Cyprus: PropTech startup and serviced apartment provider Moving Doors has secured €1.163 million in seed funding to support its expansion into Dubai.
Moving Doors is a provider of tech-enabled serviced apartments with flexible online booking options from one month and more. Moving Doors is present in the main cities of Cyprus with a total of 220 apartments.
The recent seed funding was led by Uni.fund alongside partners Genesis Venture and Venteri Capital. The firms contributed a total of €1.163 million in equity and €300,000 in debt.
The newly acquired funds will help to strengthen the company’s position in Cyprus as well as facilitate its foray into the Dubai market. Moving Doors aims to offer 300 serviced apartments in Dubai by the end of 2024, with operations commencing in early 2024.
To support the company’s growth objectives, the team will also launch a Moving Doors residents app, offering advanced management options for bookings and customer interactions.
Demetris Papadopoulos, co-founder of Moving Doors, said: “The preceding year has demonstrated the high demand for our furnished, designer serviced apartments, complemented by a digital customer experience, appealing to both leisure and business sectors. With the backing of our investors, we are committed to evolving our concept and introducing it to new markets.”
Yiannis Christodoulou, co-founder of Moving Doors, added: “This pivotal financial milestone is not just a testament to the faith investors have in our vision, but a crucial enabler for our expansion plans, especially in dynamic markets like Dubai. With this funding, we’re poised to upscale our operations and enhance our service offerings. This seed funding is the fuel for our journey towards redefining serviced apartment experiences in one of the world’s most bustling cosmopolitan cities.”
Sotiris Papantonopoulos-Mantopoulos, CEO from Uni.fund, said: “We committed to an early-stage investment in Movingdoors, drawn by its effective business model. This decision has been validated by the company’s remarkable progress over the past year. We firmly believe that Movingdoors will further enhance its position as a leading technology-driven operator in Cyprus, bolstered by its well-defined strategy and robust execution.”
