Trust in PropTech: Edison enters Condeo

Open Innovation & PropTech
Startup Bakery presents its second startup, Condeo
Edison among the key investors

• Significantly increases the trust of investors and startups in PropTech: the oldest European company in the energy sector leverages open innovation to build a cloud solution together with the Italian startup studio to digitalize the condominium management sector and facilitate communication between administrators, condominium owners, and service providers.

• Among the first investors are Edison, Startup Bakery through its Lab, and business angel Fabio Croci. Leading the startup as co-founder & CEO will be Giorgio Argentieri, former Client Director and Digital Marketing Director of Triboo.
  The round is still open to third-party investors.

• Condeo is aimed at administrators, condominium owners, and suppliers interested in simplifying communication and coordination of condominium life, collections, and the execution of ordinary and extraordinary work.

– read the Edison press release –

Milano, March 3, 2022 – Italian PropTech bets on open innovation and invests in Condeo, the second startup spun off from the Italian startup studio Startup Bakery. 

The company includes Edison, the oldest European company in the energy sector and one of the main energy companies in Italy and Europe, and Startup Bakery itself, the Startup Studio specialized in B2B SaaS with the use of Artificial Intelligence (through its Lab, its investment vehicle) as well as business angel Fabio Croci (currently BTO of SEC Newgate). 

“The direct investment of an industrial partner in a startup still in the very early seed stage is a rare case, and for us at Startup Bakery, it is an extraordinary result: having investors of this caliber on board is a sign that the startup studio model is beginning to gain trust even in Italy – commented Alessandro Arrigo, CEO of Startup Bakery – Usually, according to our standard model, partners come in a bit later, at a more advanced stage, when the solution is already on the market with a prototype or at least with an MVP. In this case, however, bolstered by our market research on emerging trends and the evidence provided by sector surveys, we involved partners right from the validation phase, capturing their interest in a solution of this type and outlining together the profile to meet the specific needs of real users.” 

An important agreement that sends a signal of trust towards collaboration between corporates and startups even in this sector, intending to pave the way for the entire Property Technology market. Indeed, the round is still open to third-party investors. 

“In a rapidly evolving context like today’s, it’s essential to identify the most innovative startups to effectively and quickly explore new value solutions for business and put the best technologies at the service of energy, environmental sustainability, and customers,” states  Lorenzo Mottura, director of the Strategy, Corporate Development & Innovation Division at Edison. “Through operations like this, Edison aims to support the birth of high-potential innovative and growth-focused startups operating in strategic business areas for the Group.”

A solution that is even more necessary in the current period, heralding significant changes: according to the Global PropTech Confidence Index 2020, 94% of investors believe that the pandemic will further accelerate the adoption of PropTech in the real estate sector, with a 5% increase compared to mid-2020. The Investor Confidence Index has risen to 9.2/10, up from the previous peak of 8.8 in mid-2019 and partly fueled by the exceptional performance of PropTech companies in public markets in the second half of 2020.

Born within Startup Bakery, Condeo will be a cloud solution for managing condominium life: aimed at administrators, condo owners, and suppliers, it intends to digitalize and thus simplify communication and coordination of condominium life, collections, and the execution of ordinary and extraordinary work, as well as recording the main events of life in a condominium, thereby promoting transparency in management.

Leading the effort, as co-founder & CEO, will be Giorgio Argentieri, former Client Director and Digital Marketing Director of Triboo. With a decade of professional and managerial experience in significant national and multinational contexts in digital marketing functions, Argentieri began his career as a digital marketing specialist within various international media networks before moving on to become a digital performance manager and managing digital advertising strategies.

“The goal of Condeo is to bring innovation and digital solutions to a sector that is still very 'analog' and rich in complexity, like condominium management – concluded Giorgio Argentieri, CEO of Condeo – Thanks to the collaboration with a leading market energy industrial partner like Edison and the entrepreneurial and technological expertise of Startup Bakery, Condeo has every chance of becoming the ideal solution for managing, working in, and living in a condominium without stress.” 

Startup Bakery

Startup Bakery Startup Bakery is the Italian startup studio founded by Alessandro Arrigo and Angelo Cavallini in February 2020 with the goal of creating sustainable B2B SaaS companies with a strong component of Artificial Intelligence and allowing founders, companies, and professional investors to express their potential. 

The Studio guarantees the serial application of tools, skills, and methodologies already present in the team, assisting the co-founder in all phases from raising funds to exit, making him increasingly independent. Thanks to a proprietary algorithm, it can rely on advanced capabilities for collecting and processing market data to identify niches of interest to target while the cyclical validation of initiated projects is guaranteed by the application of the lean method. 

The user-centered Interaction Design approach guaranteed by the know-how of Donux, a UX/UI agency spun off from Startup Bakery, ultimately offers simple and effective user experiences.

Startup Bakery offers industrial partners a new way to do open innovation by entering the capital of new startups and progressively accompanying them in their development until acquisition. 

The SB “Lab”, operational companies of the group, are responsible for financially supporting the spin-off initiatives in the pre-seed and seed phases (in co-investment), as well as building their core team (HR). 

At the end of November 2020, Startup Bakery closed a capital increase of €750,000. In April 2021, it opened capital raising of €700,000 for its first startup Veterly, and in October of the same year, it launched it on the market. In January 2022, it completed the capital raising of €1,950,000 thanks to its first Lab. In March 2022, it presented its second spun-off startup, Condeo. 

Media contacts 

Serena Orizi
PR and Media Relations, Startup Bakery
+39 (320) 420-5558 | serenaorizi@gmail.com 
skype: soloori