ProntoPiso.com, a Barcelona-based online property portal that guarantees owners a sale or cash within 90 days, has raised €1.6 million ($1.9 million U.S.) from existing investors. The funding will grow its network of real estate agents, according to investment news site Web Capital Riesgo.

Its most recent funding round was €14 million in venture debt financing from Inveready and Sabadell Venture Capital, raised in July 2019.

Somewhere between a digital agency and an IBuyer, ProntoPiso’s business model requires constant cash-flow. The company, founded by Andres Pla, Diego Paradinas and Antai Venture Builder in 2017, does not buy properties outright, but advances owners an agreed-upon price if the house does not sell within 90 days.

It continues to market the house and earns a commission if it sells at or above the valuation. If the property sells for less, ProntoPiso absorbs the loss. ProntoPiso earns 5% on the final sale price with the 90-day guarantee. Sellers can also choose a 4% commission on standard sales service (without a guarantee), or to pay a 7.5% commission for a cash advance of up to 10% of the valuation (up to €50,000) plus the 90-day advance.

ProntoPiso also has an agent portal, Realtus.com, which offers property management tools, marketing, administrative support and access to the sell-in-90-days guarantee.

ProntoPiso reportedly earned €1 million ($1.1 million U.S.) last year. As of February, it had 34 staff and around 400 agents. The site lists 1,500 properties in Barcelona, Madrid and Valencia. National and international expansion plans were on the table.

Co-founders Pla and Pardinas were unavailable for comment on how Covid-19 has affected ProntoPiso’s growth and future plans.

ProntoPiso | LinkedIn

 

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