Short stay specialist gains €21 million funding for expansion
Pictured: The Bob W workforce.
Contemporary limited remain apartment manufacturer, Bob W, has secured €21 million in sequence A funding, led by IDC Ventures, Elevator Ventures, Verve Ventures and Flashpoint.
Based in Helsinki and Tallinn, Bob W thinks the newest expense demonstrates a vote of self confidence in its principle of tech-powered short-continue to be apartments that incorporate lodge-like excellent with the authenticity of personal rentals.
New market achieve
The company will use the money to fund growth into new and current marketplaces and make investments into scaling its autonomous comprehensive-stack tech system.
Inspite of being launched just ahead of the pandemic, the team has witnessed year-on-12 months profits grow by 800%, alongside with excellent margins. Final month it obtained fellow quick-continue to be serviced apartment operator, KotiHotel, to improve its coverage in Finland, next a further buyout earlier this yr of Estonishing Keep Flats, tripling its protection in Estonia.
Industry benchmark
Niko Karstikko, co-founder and CEO of Bob W, commented: “Our intention is to use the money to create a new business benchmark for electronic experience, and to assist our explosive expansion in new European markets further than the British isles, Spain, Finland and Estonia, wherever we at present function.
“We have shown, regardless of the demanding enterprise and financial investment weather, that we can supply a potent efficiency, which is reflected in our skill to elevate money. The resilience that we have proven, underpinned by our special notion, robust tech system and legitimate sustainability qualifications, sets us up completely for foreseeable future enlargement, no matter whether through organic and natural growth or mergers and acquisitions.
“We are resetting the expectation of hospitality for the shopper and now we can increase our access across Europe with in excess of 20 metropolitan areas in our growth pipeline.”