Homelike is a Cologne-based startup that helps travelers—mainly corporate ones—book extended-stay accommodation in Europe.
Founded in 2014, it claims to have the most online inventory for furnished apartments in Germany, Austria, and Switzerland, with more than 8,000 properties. To keep pace with its growth of 20% a month, it employs 25 people full-time.
A Q&A with its co-founders:
What problem does your business solve?
Homelike is a marketplace for temporary furnished apartments that are rented for at least one month.
Our corporate housing solution helps travel management, human resources, and office managers to book furnished apartments for their employees for business trips. It includes a secure booking process, corporate travel complaint policies, like VAT invoicing, and full customer service.
Expatriates, new hires, freelancers, or any other kind of people who are relocating to another city can find a furnished apartment solution at Homelike.
Names of founders, their management roles, and number of full-time paid staff?
Homelike was founded by CEO Dustin Figge and Christoph Kasper. Dustin is responsible for product, sales and marketing, while Christoph takes care of the apartment and customer care team.
Funding arrangements?
Financing a startup is always a challenge. But we’re glad for having our great supporters who understand our business very well and support us, in terms of extensive knowledge and capital.
Revenue model?
We charge a commission, or landlord fee, when it comes to a successful apartment booking. We have differently priced models for tenants (Basic, Premium, Corporate).
Why do you think the pain point you’re solving is painful enough that customers are willing to pay for your solution?
Companies spend 25% of their business travel costs on overnight stays. When it comes to extended-stay overnights, furnished apartments are, in most cases, a 40% more cost-effective- solution in comparison to hotels, with more comfort and flexibility.
Furthermore companies can centralize the accommodation process for long-term stays on just one platform. By using Homelike, employees don’t have to search for furnished apartments on their own or have to sleep in private houses, which most of the time don’t comply with the company policies around data protection, standard contracts, invoicing, et cetera.
External validation?
- Partnership with AXA Konzern AG, the leading insurance and financial service company in Germany, Austria and Switzerland
- Professional landlords who trust in our platform and have listed more than 8,000 furnished apartments in more than 20 European cities.
- More than 250 corporate clients e.g. eyeo, Bertelsmann, bigpoint and other well-known companies who book furnished apartments with Homelike
Here's a one-minute video pitch from Homelike:
Tnooz view:
Vacation rental and shared urban properties have seen their share of disruption. Now it may be time for extended-stay furnished apartments and corporate living spaces to be disrupted, too.
For a young startup, Homelike impresses. It has made some savvy partnerships, such as with insurance giant Axa, to grow its business.
Its target customers—companies and business travelers looking for one-month- and longer- rentals—could be lucrative and recurring. Incentivizing the travel managers who support those customers might be one way to enlist their help in spreading the word about the platform.
Already with coverage in 46 cities in Germany and Austria, this startup will expand to other countries in 2016. It will be a challenge to scale across Europe without making too many missteps regarding local cultural and regulatory differences. Yet we're eager to see what the Homelike team does next. Viel Glück.