Spain: based in Barcelona turnkey apartment rental start-up Ukio announces that it has raised 2.5 million euros [$2.68 million] in a debt financing round.
The round was led by Extension Fund and brings Ukio’s total funding to date to around €11 million. [$11.7 million].
Ukio – which means ‘live in the moment’ in Japanese – aims to use the investment to expand its network of rental apartments to more markets across Europe, having established a portfolio of more than 250 apartments in locations such as Barcelona, Madrid, Lisbon and Berlin since launch in 2020.
Offering “cleverly designed” rentals with minimum stays of one month, Ukio aims to target digital nomads who stay an average of two to three months and are looking for something beyond what a typical short-term rental can offer. .
Ukio is able to create a premium flexible living solution by partnering with property developers and landlords to select each apartment, and each is individually designed and furnished.
Its co-founder and CEO, Stanley Fourteau, is a former regional director and head of growth at Airbnb, which offers more medium- and long-term rental options on its platform.
Despite the pandemic, Ukio claims to have maintained 96% occupancy rates at its properties, as well as achieving €7 million in annual recurring revenue [ARR] in the first quarter of this year.
The startup also announced the appointment of Novicap founder, Federico Travella, as an advisor to help the management team with its expansion, product development and capital raising strategies.
It follows Ukio’s $9 million [€8.4 million] seed funding round last September.