Renters.pl secures €19m+ in private equity investment
Poland: Warsaw-based short-term rental operator Renters.pl has secured PLN 90 million [€19.2 million] in investment from Polish Enterprise Fund VIII [PEF VIII], a private equity fund managed by Enterprise Investors.
As part of the investment, PEF VIII will acquire up to 80 per cent of Renters.pl’s shares, it was announced.
The transaction is subject to approval by the Office of Competition and Consumer Protection.
Dariusz Prończuk, partner at Enterprise Investors, said: “The company has proven its effectiveness in building its real estate portfolio. It has recorded growth even in a difficult pandemic period for the industry.
“The Polish short-term rental market is still highly fragmented, and the companies operating in it – in order to remain competitive and grow – need increasingly complex technological solutions, adequate facilities and financial resources to maintain a high level of service. This creates natural barriers to entry and an excellent environment for consolidation.
“Renters.pl is a great consolidation platform for this sector in Poland and the region,” he added
Renters.pl co-founder and CEO, Kamil Krzyzanowski, said: “Renters.pl’s management team has the competence and determination necessary to build a real estate portfolio and execute consolidation projects. We are proud that the Enterprise Investors team appreciated our experience and recognised the potential for further dynamic growth.
“We plan to become the largest manager of short-term rental properties in Poland. I don’t rule out that in due course we will start looking for growth opportunities outside the country as well,” he added.
Founded by Marta and Kamil Krzyzanowski and Aniela and Sebastian Hejnowski in 2018, Renters.pl started out as a holiday apartment operator in Swinoujscie, before expanding to the entire Polish coast and major urban areas. In just a few years, the company has become one of the largest players in the market and fastest-growing managers of short-term rental properties.
In 2019, Renters.pl acquired Wojciech Maniecki’s Little Home, and the company now manages more than 2,000 apartments and apartments for rent.
As a result of the transaction, Enterprise Investors will buy out the shares of Aniela and Sebastian Hejnowski, Wojciech Maniecki and the bValue Fund, leaving current CEO Kamil Krzyzanowski at the helm. The funds raised from the fund will be used to finance the company’s growth and future acquisitions.
Renters.pl says that its clients are individual and institutional real estate owners who are looking for short-term rental management solutions and a high return on investment. Its offerings include marketing and demand generation activities, a dynamic price management process, reservation and guest stay management, cleaning, maintenance, as well as interior design and professional photography services.
The company employs more than 110 people and generated total booking revenues of PLN 130 million [€27.7 million] in 2022.
As one of the largest private equity firms in Central and Eastern Europe, Enterprise Investors has been operating since 1990 and has established nine funds. The funds have invested or committed to invest a total of €2.2 billion in 153 companies and have completed investments in 136 companies to date.
Renters.pl previously raised an undisclosed amount in seed round funding from bValue Fund in May 2021. The company was also shortlisted for the ‘Best urban property management company’ category at the 2022 Shortyz Awards, organised by ShortTermRentalz.