Funding and Investment Roundup: Adevinta, JustMoveIn, REA Group, Tomo Mortgage

This week's funding and investment roundup starts with the now not-so-surprising news that Adevinta is selling...

Europe: Adevinta sells its stake in Wilhaben

The great Adevinta sell-off continues in earnest as the conglomerate has sold its stake in the Austrian horizontal marketplace Wilhaben for an undisclosed sum.

The transaction is expected to be completed in Q2 2025.

A press release published on Business Wire today said Sprints and Styria have entered a strategic partnership to acquire Wilhaben:

European growth investor Sprints and Styria Media Group have entered into a strategic partnership to jointly own and drive the development of willhaben, Austria's digital consumer marketplace. This landmark collaboration combines Sprints' extensive expertise as an investor in customer-focused technology businesses in Europe with Styria's prominent position as a leading media and digital company in Austria. The transaction is subject to approval by the relevant regulatory authorities.

As part of the partnership, the Joint Venture between Sprints and Styria has acquired all of Adevinta's shares in willhaben. Financial terms of the transaction are not disclosed.

Markus Mair, Chief Executive Officer of Styria Media Group, said:

"Styria is broadly positioned. We are a house of media and marketplaces and have many plans in both business areas. With Sprints’ expertise in marketplaces, this collaboration will unlock willhaben’s full potential, marking a major investment in both the future of willhaben and Austria’s digital economy."

Styria Media Group owns marketplace and media assets in Austria, Croatia and Slovenia.

Founded in 2015, Sprints has a portfolio including category-defining companies like Revolut (the leading global neobank), Hemnet (Sweden’s top property portal) and Chrono24 (a leading second-hand luxury watch marketplace).

Bloomberg reported yesterday that Adevinta will sell the business to its joint venture partner Styria Media Group, and Sprints, an investor that holds a stake in Hemnet. Wilhaben was valued at circa €500 million ($519 million) in the Bloomberg piece.

United Kingdom: Just Move In raises $8 million Series A funding round

Home-moving service provider Just Move In has raised GBP 6.3 million ($8 million) in a Series A round led by Eos Ventures. Other participants include Wayra (the innovation arm of Telefónica), Second Century Ventures, and angel investors including Simon Rogerson and Chris Hulatt, founders of Octopus Group.

Just Move In, a previous winner of the Pitch Club competition at the Proptech and Portal Watch Conference, offers a comprehensive, complete home moving package including a wide range of services such as council tax, water, home insurance, and beyond.

Just Move In says it plans on expanding its offering to the European market.

Speaking to TechCrunch, Just Move In founder Ross Nichols said:

“When you move in, there are dozens of services that need to be connected such as council tax, water, sewage, gas, energy, broadband, home insurance. The list goes on. We have built a platform that helps to streamline that process.”

"Just Move In takes the information about the property from the estate agent’s CRM and analyses the services available. So you come into our journey, and rather than having to end up on a dozen plus different websites to complete all those transactions and repeat your payment details, you do it once, and it’s set up for you.

"The main benefit for the customer is they’re saving a huge amount of time and it’s free service. We get paid in the same way that a price comparison site works. So we are competing indirectly now with the big price comparison sites, but we’re embedded into the flow of the move."

Oceania: REA Group to acquire a minority stake in rural property specialist Agtuary

REA Group has agreed to acquire a minority stake in Agtuary, a leading platform specialising in rural property and environmental data and insights.

Agtuary transforms dispersed information into a centralised, standardised solution using advanced geospatial analytics and AI. Its purpose-made tools, data, and workflows support property and finance professionals make informed data-driven decisions in rural property management and investment.

The company's suite of products includes land due diligence and environmental analysis reports, CMA, a mobile inspection app, mapping and portfolio management, and emissions accounting tools outside traditionally 'urban' zones.

REA Group Executive General Manager of PropTrack, Kris Matthews, said:

“Agtuary is an exciting business that is already widely used by the valuation, finance and banking industries, and we see many opportunities for future innovation and growth. We look forward to working closely with Agtuary to identify possible ways to collaborate, such as enabling new insights including rainfall charts and land use on realcommercial.com.au and realestate.com.au property listings.

“Agtuary also produces specialised Know Your Environment reports that would be extremely beneficial to our real estate customers, arming them with the sector-specific information they need to sell rural properties."

Commenting on the investment, Agtuary Co-founder and CEO, Angus Muffatti, said:

"There are clear similarities between our businesses, so REA is a natural partner for us. We’re thrilled to be working together as we accelerate Agtuary’s next phase of growth. This capability is desperately needed in the rural sector and REA’s investment will help ensure rural property professionals have the most accurate and comprehensive set of tools and data available to them."

United States: AI-powered Tomo Mortgage Raises $20M

Tomo Mortgage has closed its $20 million Series B financing round. In addition to new investor Progressive Insurance, existing investors Ribbit Capital, NFX, and DST Global Partners also participated in the latest round.

The company says it will use the funds to support growth across its team and product offerings.

Greg Schwartz, CEO and Co-Founder of Tomo, said:

"Outdated business practices, excessive fees, and over-inflated interest rates cost U.S. homebuyers billions of dollars every year. Tomo is on a mission to change that. We use AI to deliver low rates without the gotchas. No mystery fees. No missed closing dates. No 'rate-keeping,' where you have to talk to a salesperson before getting a price. People love our honest, upfront pricing and seamless customer experience. We're thrilled our investors recognize our unique vision and value."

Tomo operates a mortgage business that uses AI to streamline sales and underwriting processes. The company says its tools make getting a mortgage much faster, more accurate, and far less expensive than at other mortgage lenders, saving typical homebuyers up to $4,000 at closing. The company says its interest rates are, on average, 0.50% lower than the industry and up to 1% lower than some of the biggest lenders

The company said it achieved 3.5x growth in 2024 and is on track to be one of the largest mortgage companies in the U.S. Now operating in 31 states, including D.C.

Tomo has raised $130 million since its foundation in 2021.