Record operation in Spanish proptech. Tiko has caught a of 65 million dollars in its Series A. The financing is backed by renowned Venture Capital investors such as btov (Zynga), Rocket Internet () and Cabiedes ().
This round, which combines equity and debt, will serve to boost your own valuation algorithm based on Big Data. In addition, he will continue his national and international expansionfurther increasing its share of the European residential market, estimated in the billions and constantly growing.
The new round will make it possible for Tiko, with a team of 75 people, to finish the year 2021 operating in 10 European regions including Portugal. In recent years, more than 150,000 owners have requested an offer for their home from Tiko, which confirms the good reception it has had in the real estate market.
what is tiko
Launched in 2018 in Spain by Ana Villanueva, Can Günay and Paco Sahuquillo, Tiko has been able to quickly attract more than 33% of the homes for sale in Madrid. In other provinces such as Barcelona, Malaga or Seville, Tiko has around 25% of the residential market share for sale. Currently, it also operates in Valencia and Vizcaya, being the instant home buyer present in more regions of Spain.
The differential element of Tiko and for which the proptech bets is the commitment that anyone who uses their service can sell their home in a few days. Thus, Sina Afra, founding CEO of Tiko, explains that “long sales cycles, poor quality market data and a lack of transparency in home valuations make the entire buying and selling process very stressful and sometimes unfair. Tiko responds to this need by offering a stress-free experience that combines speed, efficiency and honesty with a data-driven assessment”.
How Tico works
Its operation is very simple. This proptech values housing and make an offer for it in 24 hours, free of charge, and without the need to physically go to it. Once the offer is accepted, Tiko carries out a technical and legal inspection of the apartment, manages the transfer of ownership and makes the payment in a few days. Subsequently, Tiko is in charge of reforming the houses and selling them in a period not exceeding 90 days. His model is based on speed and volumethat is, it receives small margins on a large volume of transactions.
Main requirements requirements for a flat to be acquired by Tiko are: not having current or short-term tenants, being for residential use (not offices or farms), being in Madrid or Barcelona, having an elevator if its height is higher to a third floor, not be a semi-basement (with exceptions), have more than 40m² and a price of less than €400,000.
Stay informed of the most relevant news on our news channel
Facebook Comments
Disqus