European iBuyer Casavo Expands to France with Proprioo Acquisition

The Italian-headquartered iBuyer Casavo is to enter the French market after agreeing to acquire local alternative brokerage firm Proprioo.

Casavo plans to launch a "guaranteed sale" product which ensures users a sale within a five-month period. Casavo will value a home, put it on the market at slightly above the valuation and if no sale is forthcoming within five months it will purchase the home from the seller directly at the original valuation price.

The product is the first of its kind in France and seeks to address what the company says is a big issue around maximising sale prices in the country with the highest volume of transactions in Europe. Casavo plans to incorporate Proprioo's tech, which allows users to track all stages of a sale, into its own platform and offer the guaranteed sale as an extra layer on top.

Casavo has not disclosed the numbers around the deal but founder & CEO Giorgio Tinacci did say that the acquisition is part of Casavo's goal to reach a "5% market share in France's biggest metropolitan areas" by 2025.

Commenting on the deal, Tinacci said:

"We are delighted to announce our entry into the French market with the acquisition of Proprioo, a leading French proptech platform. Our ultimate goal is to enable thousands of French individuals to sell or buy a home in a simple, safe and convenient way."

Proprioo is a tech-enabled brokerage that was founded in 2017 as an alternative to traditional agencies offering commission prices based on the net final sale price of a property. The company has 175 employees according to Linkedin. Tinacci's comments that he was "delighted to join forces" with the founders and "the entire Proprioo team" imply that Casavo intends to keep Proprioo's staff.

Casavo is a market-leading iBuyer present in Italy, Spain and Portugal backed by the powerful Italian Agnelli family. The company recently raised €400 million in a Series D round back in July and has plans to make its public market debut in a few years' time.