Why We Invested In Housfy

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Why We Invested In Housfy

Kia Nejad
June 5, 2022

Housfy raises €30m Series B led by Frog Capital, with participation from A/O PropTech, DN Capital and Santander

Residential transactions are synonymous with inefficient and arduous processes. The disaggregation and fragmentation amongst service providers have meant that customers face siloed groups of professionals, from agents and mortgage brokers through to conveyancers. Amid high commissions and a chronic lack of industry innovation, service quality is now notoriously inconsistent.

At large, many of the pain points throughout the home buying process have arisen because no player is able to cover all aspects of the transaction. The last couple of years have seen the emergence of an expansion strategy among residential transaction PropTechs to become a ‘Real Estate SuperApp’, that covers everything from search to discovery, financing and even post-move-in services. This trend can be observed regardless of the startup’s entry point: whether it is a listing platform (Zillow), an iBuyer model (Opendoor), or a digital estate agent (Compass). These players are all increasingly integrating horizontally across the homebuying value chain.

Notably, very few residential transaction PropTechs have been able to achieve highly diversified revenue profiles. This is particularly true at the growth stage and earlier. The benefit of being a RE SuperApp extends beyond an enhanced customer experience and optimized pricing. Successful cross-selling can significantly improve profitability, unit economics and user attachment rates, as well as competitive positioning.

That’s precisely why we at A/O are excited to be backing Housfy. The team have already proven out a number of services, including estate agency, mortgage brokerage, rental property management, iBuying and home services (such as refurbishments). All of this has been achieved despite the team being at the very start of their journey and has served as a key growth driver, with net revenue increasing on average 3x YoY since inception.

Central to the platform’s success is the team’s founder and CEO, Albert Bosch. Having previously held the role of CEO of Groupalia, Albert has demonstrated his managerial ability to run multiple business lines in an operationally intensive and people-oriented business. For this reason, it is unsurprising that Housfy has established itself as the digital market leader in Spain, with its position increasing month on month. And, with the latest funding round, Housfy plans to expand across Southern Europe and continue to build out its ecosystem of services.

We are very proud to be a part of Housfy’s journey to becoming the market leader in Southern Europe, or as Albert puts it, “the Xavi of the residential transaction space, pulling the strings from the centre”.    
About the author
Kia Nejad

Kia is an Investor at A/O and focuses mainly on origination, due diligence, thesis building, and portfolio management. Having previously worked at Pi Labs, Europe’s first and most active PropTech VC, he has significant PropTech experience.

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