Spanish startup Spotahome raises $40 million to expand its property rental platform

Spotahome, a Madrid-based home rental startup, has raised $40 million in funding in a round led by Kleiner Perkins Caufield & Byers, Bloomberg reports. Founded in 2014, the company has picked up a total of $64 million to date.

Spotahome's online platform offers a hotel booking-like experience for renters interested in mid to long-term accommodation. It operates in 33 European cities and employs some 300 people, plus 120 freelance “homecheckers” who visit the listed properties and create textual descriptions and video tours. For landlords, Spotahome provides a set of tools to manage multiple properties in a streamlined manner.

The company plans to use the money to hire new marketing and product development executives, Spotahome's co-founder and CEO Alejandro Artacho told Bloomberg. It also considers acquisition possibilities on the market, following the purchase of international student community Erasmusu earlier this year.

Currently, Spotahome has about 50,000 properties listed across Europe. It makes money by charging a fee equally split between the renter and landlord; the average fee on the platform is less than 9 percent, Artacho said.

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