Beanstock, a France-based buy-to-let investment marketplace, announced yesterday raising a $12.9 million (€12M) Series A led by 360 Capital, according to a press release.
The company says it plans to use the capital to consolidate its growth in France, continue developing its platform and expand to other European countries. Entrée Capital, PropTech1 and FJ Labs, and existing investors Axeleo and Realty Corporation also participated in the round, alongside a number of angel proptech investors.
Beanstock said its marketplace, which enables individuals to buy and manage properties online, has seen a large number of Spanish, English and German buyers due to ongoing high yields in French real estate.
“This allows us to make the transaction much more efficient and cost-effective,” she said.
As a mortgage broker, it can also offer financing solutions for clients,” stated Beanstock co-founder Emma Malha in the release.
The company also stated it can identify properties that are more profitable than the market and can guarantee rental revenues for one year, in addition to streamlining and integrating all steps of a buy-to-let project. These include property search, mortgage brokerage, refurbishment and property management.
“All properties listed on our marketplace are exclusive (or ‘off-market’) and vetted by experts. We have an asset-light expansion model, which allowed us to roll out our operations in 20 cities in France in less than a year. We’ll use this model to expand into new European markets,” Malha said.
Examples of other buy-to-let startups include Roofstock, Mynd, Awning and Doorvest in the U.S. and GetGround, Urbyo and Bricklane in Europe.
In other recent proptech news, MISMO unveiled its new e-Eligibility exchange, built in partnership with Snapdocs. RentSpree also launched its new Agent Tools suite to help integrate brokerages and real estate agents into the rental process.