Milan, May 12, 2023 – Roomless, a proptech startup based in Milan, raises 1 million euros in the form of convertible financing. This concludes the 1.7 million euro round led by Sensible Capital together with Club degli Investitori.
Roomless is a premium housing rental platform, a marketplace operating in the residential real estate rentals sector for medium-to-long-term use. Its vision is to enable anyone to find the best home in a safe, fast, and digital way.
Founded at the end of 2019, the company has grown steadily, reaching revenues of 1.2 million euros in 2022, four times more than the previous year. Roomless aims to establish itself as the European leader in the sector, continuing the internationalization process started in 2022 that has already led to entry into some of the main European countries, such as Germany, Spain, and France.
Roomless has also begun a process that will lead to the rebranding of the company in the coming months as Spacest, with the goal of consolidating its positioning as a premium platform, a reference for those seeking properties with high-quality standards and customer service.
The lead investor of the round is Sensible Capital, an Italian venture capital specialized in Proptech investments, together with the Club degli Investitori, one of the main business angel groups in Italy. The new investment round will be used to accelerate growth through product improvement, hiring new resources, and strengthening international presence.
Andrea Degli Innocenti, CEO of Roomless, stated: “In 2022, we demonstrated the ability to grow the company quickly from 4 to 40 people, creating an efficient organizational structure. We confirmed the international scalability of our business by replicating it in 7 new markets. All of this without losing sight of the profitability of the model, which remains a priority for us, especially in light of the current macroeconomic scenario. Now is the time to raise the bar. Together with our current investors, we are working on a 5 million round with three objectives: consolidating leadership in Italy, continuing to expand in Europe and then overseas at maximum speed, creating an exclusive property portfolio. The goal is to offer the best service to customers, creating a sustainable competitive advantage. Since January, we have launched the “rent guarantee” service for owners in Italy, with which we guarantee rent in case of insolvency, cover damages up to 5 months’ worth of value, and manage all bureaucracy digitally. We plan to offer the product in the rest of Europe starting from next year”.
Silvia Rovere, Founder & CEO of Sensible Capital, stated: “Sensible Capital is very pleased to continue supporting Roomless in its growth journey, following up on last year’s first investment tranche. In 2022, Roomless was able to outperform expected results, demonstrating excellent scalability of the business both in Italy and abroad, while maintaining a strong focus on economic sustainability, an increasingly fundamental aspect in the current context. The team has demonstrated great ambition and concreteness and has confirmed their excellent understanding of customer needs and the latest trends in the residential rental market, which focus on the development of flexible solutions and a distinctive offering. With this operation, Sensible Capital reaffirms its goal of becoming a reference point in the proptech sector in Italy, continuing to invest in innovative, scalable, and socially and environmentally impactful businesses.”
Andrea Rota, Managing Director of Club degli Investitori, said: “When we made the first investment in Roomless, we appreciated the tenacity and cohesion of the founders, their maniacal focus on the customer experience, and the innovative business model that also takes into account the interests of property managers. The results of the past year, which exceeded targets and our expectations, now allow the founders to substantiate their ambitions for international expansion, ambitions that are often part of a seed pitch deck but usually remain on paper. We are happy to contribute to the closing of this first round, and to help Andrea, Riccardo, Francesco, and Andrea reach their full entrepreneurial potential, which we now know is significant.”
The legal aspects of the transaction were followed by the law firm Chiomenti, which assisted the Company with partner Edoardo Canetta Rossi Palermo and associates Barbara Ballandi and Giuseppe Fichera, and by KPMG Studio Associato, with partner Alberto Cirillo, senior manager Valeria Virzì and senior associate Stefano Torta.