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Proptech investment platform raises £57.5m to buy more houses

IMMO Series B

Proptech investment platform IMMO has closed $75m (£57.5m) in a Series B funding round led by Oak HC/FT.

IMMO will use the capital to purchase 10,000 homes across Europe backed by $2.5bn (£1.91bn) in commitments from leading institutional investors. It will also fund talent acquisition in technology and operations in all offices.

The London-headquartered company’s platform gives investors the chance to sell, rent and invest in single-family rental housing.

IMMO’s investment users have properties sourced, acquired and managed for them. IMMO’s analyses properties with a combined value of €6bn (£4.6bn) every month using over 300 data points.

“Now is the time to unlock and professionalise the European residential category. Residents deserve a better, more convenient, affordable and environmentally sensitive rental product. Responsibly minded institutions, on the other hand, need the scalable, low-risk investment exposure that single unit residential assets have to offer,” said Hans-Christian Zappel, CEO and co-founder, IMMO.

Further investment came from Moore Speciality Credit with prior investors FinTech Collective and Talis Capital.

According to IMMO, which was founded in 2017, its raise is the largest ever European proptech Series B round.

This follows IMMO’s Series A round for €11m in November 2019 and follow-on Series A in August 2020 for €3m. IMMO’s total funding to date stands at €89m (£68.3m).

IMMO has offices in London, Hamburg, Cologne, Madrid, and Delhi.

Oak HC/FT is a venture capital firm that invests in healthcare and fintech from the seed. stage The VC has $3.3bn (£2.5bn) in assets under management.

“IMMO is leading the unlocking of this new asset class and is setting the standard for data-driven portfolio aggregation in Europe. We’re always seeking to partner with disruptive companies that fill white spaces and positively impact the communities that they serve, and IMMO is a perfect fit,” said Dan Petrozzo, partner, Oak HC/FT.

UK proptech investment hit a record of £1.6bn in 2021, more than quadrupling since 2020.

So far this year, investors have continued to back proptech startups including property investment platform Shojin, which last week raised £3m at a valuation of £49m.

Proptech venture capital firm Pi Labs recently raised $90m (£68.7m) for its latest fund to invest in real estate technology startups globally.