Missafir raises $1.1m to achieve $26m valuation
Turkey: Short- and medium-term rental property management company, Missafir, has raised a reported $1.1 million in a pre-Series A investment round to achieve a $26 million valuation.
The investment, representing Missafir’s fourth funding round to date, was led by real estate developer Ege Yapı and its technology investment company, Ege Yapı Teknoloji Girişim. A number of Missafir’s 30 existing investors also participated in the raise.
Although the company did not disclose the amount of investment itself, the $1.1 million figure was reported first by startup advertising and sponsorship platform, webrazzi.com. It represents Missafir’s first official funding round since a $550,000 bridge investment round in December 2021, which gave the startup a reported $15 million valuation.
Founded in late 2018, Missafir will use the investment to accelerate its growth both in Turkey and the Adriatic region, as well as increase its technological capacities. It is bidding to become one of the largest platforms of its kind in Central and Eastern Europe in the next two years and one of the largest in the world within the next five years.
The startup said that it remained in talks with additional international investors and that it hopes to launch a new investment round later this year.
Missafir founder and CEO, Mehmet Yüksel, said: “This investment holds special significance for us. A major real estate player in the country like Ege Yapı investing in the Proptech field is an important development both for our country and the industry.
İnanç Kabadayı, chairman of the board of Ege Yapı Technology Ventures, said: “We believe Missafir is a highly valued startup in the proptech vertical in our country. They achieved a first in Turkey and have created great value with what they have done.
Missafir says that it currently owns 2300 houses, hosting guests in more than 20 cities and over 90 districts in four countries. It also reported 1100 per cent growth last year and an average growth of 1200 per cent in the last four years.
Last month, the Istanbul-based startup expanded further in the Central European market by acquiring Croatian competitor Golden Leaf Properties. The acquisition added more than 110 homes [in popular Adriatic region destinations such as Sibenik, Split, Hvar, Zadar and Trogir] to Missafir’s growing portfolio.