Local media outlet Milano Fianza is reporting that the Italian iBuyer Casavo lost €53 million from operations in 2022 despite revenues jumping to €300 million.
Casavo is a leading iBuyer in its native Italy as well as in Spain and in France via its 2022 acquisition of alternative brokerage firm Proprioo.
Having made waves with a Series D round worth €400 million and an expansion into Portugal last year, Casavo has since exited the Portuguese market and laid off 30% of its employees as the business battles against rising interest rates and sluggish housing markets.
When it cut jobs in February, the company said that the move would allow it to reach profitability without having to raise more funds. That now appears to be in question after local media reported that Casavo was again seeking to raise money from investors.