BBVA Spark finances its first operation in Portugal alongside Casafari
Casafari, one of Europe’s most prominent real estate software platforms, has signed a €5 million venture debt deal with BBVA Spark. It is BBVA’s first financing arrangement with tech firms in Portugal. The agreement benefits from the support of the European Union and the European Investment Fund under the InvestEU Fund program.
Founded in 2018, Casafari has quickly become a leading player in the real estate technology sector, already counting more than 60,000 users in Portugal, Spain, Italy, France, and Germany. Casafari built Europe's cleanest and most comprehensive real estate database to democratize access to real estate market data, reduce fragmentation, and increase transparency. In 2023, it acquired Targomo, a location intelligence and prediction leader.
With this strategic capital inflow, Casafari seeks to cement and strengthen its presence in the European market. The €5 million venture debt financing will be used to consolidate the market further and reinforce its market leadership.
“We are proud to support Casafari in its mission to make the European real estate market more transparent and effective,” remarked Miguel Angel Alcalá, head of BBVA Spark in Spain. “We are particularly excited about this deal as it is our first operation in Europe following two years of rapid growth in the number of customers we have in Spain and Latin America, all of whom stand to benefit from BBVA’s full range of business banking and specialized financing options.”
“Securing this venture debt with BBVA Spark is a big milestone for Casafari,” proclaimed Nils Henning, CEO and co-founder of Casafari. “This alliance validates our business model and growth path. The funds will be directed towards further market consolidation and M&A activities to reinforce our pan-European market leadership."
As Casafari continues to grow and innovate, this venture debt agreement will play a key role in enabling the company to scale up its development plans, enhance its technological capabilities, and maintain its competitive edge within the dynamic European real estate market.
BBVA Spark's decision to fund CASAFARI underscores its confidence in the startup's potential and its commitment to supporting European technology companies. This commitment materialized last October when BBVA Spark announced its arrival in the UK and the creation of a new team in London to cover the European market. The new team in London reinforces BBVA Spark's international presence, which already has more than 1,500 customers globally and nearly 500 million euros in committed credit.