Spotahome continues to consolidate its growth by completing a new financing round of 25 million euros. The long and medium-term residential rental platform has gestated this investment in the midst of the pandemic and has managed to enter 28 countries, exceeding pre-Covid income and making the first quarter of 2021 profitable for the first time.
The board of directors in its entirety with Kleiner Perkins, Seaya Ventures, Passion Capital and 14W, has resorted to this financing, mainly led by 14W, thus supporting the management of the company throughout the Covid stage. Likewise, they have joined a good part of the shareholders which were already present in the capital and new investors have joined such as the international fund Mundi Ventures.
Javier Santiso, founder and CEO of Mundi Ventures has indicated that «Society as a whole has suffered a historical and very hard stage with the pandemic and it is time to reactivate the economy, travel again and live again. Alejandro and his team are prepared to digitize the real estate world and expand their model to thousands of cities and, ultimately, facilitate a return to normalcy. We are excited to support Spotahome in this new stage of growth«.
Spotahome’s shareholding includes other international investment funds and venture capital companies, as well as various business angels. Among them are Howzat Partners, All Iron Ventures, Samaipata, The Venture City.
Since it began its activity in 2014, Spotahome has raised more than 80 million euros, and has established itself worldwide as the main long-stay rental platform with a 100% digital process. In 2017, it added 13.6 million euros to a Series A investment round, which raised the financing obtained to date to 21.1 million euros. A year later, the platform raised 34 million euros in a Series B round led by Kleiner Perkins, becoming the first Spanish startup based in Spain to raise capital from a top tier 1 venture capital from Silicon Valley.
A Covid winner company
Spotahome, despite having a business highly dependent on the international market, has managed to restructure quickly, and take advantage of the pandemic year to automate operations and create a scalable model. After overcoming the effects of the pandemic, the platform reached profitability in the third quarter of 2021, exceeding the revenues of 2019 and tripling those registered in 2020. With a rental volume of more than 150 million euros at the end of 2021. The company expects to at least double this figure in 2022.
«Our evolution since 2019 has been very positive despite the situation thanks to the excellent work of our team of 120 people. Our investors define us as Covid winners, compared to other startups and competitors, because in this period we have transformed losses into profitability, doubled our property inventory and improved operations with the best valued customer experience in the sector », assures Alejandro Artacho, CEO and co-founder of Spotahome.