IMMO Investment Technologies has announced a funding round totalling €72 million, with €11.5million in equity from prominent investors Talis Capital, HV Holtzbrinck Ventures, Tom Stafford & Rahul Mehta of DST Global, Mato Peric amongst others.
IMMO digitally sources, appraises and acquires centrally located properties at scale on behalf of institutional investors. The acquired properties are upgraded and turned into a fully-furnished “living as a service” homes targeting the long-term rental market.
The latest funding round marks an important milestone for the London-based company, which has sourced €35 million in properties since its first market launch in Sep-2018. In one year, IMMO has assessed over 6,000 property leads (€2.2Bn) using proprietary machine learning technology, reducing the underwriting process from days to a matter of minutes.
Founded by Hans-Christian Zappel, Samantha Kempe and Avinav Nigam, IMMO buys residential properties directly from consumers on behalf of professional investors, thereby helping consumers sell their homes effortlessly and providing investors with desired real estate exposure at scale.
Hans-Christian Zappel CEO & Founder of IMMO said: “Selling a property is the biggest and often most stressful transaction in our lives. It takes on average 19 viewings and many months to identify a buyer. About 40% of transactions still fall through at that point due to financing risk, changing circumstances and minds. For our tenants we strive to provide the best rental product and experience in the market. IMMO homes are always modernised to a high standard, beautifully designed and furnished.
“With Talis Capital and HV Holtzbrinck Ventures we are proud to make some of the best venture investors in Europe part of our journey to disrupt residential real estate, the biggest asset class in the world.”
Vasile Foca, Managing Partner at Talis, added: “The IMMO team has impressed us with their vision and track record in building technology companies. IMMO is uniquely placed to revolutionise residential real estate by connecting consumer supply with institutional demand. They are solving major pain points for sellers and tenants, and poised to build a mega brand.
“IMMO’s data-led ability to unearth and secure properties at scale in a streamlined way using technology has, for the first time, unlocked the opportunity for institutional capital to be deployed in this asset class. We are excited to join the IMMO team on this next chapter of growth.”