a report on its performance for...

Read More
Property Finder Boardroom
PropertyFinder hires Frode Nordseth as VP of Product

Dubai-based marketplace Property Finder has hired Frode Nordseth as its new VP of Product. He announced his new role in...

Read More

Editor's Pick