EUROPE: Ukio, a flexible rental startup, which provides fully furnished serviced homes has raised €27 million in Series A funding.
Felix Capital, a London-based venture capital firm operating at the intersection of technology and creativity, led the funding with Kreos Capital, Heartcore and Breega also participating.
Founded in Spain, Ukio offers more than 500 curated apartments in major cities from Barcelona to Madrid, Lisbon to Berlin.
The Series A funding will enable Ukio to extend to more European locations over the coming months, including Paris, Dublin, Milan and London and more.
Each Ukio apartment is furnished by a team of local designers who specialise in creating unique, sustainable living spaces. Apartments are powered by renewable energy, and all furnishings are sourced from eco-friendly suppliers. Apartments are available to book directly via Ukio’s online platform.
Founded by brothers Jeremy Fourteau (formerly Headspace) and Stanley Fourteau (formerly Airbnb) the flexible rental space is aimed at the new type of traveller and worker. Since the pandemic, the number of people working and living flexibly has almost tripled across Europe.
Stanley Fourteau, founder of Ukio, said: “We founded Ukio to be the go-to solution for a new generation of flexible workers. The rise in remote work is unshackling people from their desks, enabling them to experience more of the world, and they are using this opportunity to live and work wherever they want. Yet, the residential real estate market has stayed stuck in the past and is in no way conducive to the needs of tomorrow’s generation. We’re building the future at Ukio – a future where people can live freely, supported by technology, and without the typical pain points associated with the housing market.”
Ukio has disrupted what it calls the competitive and out-of-date European rental market, which offers long-term contracts no longer suitable for entrepreneurs, remote workers and multinational professionals who may be in a city for just six months or less.
Guests can move into an apartment days after booking rather than wait for months. Each booking comes with a dedicated 24/7 services team, on hand to support its new residents. These teams are made up of local experts from high-end hotels and hospitality schools. Ukio also holds events in cities to bring the guest community together and help them more easily integrate into their new neighbourhoods.
Jeremy Fourteau, founder of Ukio, said: “Finding and renting an apartment for a month or more is still incredibly complex and time-intensive for modern consumers who are used to doing everything and anything digitally. Ukio was created to overcome this challenge. We’re building proprietary software tools so it’s easier than ever for people to find the perfect home to stay in, as well as simplify their search and create the essential products and features to provide a high-end service to our guests.”
Since the beginning of this year, the startup has achieved 7X YoY revenue growth and has 96 per cent occupancy, highlighting the emergence of this fast-growing segment. Over the past two years, the Ukio team has grown to 120 people across Europe.
This latest fundraise will enable the company to further grow its on-the-ground and in-house teams, particularly its tech experts. It will also be used to invest in its platform, develop a B2B service to suit growing international businesses, and expand more widely across Western Europe by the end of 2023.
Antoine Nussenbaum, partner and founder at Felix Capital, said: “Jeremy, Stanley and the Ukio team are attacking a €30B market opportunity in Europe, which for too long has been completely overlooked. They have built an incredible company based on strong business fundamentals in a fast-growing market segment that disrupts the traditional residential model. We see their fully-integrated platform as providing an essential service for modern consumers who want to experience more of the world and have the means and flexibility to do so. We’re thrilled to be backing them and watching them launch in new cities in 2023.”
Last year Ukio raised US$9 million in a large-sized seed funding round.
