Housfy, a Spain-based proptech that is working to build a cohesive residential service ecosystem, announced today raising a €30 million ($31.4M) Series B led by Frog Capital, according to Tech.EU.
A/O Proptech also joined existing investors Banco Santander, DN Capital, Seaya Ventures, Aldea Ventures and ICF in round participation. The capital is expected to enable the company to grow its presence in Portugal, Italy and other key European markets.
The proptech is attempting to build a cohesive residential service ecosystem in order to reduce inefficiencies in the historically fragmented and siloed residential property market.
It says this ecosystem, which is expected to introduce home buying and selling, mortgage services, rentals, refurbishments, home movement, real estate services, and insurance brokering in the upcoming months, will make navigating the property marker easier and cheaper for users.
“This funding allows us to further drive the growth of our ecosystem of real estate services that we are building. We have the means to open and grow different business units, which, given their interconnectedness, will provide a better experience for users. Users will be able to find services for everything relating to their home in one platform,” Albert Bosch, cofounder and CEO of Housfy, told Tech.EU.
While it is true that residential services are fragmented, top to bottom, the company will have a tall task ahead to integrate these services into a singular platform. Although other proptech firms have tried to consolidate services in the past, it still remains to be seen if Housfy can provide these products and tools at a level that meets consumer demand.
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“Albert and his team have built the only platform serving homeowners’ different needs in one place: the best quality real estate agency, rental management, and the leading portal for buyers to find the right mortgage. We are looking forward to working closely with them as they build their team, scale their product range and expand into new markets,” said Jens Düing, senior partner at Frog Capital.
This funding brings the company’s funding to €52.7 million to date, which includes a €6 million Series A in May 2019 and venture rounds in 2020 and 2021.