Finnish proptech Kodit.io executes venture capital raise

The business, which was founded less than two years ago, is a so-called iBuyer that uses machine learning and automation to offer home sellers cash offers for their properties within 24 hours. After purchase, Kodit.io renovates the properties to offer home buyers what it calls 'move-in ready and risk-free' homes to buy.

The company recently kickstarted its overseas expansion in Madrid, after launching with operations in Tallinn and six cities in Finland. Later this year, the startup expects to expand to Paris, Barcelona and Warsaw.

Investors behind the capital include VC firms such as New York-based FJ Labs, Austria'a Speedinvest and Spain's All Iron Ventures, as well as Norway's Adevinta (formerly Schibsted Marketplaces), an owner of marketplaces in 16 different countries.

Hugo Mardomingo, principal of All Iron Ventures, said his firm had chosen to invest in Kodit.io due to its 'transparent and disruptive model'.

'The real estate market is undergoing a strong transformation,' Mardomingo added. 'We can contribute to Kodit.io with our experience in international expansion and collaborations with our investor base, many of whom are interested in the real estate investment opportunities that the European company can offer them.'

Kodit.io kicked off operations with a €2 mln raise in seed capital.