Tech-enabled residential property management company Odevo announced that CVC funds have agreed to join the group of investors led by Swedish firm Fidelio and its existing management team.
Supported by a bespoke tech platform, Odevo helps residential property owners manage all aspects of their building, ranging from accounting, administration, invoicing and on-site services to renovations. Founded in Sweden in 2018 by the investment firm Fidelio and the current management team, Odevo has expanded the business more than 50 times, now managing 1.4 million homes with more than 7,000 employees and an annual turnover of EUR 650 million.
“For most people, the home is their greatest investment, and our services are designed to simplify everyday life for those people, a responsibility we take seriously. Odevo was founded on the principle of combining the power of people and technology and from the start, we have focused on simplifying living by delivering end to end solutions for an industry that traditionally has been slow in innovation,” said Daniel Larsson, CEO of Odevo. “Fidelio has been a true partner to us and we look forward to continuing our collaboration, now also welcoming CVC with their global network and vast experience of supporting growing businesses like ours.”
CVC will be represented on the board by Søren Vestergaard-Poulsen, Lave Beck-Friis and John Zacharias.
Fidelio remains a long-term partner and will work together with CVC to support the team at Odevo on their journey to grow organically and through welcoming additional entrepreneurs in existing and new markets.
CVC is investing out of CVC Capital Partners Fund IX, its most recent fund that closed at EUR 26 billion in 2023 and brings substantial experience of investing in leading companies in the Nordics and globally.
