Casavo

Casavo was founded in 2017 in Milan with an ambitious idea: bringing the iBuyer model made famous by Zillow and Opendoor in the United States to Italy. The mechanism was simple in theory — buy homes directly from owners within weeks, eliminating the uncertainty and dead time of traditional sales, renovate them, and resell them on the market. Backed by over €350 million in equity and debt, Casavo expanded across multiple Italian cities and into Spain, becoming the leading iBuyer proptech in the Mediterranean market. However, 2024 marked the end of the iBuyer model in Europe: rising interest rates made the carry cost of portfolio properties unsustainable. Casavo initiated a strategic pivot towards a marketplace model — no longer a direct buyer, but a digital intermediation platform connecting sellers, buyers, and agents. The transition required deep financial restructuring between December 2025 and January 2026: a write-off of accumulated losses (approximately €200 million) alongside a €12 million capital increase. In April 2026, Casavo acquired Casando Agency — a network of over 60 agents across Italy's major cities — doubling its commercial network. The goal is to reach 400 agents and profitability in 2026, with revenue targets exceeding €50 million by 2030. Casavo's story is one of the most instructive case studies of European proptech adaptation to real estate market cycles.