Cologne, German-based Homelike, a European online B2B booking platform for furnished long-term housing, has raised 4 million euros in Series A funding. Cherry Ventures led the round with participation from Coparion.
Cologne based start-up Homelike, the leading European online B2B booking platform for furnished long-term housing, announced today that it has closed its Series A financing round of €4M. The financing round was led by Cherry Ventures with participation by coparion as existing investor.
Homelike focusses on bringing together professional landlords with corporate clients, business travelers and private individuals who are looking for furnished and serviced apartments, one of the fastest growing rental segments. Business travelers are expecting the same experience and want to book long-term apartments in the same convenient way as they are booking a hotel room. Homelike solves this issue and provides travelers a “home away from home”.
“As consumers are more and more looking for alternatives to hotel accommodation on business stays that last longer than 1 month, we strongly believe in this massive market segment with a volume in the high double digit billions in Europe alone and with the number of furnished apartments growing over 20% year over year”, says Christian Meermann, Founding Partner of Cherry Ventures.
Founded in 2014 by Dustin Figge and Christoph Kasper, Homelike has so far acquired more than 10,000 corporate customers, ranging from small startups to large multinationals in multiple industries and geographies, including Jungheinrich, Siemens or Adesso. Corporate clients have booked more than 400,000 nights with Homelike through their easy-to-use online booking process. Homelike also handles the payment, the electronic signature of online rental agreements and offers a premium insurance to it users in cooperation with AXA.
“We recognised that business customers are a largely underserved segment in the rental market, which is generally shifting into the direction of furnished and serviced living. Similar to the shift we are experiencing in transport and mobility, we believe that the rental market will develop towards a ‘living-as-a-service model’. This is exactly what we are addressing with Homelike”, says Dustin Figge, Founder and CEO of Homelike.
So far, the company operates in 100 cities and offers 30.000 furnished apartments across Germany, Austria and Switzerland and London, with more cities launching soon.
Homelike is only cooperating with professional landlords, who offer larger portfolios of “business ready” apartments (no room sharing) which are verified by Homelike internally in terms of quality, legal compliance and standard requirements.
“The Homelike team has shown great traction by offering a unique portfolio of quality furnished apartments to business travelers. We are happy to further support the team in taking the next step.” says David Zimmer, Managing Partner of coparion.
The new round of funding will be used to keep up the strong growth and build out the team. Homelike will be expanding its portfolio into further international business travel destinations. The company currently employs 45 employees and is looking to hire in all areas, but especially in tech and product.
Dustin Figge, co-founder of Homelike says: “With Homelike we are building a platform, where business travelers find their ‘home away from home’ while being on a longer business trip. Thereby, quality of the apartment portfolio, product and user experience is always key to us. In the past we’ve shown the benefits of Homelike to landlords and corporates and this financing round will allow us to bring Homelike to further markets and strengthen our existing operations.
Homelike is an online B2B platform for furnished temporary housing. Launched in 2014, Homelike provides an entire online booking process for furnished temporary apartments for corporate clients and its employees. Homelike is made for all kinds of executives, professionals, expats and trainees from around the world. In order to ensure quality across the portfolio, apartments meet business requirements when it comes to amenities, size, location. Homelike also supports administrational topics such as providing a valid invoice with VAT.
With over 30,000 verified apartments in 100 cities, Homelike offers one of the largest portfolios of furnished apartments for business travelers in Europe.
About Cherry Ventures
Cherry Ventures is a Berlin-based Venture Capital fund, founded by a team of entrepreneurs with substantial experience in building fast-scaling internet businesses. The founding partners of the fund gained entrepreneurial experience by founding and scaling internet businesses such as Zalando, CityDeal/Groupon and Quandoo.
Currently investing out of a €150M fund, Cherry Ventures backs the most ambitious seed stage founders Europe-wide and supports their portfolio companies with a strong follow-on strategy. The venture capital fund counts with investments in 40+ different businesses, mainly across Europe, holding successful companies in its portfolio such as FlixBus, Auto1 Group, Lesara, Amorelie, Move24, Freighthub, Tour Radar, Caroobi, among many others.
coparion provides venture capital to accelerate momentum and growth. With a current active fund of EUR 225 million coparion has the means to do so. coparion supports entrepreneurial vision with know-how, but without intervening in daily business operations. Thanks to in-depth experience in venture capital and in building companies, the coparion team discerns potentials and opens up new perspectives. coparion has the substance, tenacity and creativity required to mutually manage difficult situations successfully.
coparion only invests with co-investors. The fund invests up to EUR 10m per company, usually in several financing rounds of EUR 0.5-3m each. Investment focus is on German companies in the start-up and early growth phase. coparion is based in Cologne and Berlin.