Spanish online real estate agency Housfy.com has closed a €3 million ($3.4 million U.S.) funding round. The funds came from existing investors Seaya Ventures, Torch Capital, DN Capital and Cathay Capital.
The investment indicates investors’ confidence in the potential for Housfy’s digital model in the post-Covid real estate landscape.
Housfy will use the new funds to accelerate growth, launch a rentals division, and expand its mortgage services, news site Nordic 9 reported.
Last June, the company raised €6 million ($6.8 million U.S.), which it used to expand into Portugal and more than double its team, growing to 130 employees.
The capital came from the same investors that contributed to the current round: New York’s Torch Capital; British fund DN Capital (a PurpleBricks.co.uk investor); French-Chinese Cathay Capital (whose investments include Glovo); and Spanish venture capital fund Seaya Ventures.
The Barcelona-based site was founded in 2016 by CEO Albert Bosch. Housfy offers a fixed-fee online agency service that promises to sell homes in 60 days. Home owners pay about €4,000 ($4,400 U.S.) when the sale is completed. According to the company, it has sold over 2,000 properties to date.
While rental platforms like SpotAHome and room-sharing app Badi have struggled due to Covid-19, the industry seems optimistic about long-term rentals and sales. A study by real estate portal Pisos.com found that two-thirds of Spaniards are unhappy with their current home and are considering a move; a separate survey found that some 15% of vacation rentals have been converted to long-term rentals.
Online agencies like Housfy tend to benefit from these trends, as they offer low or no-contact services to buyers, sellers and renters.