Spain: Barcelona-based flexible rental startup Ukio has raised €27 million in Series A funding led by Felix Capital.
Kreos Capital, Heartcore and Breega also participated in the round, which consist of €17 million equity and €10 million debt.
Ukio was founded to be “the go-to solution for the living habits and needs of a new generation of flexible workers”, by Jeremy Fourteau (formerly at Headspace) and his brother Stanley (formerly at Airbnb).
It offers a growing list of 500+ curated apartments in cities across Europe which are available to book directly via its online platform. The Series A funding will enable this offering to extend to more European locations over the coming months, including Paris, Dublin, Milan and London and more.
Each Ukio apartment is furnished by a team of local designers who specialise in creating “unique, sustainable premium living spaces”. They’re each powered by renewable energy, and all furnishings are sourced from eco-friendly suppliers.
Since the start of 2022, the startup has achieved 7X YoY revenue growth and now boasts 96 per cent occupancy. Over the past two years, the Ukio team has grown to 120 people across Europe.
This latest fundraise will enable the company to further grow its on-the-ground and in-house teams, particularly its tech experts. It will also be used to invest in its platform, develop a B2B service to suit growing international businesses, and expand more widely across Western Europe by the end of 2023.
Jeremy Fourteau, founder of Ukio, said: “Finding and renting an apartment for a month or more is still incredibly complex and time-intensive for modern consumers who are used to doing everything and anything digitally. Ukio was created to overcome this challenge. We’re building proprietary software tools so it’s easier than ever for people to find the perfect home to stay in, as well as simplify their search and create the essential products and features to provide a high-end service to our guests.”
Stanley Fourteau added: “We founded Ukio to be the go-to solution for a new generation of flexible workers. The rise in remote work is unshackling people from their desks, enabling them to experience more of the world, and they are using this opportunity to live and work wherever they want. Yet, the residential real estate market has stayed stuck in the past and is in no way conducive to the needs of tomorrow’s generation. We’re building the future at Ukio – a future where people can live freely, supported by technology, and without the typical pain points associated with the housing market.”
Antoine Nussenbaum, partner and founder at Felix Capital, said: “Jeremy, Stanley and the Ukio team are attacking a €30B market opportunity in Europe, which for too long has been completely overlooked. They have built an incredible company based on strong business fundamentals in a fast-growing market segment that disrupts the traditional residential model. We see their fully-integrated platform as providing an essential service for modern consumers who want to experience more of the world and have the means and flexibility to do so. We’re thrilled to be backing them and watching them launch in new cities in 2023.”