- Rivage, a proptech startup from Paris, has raised €1.5 million from Kima Ventures and several operator-angels. The funding will help them build AI-powered rental management software for French real estate agencies that connects with MCP.
- Rivage now works with hundreds of clients and has reached €200,000 in annual recurring revenue just a few months after starting sales. The company wants to grow this to €5 million by 2027, which would be almost 25 times the current level.
- Rivage says that French and Eastern European rental accounting rules differ from those in the US and the UK, making it harder for American SaaS companies to compete. The company plans to move into Germany next, then other European markets.
Rivage, a Paris-based proptech startup, has €200,000 in annual recurring revenue. Its plan, backed by a fresh €1.5 million round, is to turn that into € 5 million by 2027.
The French company, founded in 2025 by CEO Alex Chauvin, COO Antoine Barranco, and CTPO Grégory Prève, builds property management software for French rental agencies. Its platform uses AI to automate billing, service charge calls, bank reconciliation, and client communications, and offers a fully open API.
The founders spent four years developing automation tools at a real estate agency and believe that most current software in the sector has not kept pace with AI. Rivage has also added model-context protocol connections, enabling agencies to link their data to tools such as Claude or ChatGPT to set up custom workflows.
For example, documents that used to need manual re-entry across banking, accounting, and property management systems are now logged automatically, with people only needing to check them.
The accounting moat and competitive landscape
Rivage started selling its product just a few months ago and already works with hundreds of agencies. The team has 11 people now, and they plan to grow to 22 by the end of 2026 and to about 35 by the end of 2027. Reaching €5 million in annual recurring revenue from €200,000 in this period is a big goal.
Chauvin says the new funding will help them get there. “We didn’t need to have a fundraiser to pursue Rivage, but we wanted to accelerate and nurture the advantage that we have against our competitors in France,” he tells Tech Funding News.
Rivage stands out by noting that French and Eastern European rental accounting rules differ from those in the US and the UK. Chauvin thinks this makes it harder for American SaaS companies to enter the market.
In France, rivals include Manda, which was created when Flatlooker and Hello Syndic merged in 2024 and is backed by Naxicap Partners. Manda serves about 40,000 customers.
Another competitor, Oqoro from Lyon, formerly known as Mon Bel Appart, has raised $7.3 million since 2019 and managed about 8,000 rental units as of 2024. Oqoro markets itself as a cheaper, fully digital option compared to traditional agencies.
Unlike rivals, Rivage offers a fully open API that lets agencies connect their existing tools rather than replace them, and it has built-in AI agent workflows that other established competitors do not yet offer. The company plans to expand into Germany after strengthening its position in France, and then roll out more widely in Europe before 2030.
Smart money over VC
Kima Ventures, a Paris-based fund backed by Xavier Niel and known for making many seed investments, led the funding round. Its portfolio includes companies such as PayFit, Sorare, and Alan, as well as TFN-covered companies like Kiln and Paage.
Individual investors include Nicolas Goyet, founder of Flatlooker, Gérard Deray and Jean Boucher from Mila, and Quentin de Metz, co-founder of Pennylane. Chauvin says the team chose operator-angels instead of a lead venture capital fund because they especially value de Metz’s accounting skills.
“It’s really useful to have him, because he works on the technical side, on the accounting side, which is really scarce talent,” Chauvin tells TFN.
“Convinced of the potential of the solution and the quality of the founding trio, whom I had the pleasure of watching evolve at Flatlooker, investing in Rivage was an obvious choice for me. Their product is already more complete than that of their established competitors, and it delivers a pragmatic, genuinely useful application of AI for real estate professionals,” adds Goyet, founder of Flatlooker and now a Rivage investor.
The new funding will go toward developing the product, hiring more people in France, and marketing to build up the brand.
Target market outlook
Bpifrance says there are nearly 200 proptech companies in France, employing about 3,500 people. The real estate industry as a whole makes up around 10.8% of the country’s GDP, according to EY. Rivage estimates that the French real estate software market is worth €2.6 billion, but this figure has not been independently verified.
Chauvin expects agencies to shift from being reactive property managers to more proactive advisors for landlords, a change he thinks will accelerate after 2027.
Whether Rivage can grow its recurring revenue from €200,000 to €5 million in two years, while competing with strong rivals like Manda and Oqoro, will be the real test of its long-term success: more so than any advantage from accounting rules.
