Casavo fires 30% of employees. Tinacci: “Difficult but necessary choice”
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Casavo has announced the dismissal of 30% of its staff. A “difficult choice” for the founder and CEO of the proptech startup Giorgio Tinacci, who however says he is convinced that it is the “right one to make given the market uncertainty and Casavo’s long-term interest”. real estate platform has about 300 employees.
The cut was made necessary to meet the need to reduce costs and accelerate the road towards a balanced budget. “We have always acted transparently, fairly and with respect towards our people and we will continue to do so in this context as well. We will take care of those who will be impacted by this decision thanks to a series of initiatives aimed at guaranteeing relocation”, commented Tinacci.
Weighing the surge in mortgages and the uncertainty of the real estate market
The decision came at a time when raising new capital is difficult. The macroeconomic conditions and the uncertainty of the real estate market due to the surge in mortgages weigh heavily: “Given the uncertain conditions of the residential real estate market, it is expected that the two-year period 2023/2024 could be characterized by longer sales times and a reduction in demand ”, reads a note. Furthermore, “inflation levels and mortgage interest rates could create uncertainty for those intending to buy a house”.
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In addition to cutting employees, Casavo, founded in 2017, will aim for a review of its business model. From the direct purchase of houses to a real estate platform in the more classic sense.
Change the business model: focus on the platform
And it is precisely on this that he will concentrate in the next few years: “The strategy for the next few years will be focused on consolidating the Casavo Marketplace” while in the long term, “services in the home world such as Casavo Mutui will be further developed”. The immediate purchase of houses to be resold on the market, “while remaining at the heart of Casavo’s offer as a differentiating proposition for sellers”, will be subject to lower investments given the market volatility, concludes the company, which in any case intends to continue the its rise to the European market.
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According to Crunchbase Casavo has currently raised 708 million euros in investments. The latest round last July was led by Exor, while 300 million were obtained through a loan from a group of banks, including Intesa Sanpaolo, Viola Credit and Goldman Sachs.
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