Ukio, a short-term furnished apartment rental platform, has raised 27 million in a Series A round of funding The Spanish company received 17 million in equity and 10 million in debt in the form of a cash injection.
Ukio was founded out of Barcelona in 2020 and is targeting a very specific subset of society that doesn't like to be tied to a fixed location. With the remote work revolution continuing apace, Ukio wants to give professionals the comforts of home with the added perks and flexibilities of a hotel, with each apartment including a concierge and reception area.
All utilities, taxes, and everything else you would expect in a hotel are included in each property's price. All the tenant has to worry about is a single monthly recurring payment they make directly to Ukio, which handles all the maintenance and management.
The company says that the average length of stay in a Ukio-sourced apartment is four to five months. Guests can extend their stay through Ukio's online platform, but they have to book initially.
Stanley Fourteau, co- founder of Ukio, said that they use a multipronged supply strategy targeting individual property owners, real estate developers and family offices. Ukio only has a one-year obligation, meaning it only has to give 45 days' notice if it wants to leave the platform. It says that it doesn't have to do this often.
According to Fourteau, Ukio uses proprietary tools to source high-quality off-market apartments. The data-driven supply-acquisition strategy, combined with local real estate knowledge on the ground, ensures that the moment Ukio launches in a new city, we are able to quickly and efficiently acquire a pool of high-quality apartments.
Over time, Ukio's existing multi property landlords often increase their presence on the platform.
As the brand becomes more familiar and trusted in our markets, we're seeing a steady increase of existing landlords providing more and more supply, as well as new landlords wanting to partner with us In cities where we have been live for more than a year, the number of inbound leads is higher than outbound.
Stanley Fourteau is a co- founder of Ukio. The image is called Ukio.
Two core use cases could be fulfilled by Ukio. A young professional who can work from wherever they like might want to sample a new city before committing to a longer-term rental. If someone lands a new job at a brick and mortar office, they could use Ukio as a stop-gap until they find a more suitable long-term home. A fully furnished pad with all the trimmings is more appealing than a hotel, which is usually not well suited for long-term dwellings.
Jeremy Fourteau said that finding and renting an apartment for a month or more is difficult for modern consumers who are used to doing everything online. It was created to overcome this challenge.
The main appeal for tenants is that they don't have to worry about the hassles of traditional rental models. It comes at a premium, with the cheapest property starting at 1,750 per month and ranging all the way up to 5,000. Ukio said that it has seen seven-fold revenue growth since the start of the year, with a 100%Occupancy rate across the 400+ properties it has listed.
There is a platform called the Ukio. The image is called Ukio.
Ukio claims to have over 200 apartment rentals in Barcelona and over 100 in Madrid. With Paris and Milan on the horizon for the coming months, it has expanded into Lisbon and Berlin as well.
Ukio said that it is working on a B2B offering for businesses that are growing their international footprint.
Several similar platforms have raised large amounts of money. San Francisco-based Zumper raised $30 million as it doubled down on short-term rentals, while Alabama-based Landing secured $125 million in a series C round of funding. Blueground raised a large amount of money last year.
Ukio is all about Europe and will remain so for the foreseeable future according to Fourteau. The company's Series A round was led by Felix Capital with participation from a number of investors.
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