Casafari, a real estate data platform in Europe based out of Lisbon, Portugal, has raised a $15 million Series A funding round led by Prudence Holdings in New York. But, crucially, it has also secured a $120 million “mandate” from Geneva-based private equity investors Stoneweg, among other PE players, in order to buy-to-let residential and commercial real estate. The startup already has operations in Portugal, Spain, France and Italy. Casafari has built a unique ecosystem, which connects brokers, developers, asset managers and investors and enables sourcing, valuation, and underwriting and deal collaboration on single units in all asset classes.
Private investors are already using the platform. Since launching in 2018, Casafari has been used by Sotheby’s International Realty, Coldwell Banker, RE/MAX franchises, Savills, Fine & Country, Engel & Voelkers, Keller Williams, and important institutional investors and developers like Stoneweg, Kronos, Vanguard and Vic Properties. There are currently around 70 billion euros in dry powder in Europe that could be allocated in acquiring residential property in a buy-to-let strategy, and basically there’s no offer available. The property will be collected in portfolios, consisting of single units that pension funds, private equity real estate funds, want to build in Europe as they do in the U.S.