Real estate investment fund NREP led a €100m ($117m) equity and debt financing round yesterday for Kodit,io, a Finland-headquartered online real estate portal backed by e-commerce company Adevinta.
The company did not disclose the ratio of debt and equity in the round or the identity of any other participants.
Kodit has built an online real estate listings platform that uses artificial intelligence to help users in Finland, Spain and Poland buy and sell properties more easily.
Prospective buyers can move into a range of city apartments ready and available for purchase or rental, while sellers can choose to list their property with help from Kodit’s brokerage service and qualified estate agents, or immediately accept a cash offer from the company.
The financing will help the company expand in its existing markets while exploring the possibility of geographic growth.
NREP’s chief investment officer, Jani Nokkanen, said: “We have been very impressed by Kodit.io’s ability to combine sophisticated technology and robust operations in providing liquidity to housing markets and the most flexible solutions for home sellers and buyers.”
The latest round came in the wake of $3.5m in series A funding from Adevinta, FJ Labs, Speedinvest and All Iron Ventures together with $10.5m in debt financing from Collector Bank, in May 2019.
Icebreaker.vc had invested an undisclosed amount in Kodit in 2017 before joining a $2m seed round co-led by Adevinta (then known as Schibsted) and Speedinvest in August 2018.
