Ukio, a Barcelona, Spain-based proptech startup offering flexible living solutions, raised € 2.5 million in funding.
Extension Fund made the investment.
The company intends to use the funds to expand its network of apartments to new markets across Europe.
Founded by French-American brothers Stanley and Jeremy Fourteau, Ukio offers artfully designed, fully-furnished apartments for stays of one month or more, underpinned by a fully digitized customer experience from search to check-out, with 24/7 customer service, streamlined booking and keyless check-in. The company uses a fully vertically integrated digital model from identifying prime real estate in traditionally supply constrained markets to renovating and commercializing the properties in under three weeks. They partner with real estate developers and landlords and handpick apartments, each of which is individually designed and furnished, to create an upscale flexible living solution.
Since its launch in fall 2020, Ukio has built up a portfolio of over 250 apartments in prime locations across Barcelona, Madrid, Lisbon and, most recently, Berlin.
The company, which reached the € 7 million ARR mark in Q1 2022 while maintaining a near-perfect occupancy of 96%, has also appointed Federico Travella as an advisor. Travella, Belgian-Italian technology entrepreneur and Founder of Novicap, will advise the management team on expansion, product development and capital raising, among other matters. Prior to founding Novicap, Travella was a Managing Director at Rocket Internet where he helped build out e-commerce marketplace Lazada with a combined funding of millions of USD and exit to Alibaba Group.