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American brothers raise €2.5M to expand their long-term premium rentals platform across Europe

Image credits: Ukio

Ukio, the Barcelona-based proptech company, announced that it has secured €2.5M from Expansion Fund. The Spanish company plans to use the funds to expand its growing network of apartments to new markets across Europe.

The announcement comes nine months after raising $9M in a Seed round from top European investors back in September 2021.

Appointed new Advisor

Additionally, the company has also announced the appointment of Federico Travella as Advisor. Travella, Belgian-Italian technology entrepreneur and Founder of Novicap, will advise the management team on expansion, product development, and capital raising, among other matters.

Prior to Novicap, Travella was a Managing Director at Rocket Internet where he helped build out the e-commerce marketplace Lazada with combined funding of millions of USD and a successful exit to Alibaba Group.

Federico Travella comments, “I’m excited to be joining Ukio as an advisor and look forward to supporting the company in becoming the category leader in flexible housing. Ukio’s team is highly ambitious, combines a long-term vision with a practical mindset, and is obsessed with the customer experience. Lastly, the management is mindful of the challenges that come with scaling rapidly and recognizes the importance of strong company culture.”

Flexible living for millennials

Finding a home is exhausting – from endless apartment visits, different brokers, and paperwork, to huge financial obligations when moving cities. Two brothers, Stanley (ex-Airbnb) and Jeremy Fourteau (ex-Headspace), with deep experience in hospitality and technology, went on to solve the housing problem by founding Ukio in 2020.

The platform removes all the hassle around finding a rental with no long-term contracts, moving/buying furniture, security deposits, etc. giving choice and flexibility to allow people to live seamlessly in new cities and cultures.

Ukio is on a mission to empower people to live where they want, when they want., by having a home wherever they go. The company is disrupting the residential real estate market by providing furnished and serviced apartments for stays of one month or more in Barcelona, Madrid, Lisbon, and Berlin. Notably, the platform offers a digitised customer experience from search to check-out, with 24/7 customer service, streamlined booking, and keyless check-in.

Some numbers to crunch

Since its inception in 2020, Ukio has built up a portfolio of over 250 apartments in prime locations across Barcelona, Madrid, Lisbon, and Berlin. After a 14x YoY revenue growth in 2021, the company reached the € 7M ARR mark in Q1 while maintaining a near-perfect occupancy of 96%.

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