Kodit.io received $13.4M in financing to start its own real estate investment fund.
Kodit.io, a Helsinki, Finland-based company providing real estate brokerage services based on an AI-powered housing data platform, announced the completion of a EUR 12M ($13.4M) financing round.
The money is provided as a combination of equity and debt.
The equity consists of a EUR 3M ($3.4M) capital investment supported by Adevinta Ventures, All Iron Ventures, FJ Labs, and Icebreaker.vc. The equity financing will be used to enhance the company's own technology development and sales.
In addition, the company has received a loan of EUR 9M ($10M) from the Swedish Collector Bank, which serves as a starting point for a real estate fund managed by Homerun Technologies.
Homerun Technologies, founded in 2017 and led by CEO Kalle Salmi, is the company behind Kodit.io, a digital-based service that buys apartments for renovation and selling them forward at a profit.
The service, which started operating last year, has already purchased about 200 apartments in the Helsinki Metropolitan Area, Turku, Tampere and Tallinn, out of which half were already sold. In 2019, the company also started operations in Madrid, Spain.
The service was operated in collaboration with third-party real estate investors, meaning it was practically buying and selling housing on their behalf. Now the company will start to perform the housing purchases from its own fund that was just announced. The housing fund target is at EUR 15M by the end of 2019.
Prior to this deal, Kodit raised $2M in 2018.