Spanish proptech Clikalia has raised $518 million in debt and equity in one of the largest venture capital rounds raised in Spain to date.
Following the popular iBuyer model established in the US by Redfin and Opendoor, Clikalia guarantees sellers an offer for their property in as fast as 24 hours and, if accepted, a sale in 7 days.
Mitigating what would typically be a slower process of selling in Europe, Clikalia has integrated digital components to the home-flipping process that allows the company to snap up properties in less than a week from sellers and offer buyers fully renovated and certified homes.
“When you buy a home from us, you have all costs in the embedded price,” Moreno told TechCrunch. “If you buy an old home, get a mortgage for an old home and then hire a contractor and architect for a renovation, that will cost you 4x more than it costs us. And you have to get a consumer loan to finance the renovation. With Clikalia, it’s just one mortgage and you’re ready to go.”
The company is currently at a run rate of over 2,000 properties acquired – approximately 7x to 8x growth versus a year ago. However, its recent acquisition of property and rental management company Inmho will give the company access to more than 250,000 residential units and add some 4,000+ buying and selling opportunities per year via the Inmho platform.
Thursday’s round was led by Los Angeles-based Fifth Wall for the approximately $70 million equity and included participation from Luxor Capital and Mouro Capital. Deutsche Bank provided the nearly $450 million in debt financing.
With new funding in the vault, Clikalia said it plans to further expand the company’s pan-European footprint, beginning with Portugal in the first quarter of 2022. The iBuyer modeled proptech said it also plans to roll out a slew of new products including mortgage financing and insurance options in the coming months.
“Our goal is to create a real estate ecosystem that reinvents the way of buying and selling homes by focusing on the needs of the client,” comments Clikalia founder Alister Moreno. “Our latest round of financing reinforces our commitment to disrupt the market, leveraging a digital platform that simplifies the home transaction process for consumers while providing additional value-added services.”