Tiko, the innovative tech platform that allows any homeowner to sell their house in a few days, announced a round of 65 million dollars for its Series A.
The operation, which combines equity and debt, received financial advice from Alantra, a firm that has the largest advisory team in credit and real estate operations in Europe. Joel Grau, Managing Partner of Alantra CPA, said: “We are very satisfied to have contributed with our experience to support Tiko, one of the most digitized companies in the Spanish real estate sector, in the search for the best financial partner to expand its activity to other geographies.”
Tiko also had the legal advice of Raue, a major German law firm ranked among the top legal advisors for Venture Capital in this country. Andreas Nelle, Michael Gläsner and other members of the VC transaction team advised on all German law aspects of the financing round.
Likewise, Carlos Blanco and his team from the leading Spanish law firm Roca Junyent contributed with their expertise in the operation. Blanco emphasizes that “this complex transaction represents a milestone in Tiko’s stunning success story and demonstrates clear market confidence in its business model and outstanding team.”
For their part, United International Management, an independent provider of corporate and fund administration services, gave expert support with the documentation and closing of the transaction.
The financing was led by btov’s Digital Tech Fund and Private Investor Network, which remains Tiko’s largest shareholder. The company is also backed by other renowned Venture Capital investors such as Rocket Internet or angel investors.
The round will serve to boost the data-driven valuation algorithm they use to get quick offers. In addition, Tiko will continue its national and international expansion and will end the year operating in 10 regions, including Portugal.
Tiko’s rapid growth in the residential market
Launched in 2018 in Spain by its founder and CEO, Sina Afra, and co-founders Ana Villanueva, Can Günay and Paco Sahuquillo, Tiko has been able to quickly attract more than 33% of the homes for sale only in Madrid. The key to its rapid success is its technology platform, which only needs homeowners to fill out a short form to send them a purchase offer within 24 hours.
“Long selling cycles, poor data quality and the lack of transparency in property valuation make the entire process very stressful, and sometimes unfair. Tiko meets this need by offering a stress-free experience that combines speed, efficiency and fairness, with a data-driven property valuation” said Afra to explain the good results of its company.