France: Rennes-based short-term rental property management agency Cocoonr and spin-off rental management service Book&Pay, part of the SAS HOSTING DVPT group, have received institutional backing from local private equity firm UNEXO and Crédit Agricole Ille and Vilaine Expansion, the investment arm of French international banking group Crédit Agricole.
UNEXO and Crédit Agricole Ille and Vilaine Expansion join a pool of business angels and Breton crowdfunding platform Gwenneg in investing in SAS HOSTING DVPT, which has operated in the short- and mid-term rental sectors through Cocoonr and Book&Pay since 2015.
No information regarding the size of the investment from the new backers was disclosed.
Cocoonr is a network of agencies specialising in short- and mid-term rental property management and concierge services for premium accommodation, such as apartments, villas, houses and chalets. In 2019, the company launched Book&Pay, a service which allows second home owners in France to delegate management, OTA distribution, revenue management and guest communications when they are busy.
The company has become one of the most prominent players in the French short-term rental market in recent years. Cocoonr now manages a portfolio valued at nearly €500 million and recorded a reservation volume last year of more than 250,000 nights for €25 million in value – a near 70 per cent increase on 2021 figures.
Following the incoming backing of the two institutional funds, Cocoonr is aiming to continue its expansion across France through organic growth and external growth operations in areas with high potential.
Cocoonr previously raised €1 million in funding in January 2021 through a partnership with crowdfunding portal Gwenneg, Georges Sampeur, co-CEO at B&B Hôtels GmbH, and a number of unnamed private investors. Prior to that, the company also closed two tranches of funding in 2017 and 2018, which amounted to around €1.3 million.
Antoine Serrurier, founder and CEO of Cocoonr, said: “For us, the arrival of reference institutional shareholders is recognition of the structuring and organisational work that we have carried out up to now with our teams and a certain reinforcement of our financial base which will allow us to continue our of road in the years to come.”
Jérémy Durand, business manager at UNEXO, said: “UNEXO is delighted to support Hosting Dvpt in its ambition to become a major player in the seasonal rental management market. The team has had an exemplary career since its creation.
“Step by step, Hosting Dvpt has built a unique technological platform that effectively complements its operational excellence. We believe that Hosting Dvpt is one of the few players that can contribute to the consolidation of this dynamic and still fragmented segment,” he added.
