Finnish real estate platform Rive, previously Kodit.io, has secured over €23 million in Series A funding. The round was led by IDC Ventures (which invested in Revolut’s Danish rival Lunar), with participation from existing investors.
Cement its position in Europe
The investment will be used to further develop and scale Rive’s integrated real estate services platform for buying and selling properties, including instant cash offers, tech-enabled real estate brokerage, and rent-to-own. It will be used to cement Rive’s position as one of Europe’s leading proptech companies.
In addition to developing its service solutions, the investment will be used to further international growth, with the rebrand being central to Rive’s already successful M&A strategy.
“We are very excited to partner with IDC Ventures to help us in our ambition to radically improve the consumer experience in the housing market and help millions of people to change their lives and properties,” said Kalle Salmi, founder and CEO of Rive. “With this fresh funding and a new brand, we are ready to accelerate organic and inorganic growth in Europe”.
“Rive is at the forefront of changing how people buy and sell homes,” said Bobby Aitkenhead from IDC Ventures. “Our team has been following the proptech sector for years, and immediately recognised that Rive is a game-changer. With a market-leading services platform, innovative business model, and rapidly growing team of professionals, Rive delivers radically different customer experience in the housing market.”
Resolves Europe’s critical housing problems
Two of metropolitan Europe’s most critical housing problems are access to ownership and carbon emissions related to building new real estate. Meanwhile, Europe’s real estate market may be facing its biggest crisis in a decade. For consumers, analysis shows that higher interest rates and increased inflation will create financial pressure on lower-income and over-indebted households.
Founded by Kalle Salmi in 2019 in Finland, Rive helps society breach the gap in unequal wealth distribution by providing novel home ownership solutions. Rive’s rent-to-own solution, which already has over 30,000 potential homebuyers registered, offers them a chance to rent their dream home while saving money for the down payment. Additionally, by renovating existing apartments to modern standards, the company significantly reduces the negative impact of new buildings and improves the energy efficiency of the existing building stock.
Rive provides an integrated real estate service platform powered by artificial intelligence to make buying and selling homes simpler. For those looking to sell their property, the platform provides an option between an instant cash offer and a tech-enabled brokerage service. If users want to buy, then it provides a wide range of move-in-ready city apartments, turnkey renovation services, and an accessible rent-to-own model for new homeowners.
To date, this strategy has seen Rive acquire four real estate agencies and two rent-to-own platforms, grow 5x Year-over-Year, and sell over 300M euros worth of real estate annually. Headquartered in Helsinki, the company operates from Finland, Spain, and Poland.
