Pictured: The Bob W group.
Modern quick keep condo model, Bob W, has secured €21 million in sequence A funding, led by IDC Ventures, Elevator Ventures, Verve Ventures and Flashpoint.
Primarily based in Helsinki and Tallinn, Bob W believes the most recent funding demonstrates a vote of confidence in its idea of tech-powered short-stay residences that mix hotel-like high quality with the authenticity of particular person leases.
New market attain
The agency will use the cash to fund growth into new and current markets and make investments into scaling its autonomous full-stack tech platform.
Regardless of being based simply earlier than the pandemic, the group has seen year-on-year income develop by 800%, together with good margins. Final month it acquired fellow short-stay serviced condo operator, KotiHotel, to develop its protection in Finland, following one other buyout earlier this yr of Estonishing Keep Residences, tripling its protection in Estonia.
Niko Karstikko, co-founder and CEO of Bob W, commented: “Our purpose is to make use of the funds to create a brand new business benchmark for digital expertise, and to assist our explosive progress in new European markets past the UK, Spain, Finland and Estonia, the place we presently function.
“We’ve got demonstrated, regardless of the difficult enterprise and funding local weather, that we are able to ship a robust efficiency, which is mirrored in our means to boost capital. The resilience that we’ve got proven, underpinned by our distinctive idea, strong tech platform and real sustainability credentials, units us up completely for future growth, whether or not by natural progress or mergers and acquisitions.
“We’re resetting the expectation of hospitality for the buyer and now we are able to broaden our attain throughout Europe with over 20 cities in our growth pipeline.”