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Proptech fever returns! Investors pile £1.3m into lettings platform in a day

Despite only just surviving Covid lockdown downturn, GuestReady says its recovered by targeting longer-term lets and benefitting from the 'staycation' phenomenon.

Nigel Lewis

guest ready proptech

A short and medium-lets proptech platform with a significant presence in the UK has raised £1.34 million in just 24 hours on crowdfunding site Seedrs.

Over 300 investors piled in to back GuestReady, which is based in Switzerland but whose key markets include London.

The company is a middleman between property owners and short and medium-term tenants, managing the properties and bookings/tenancies remotely via its platform. As well as Airbnb and Booking.com it also lists on Rightmove and Zoopla.

The company launched its Seedrs campaign yesterday but was almost immediately over its target of £1.3 million, helped by a £900,000 investment by a VC fund and £380,000 from Swiss investor Senn & Company, which has already ploughed £2.5 million into GuestReady.

The rest of the cash came from smaller investors pitching much smaller amounts.

GuestReady says earlier this year “such a strong reception from the public would have been unthinkable” after, between January to April, its revenue dropped by 80%.

The company says earnings returned to pre-Covid levels by August.

But while investor appetite for proptech firms in general has waned somewhat over the past year, this is not the case for any of the companies providing short-let corporate and holiday accommodation via online platforms.

Investors believe companies like GuestReady can either piggy-back Airbnb’s success or cash-in on the boom in staycations, medium-term letting and the fear of using hotels.

“Luckily we’ve seen increased demand from domestic travellers and for longer stays which have helped to cover a large part of the lost bookings from international travellers,” says GuestReady CEO and co-founder Alexander Limpert (picture above, sixth from left).

Visit the Seedrs/GuestReady page. 

November 6, 2020

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