Rive, a Finnish startup, recently secured €23 million for its real estate platform, which streamlines the buying and selling of properties. The proptech startup uses AI and intends to introduce its solution to foreign markets.
IDC Ventures led the €23 million Series A fundraising round, with help from previous investors. Rive recently rebranded from iBuyer Kodit.io, bought two rent-to-own platforms and four real estate agents, increased its revenue 5 times year over year, and now sells more than €300 million worth of real estate annually.
The property ladder is notoriously tough to climb and use successfully. Many people struggle with this market due to high entrance barriers, expensive costs, and too convoluted manual processes.
The European real estate industry is currently on the verge of collapse because rising inflation and interest rates would put a financial strain on individuals with reduced incomes and excessive debt. The crisis will make matters worse since buying a home was already reserved for people with fatter bank accounts.
Rive has created homeownership solutions to assist individuals in entering the real estate market by streamlining the procedure and equipping people with the necessary skills to close the gap in unequal wealth distribution. The firm has now acquired further funding and established itself as one of Europe’s top providers of proptech.
“We are very delighted to work with IDC Ventures to help us achieve our aim to drastically improve the customer experience in the housing market and help millions of people to alter their lives and properties,” said Kalle Salmi, founder, and CEO of Rive. We are prepared to accelerate organic and inorganic growth in Europe with this new investment and brand.
In addition to giving buyers and sellers access to fully renovated, move-in-ready houses, Rive’s end-to-end proptech platform, launched in 2017, also offers real estate agents a distinctive range of tech tools and products to help them provide better service to their clients.
As a result, Rive’s customers receive all the resources they require for a smooth real estate transaction, including current market information, fast cash offers, and renovation services from local real estate experts who will assist them at every stage.
It happens at a time when the real estate market in Europe is dealing with several pressing issues, including ownership access and the carbon footprint of developing new properties. Rive provides innovative homeownership alternatives to encourage more people to enter the real estate market.
For instance, Rive’s rent-to-own option gives prospective homebuyers the ability to rent their dream home while saving money for the down payment, and it already has over 30,000 potential purchasers enrolled. Additionally, Rive wants to lessen the negative effects of new construction while increasing the energy efficiency of the stock of existing buildings by updating older units to current specifications.
Kalle Salmi: “Our capacity to supply liquidity and real-time market awareness becomes vital during periods of economic uncertainty and dropping housing prices. Our services are in high demand, and we’re committed to changing the housing market for the better one transaction at a time.
The company, already active in Poland, Finland, and Spain, will utilize the financing to establish a platform that can offer integrated services for rent-to-own, tech-enabled real estate brokerage, and fast cash offers. The money will be invested in service solution development as well as worldwide growth, with rebranding being a key component of Rive’s previously successful M&A strategy.
“Rive is at the vanguard of altering how people purchase and sell homes,” says Bobby Aitkenhead of IDC Ventures. Our crew has been monitoring the proptech industry for years and saw right away that Rive would revolutionize the game. Rive offers a fundamentally distinct client experience in the housing market thanks to its market-leading services platform, cutting-edge business approach, and continually expanding team of experts.
Image Credit: Rive
