Barcelona-based proptech startup offering flexible living solutions, Ukio has raised €2.5 million in debt funding. The investment, made by Extension Fund, will be used to expand its network of apartments to new markets across Europe. The Spanish firm had earlier last year raised $9 million in funding.
Founded in 2020 by French-American brothers Stanley Fourteauand Jeremy Fourteau, the short term rental solution offers artfully designed, fully-furnished apartments for stays of one month or more. Underpinned by a fully digitised customer experience from search to check-out, with 24/7 customer service, the platform streamlines booking and keyless check-in.
The company claims to use a fully vertically integrated digital model from identifying prime real estate in traditionally supply constrained markets to renovating and commercialising the properties in under three weeks. They partner with real estate developers and landlords and handpick apartments, each of which is individually designed and furnished, to create an upscale flexible living solution.
In today’s times when people can literally work from anywhere, it seems like this model is going to stay popular and make money. And the growth of business witnessed by the company reiterates this. The Spanish startup has a current portfolio of over 250 apartments in prime locations across Barcelona, Madrid, Lisbon and, most recently, Berlin. According to company, it reached the €7 million ARR mark in Q1 of 2022 while maintaining an occupancy of 96%.
Federico Travella, founder of Novicap, who joins the company as an advisor said: “I 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.”