Kodit.io raises $13M

Kodit.io, a Finland-based iBuyer company founded in 2017, is primarily a technology-empowered real estate agency startup. Its mission is to make the process of buying and selling property transparent, quick, and hassle-free. Kodit's staff with artificial intelligence-backed expertise helps it in achieving this mission.

In May 2019, this Finnish startup announced venture capital funding to the tune of $13 million (€12 million). These funds will chiefly be used for further expansion in Europe. Important names behind this funding are FJ Labs from New York, Speedinvest based in Austria, and All Iron Ventures from Spain. An equally important investor is the Norwegian Adevinta (former name Schibsted Marketplaces), which has a market presence in 16 countries worldwide. The Series A part of this funding process contributed €3 million. Earlier, it had raised €12 million in seed funding too, money provided by investors as an initial funding initiative. 

FJ Labs is stage-agnostic, investing in other businesses during any stage of their business development. It is a venture capital institution that primarily has its sights on marketplaces and startups. Similarly, Speedinvest and All Iron Ventures (AIV) are venture capital firms, too, looking for promising tech startups to invest in.

Kodit's specialty is to disrupt the traditional way of making real estate deals by bringing in a dynamic change in the B2B side of property transactions. It swaps the time-taking, demanding method of selling residential real estate with machine-back, automated systems. This enables both homeowners and prospective buyers a smooth, transparent, and quick process of transacting.

This startup uses machine learning and automation to chiefly provide prospective home sellers a fair monetary value on their properties. Kodit offers this reasonable price within the first 24 hours of listing. This is a major improvement from the earlier contacting-an-estate-agent system of doing things. Not only this, on the buyer end, too, Kodit renovates homes, making the process of moving in a seamless and stress-free one for the new owners. It also makes the homes risk-free.

With further expansion in Europe, homeowners all over can now look forward to a more smooth and seamless process of buying and selling off their property. According to Hugo Mardomingo of AIV, Kodit reduces conflict and tension between buyers and sellers, making the property transaction devoid of glitches and delays all concerned stakeholders would face previously. Together, AIV and this proptech startup intend to capitalize upon and expand to markets across and probably beyond Europe, too, in the distant future.

A word about “iBuyer” companies.

These companies, like Kodit, are those that use technology and AI to realize real estate deals. They eliminate the need for a real-person estate agent altogether, bringing the property buyer and seller on one platform, allowing them access to the same accurate information. This considerably cuts out on deal delays, misinformation, and the rare possibility of any business party feeling short-changed or cheated upon.

With the raising of this $13 million venture capital, Kodit's journey has received a major financial boost. This journey began with creating an online information portal (or system) to integrate all aspects of real estate transactions and reduce middleman involvement and the associated hassle to nil. Kodit, a European pioneer in the world of property tech startups, now looks up to the world outside Finland (and Europe even) eventually for further expansion and market penetration.