Finland-based property technology developer Kodit.io has closed a €3m ($3.5m) series A round backed by online marketplace operator Adevinta.
Venture capital firms FJ Labs, Speedinvest and All Iron Ventures also took part in the round. The equity funding was raised alongside $10.5m in debt financing from financial services firm Collector Bank that will form the basis of a fund to purchase real estate.
Founded in 2017, Kodit relies on machine learning and automation to calculate the market value of a residential property and purchase it from sellers within 24 hours. The company then renovates the houses before reselling them at a profit.
The series A capital will go toward expansion efforts throughout Europe in 2019, as the company prepares to add Paris, Barcelona and Warsaw to its existing focus on Norway and Finland, and the cities of Madrid and Tallinn.
Adevinta, then known as Schibsted, co-led a $2m seed round for Kodit in August 2018 with Speedinvest, while Icebreaker.vc also participated. The latter had already supplied an undisclosed amount of funding in 2017.
