Migoa closes €1m for Spanish property search

Spanish property search start-up, Migoa has raised over €1 million in its first round for
nuroa, its property search engine for Germany and Spain. Spanish venture capital firm Highgrowth Partners was the investor. It’s a big round for Spain. According to the FECYT (the Spanish Foundation for Science and Technology), 71% of the VC investments made in Spain during the first half of 2007 related to the technology sector, and 67% of the investments were for sums of less than €500.000.

Nuroa was launched in October 2007 and says it is currently aggregating more property ads in Spain and Germany than competing real estate portals. Nuroa does not charge real estate agents to list their ads. Prior to the current round, migoa had raised in excess of €1 million from various business angels and government sources, including Dennis Bemmann, founder and CTO of StudiVZ, the German social network which was bought in early 2007 by German publishing group, Verlagsgruppe Georg von Holtzbrinck, for a rumoured €80 million. Spanish serial Internet entrepreneur, Albert Armengol, also invested in migoa in March 2007, after selling his business social networking site, eConozco, to Xing for an undisclosed amount.