Online real estate specialist ProntoPiso closes a €1.3 million investment deal with Media Digital Ventures to consolidate its business in Barcelona and Madrid.
ProntoPiso has seen wave of funding these past few months. In February the Spanish startup received €400,000 in public funding, and prior to this latest round of funding, ProntoPiso accumulated more than €3 million through venture funds Global Founders Capital, Picus Capital, and Global Growth Capital in 2017.
Diego Paradinas
“The injection of capital and media exposure will allow us to massively impact our customers, consolidate the business in the two cities in which we are present, Madrid and Barcelona, and even boost the expansion of other large local markets,” said Diego Paradinas, Co-Founder and COO of ProntoPiso.
Now with over €4.3 million in financing, the latest injection from Media Digital Ventures comes with a “media for equity” agreement, according to Efe Emprende.
The media for equity deal allows communication groups to invest in startups in which they enter the shareholding in exchange for advertising in their media, investing jointly in venture capital funds.
Last December, Mission Box closed a similar deal with Grupo Zeta. Through the media for equity agreement, Grupo Zeta agreed to promote Mission Box through its media outlets such as Diario de Córdoba, La Crónica de Badajoz, El Periódico Extremadura, and El Periódico Mediterráneo. In return Grupo Zeta became a shareholder in the startup with 1% of the shares.
Read More: Andalucia startup Mission Box closes investment with Grupo Zeta for 1% of company
Andrés Plá
ProntoPiso Co-Founder and CEO Andrés Plá highlighted the importance of having media sponsors such as Vocento, Grupo Atresmedia and Grupo Zeta, among others.
“The entry into the shareholding of communication groups will allow us to help in the growth of the company and consolidate our innovative business model,” said Plá.
ProntoPiso is a real estate startup founded by seasoned professionals with years of experience in the sector.
Their mission is to disrupt the real estate industry by transforming the process of moving and converting it into a more transparent and efficient process.
“Our mission is to facilitate and accompany our clients in the change of housing, to guarantee the price of their homes, reduce their real estate risks, and generate confidence and transparency in the operation,” the ProntoPiso website states in Spanish.
ProntoPiso guarntees the sale of a home within 90 days.
At the time of the startup’s launch in March of 2017, Plá stressed, “If we arrive at the 90th day and the house has not been sold, we will continue working to obtain the best possible price and if the property is sold for a price higher than the guaranteed price, we will transfer the price difference to the seller.”
ProntoPiso has access to the Spanish real estate market data in real time, including housing structural situations, lists of historical transactions, the current supply and demand of homes and areas, as well as other data.
It has developed an algorithm capable of processing all this information that, after being evaluated by its expert advisors, provides a reliable market valuation.
Media Digital Ventures manages advertising stocks from the main media groups to exchange them for equity in scalable, high-growth companies while offering startups a unique media advertising mix.