Blok secures $2M in fresh investment funding from Bonnier and Lifeline Ventures to accelerate the business of its AI-based real estate virtual retailer service.

Finland Sweden Investments 08 February 2018
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Blok, a Helsinki, Finland-based company providing an online real estate platform based on an AI-based virtual retailer service announced securing €1.6M ($2M) in a fresh investment round.

The money comes from investors including Finnish venture firm Lifeline Ventures and Swedish media group Bonnier and will be used to accelerate the business in and outside Finland.

The announcement comes a few months after Blok raised an undisclosed amount of capital in a round which included the German early stage VC from Picus Capital, as well as angel investors Erlend Christoffersen and Henrik Andersin.

Blok, founded in 2017 and led by CEO Rudi Skogman, has developed a web platform that provides a service automating all the steps related to the sale of an apartment. The company challenges traditional real estate agents with its automated broker service and a significantly lower 0,75 % commission.

The business has picked up as Blok brokered the sales of over 100 apartments via its online asset. The platform, which numbers 300 home sellers as customers, automates almost all routine tasks related to selling an apartment.

Blok’s turnover for its first year of operation was €100k and sold apartments for over €15M in 2017. In 2018 the company has already sold €10M worth of apartments and expects to break even in the next 12 months.