Turkey: Istanbul-based proptech startup Missafir has announced that it has raised $550,000 in a bridge investment round, giving the company a $15 million valuation as it approaches a Series A investment round.
It is the third investment round in the space of two years for Missafir, the first of which valued the startup at $1.9 million and the second at $3 million. The latest round takes Missafir’s total funding to date above $1 million.
Founded in 2018, Missafir serves as a short- / medium-term home rental management platform, providing services such as profile management on more than 15 platforms, dynamic pricing, tech-enabled operational support, concierge and five-star cleaning services. It currently operates in 14 provinces and more than 50 districts in Turkey and Cyprus.
Mehmet Yüksel, founder of Missafir; said “We had really tough days in the pandemic and we are still below our potential. But despite all the difficulties, we reached 800 properties with a very fast growth and in the first nine months of 2021, we managed to grow five times year-on-year.
“We owe this success primarily to our strong and dynamic team of more than 50 people today and to our investors who believe in us and support us not only with their investments but also with their experience and network,” he added.
As well as new investors, the majority of Missafir’s existing investors joined the bridge round, including startup veterans with successful exits, experienced investors and C-level executives. Mete Varas, founder of ME Proptech Initiative, is also among the advisors for Missafir.
Mehmet Onarcan, the lead investor of Missafir, said: “We strongly believe in Missafir’s and the team’s potential. Missafir grew rapidly even during the deepest crisis of the tourism sector. We closed three rounds of investment in less than two years.
“The bridge investment round was closed only in 20 days, with demand above our target. There were investors that we had to turn down, and now we have our Series A ahead of us,” he added.
After making a fast start to the last quarter of the year, Yüksel announced the startup’s plans for the upcoming period: “This bridge investment will be a good resource in order to better prepare for Series A. We will further develop our technological infrastructure, enlarge our team for new breakthroughs and expand to new domestic and international markets soon.
“The launch of a new product, which we believe is a great need in the market, has also gained momentum with this investment,” he added.
