One of the largest private equity firms in Central and Eastern Europe is investing up to €19 million in Renters.pl, the second-largest short-term rental manager in Poland.
Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors, will acquire up to 80% of the company’s shares with the investment, which is conditional upon antitrust regulatory approval.
Renters.pl was founded in 2018 by two couples who operated 15 holiday apartments in northwest Poland. In 2019 it acquired Little Home and now operates more than 2,000 rental apartments, employs over 110 people and generated gross bookings of nearly €27 million in 2022.
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Enterprise Investors will buy company shares held by one of the founding couples and the owner of Little Home, as well as shares owned by bValue Fund, which had invested in the company in 2021. The funds raised in the new transaction will be used to further growth and acquisitions.
Enterprise Investors partner Dariusz Prończuk calls Renter.pl an excellent platform for consolidating the short-term rental management sector in Poland and across the region.
“Having recorded growth during the pandemic, Renters.pl has demonstrated it can successfully scale up its property portfolio even under the most challenging conditions,” says Prończuk, who oversees the investment. “The Polish market is still very fragmented, so for businesses operating in this segment to remain competitive they have to employ increasingly complex technology and have the appropriate resources as well as funding to maintain high-quality services. This creates natural entry barriers for newcomers and a good environment for consolidation.”
Co-founder Kamil Krzyżanowski will remain as CEO of Renters.pl.
“The management team has the market expertise and drive needed to continue building Renters.pl’s property portfolio and to pursue consolidation projects,” Krzyżanowski says. “We are proud that the Enterprise Investors team recognized our experience and further growth potential. Our plan is to become the largest short-term rental manager in Poland and, when the time is right, we may even look for expansion opportunities further afield.”