German proptech startup Evernest has chosen Madrid as the first city to start its international expansion.
The digital real estate brokerage company said it opted for Madrid as it is twice the size of Berlin in terms of real estate transaction volumes, and sees great potential for growth there because of the lack of digitization in the sector.
Evernest will open its first international office in Madrid's financial district, noted for its luxury real estate across the Salamanca, Chamberí and Chamartín neighbourhoods.
The company is also considering expanding its presence in other regions of the country, such as Barcelona and Malaga, as well as in second home destinations such as the Balearic Islands, the Canary Islands and the Costa del Sol.
Oscar Larrea, who has seven years of experience in management positions at Engel & Völkers Madrid, will be in charge of launching the Spanish project.
Among the goals he has set for the Spanish market is to grow to a minimum of 150 agents in 2023 and up to 500 in 2024.
Larrea commented: ‘Evernest is for me the most exciting and ambitious project in the international real estate sector in the last 20 years and I am very excited to develop the growth in Spain. I firmly believe that we can offer a comprehensive platform and the most powerful and advanced CRM for real estate advisors. With the combination of technology, our years of experience in the real estate sector and a contemporary brand, we will be able to offer our clients a much more professional and faster service.’
According to data from the INE, in H1 2022 the sale of homes in Spain hit all-time highs since 2007.
Evernest’s digital platform allows real estate agents to simplify the process of buying and selling a property thanks to AI and data analysis.
According to the firm, the startup has become the fastest growing agent in Germany, having doubled in size in just one year and tripled its revenue and transaction volume compared to H1 2021.
Earlier this year, Evernest closed a €13 mln financing round, co-led by New York fund Prudence and Spanish fund Kibo Ventures and Bonsai Partners, as well as previous investors Everest, Project A Ventures and APIC, to accelerate the technological development of its platform and for international expansion.