Mid-term rental startup Ukio has landed €27 million in Series A funding made up of €17 million in equity and €10 million in debt.
The investment in the Spain-based business was led by Felix Capital, with Kreos Capital, Heartcore and Breega also contributing.
Ukio offers serviced apartments serving workers seeking flexible accommodation.
The company says it has increased revenue sevenfold since the beginning of 2022 and is hitting occupancy of 96%.
The investment will go toward expansion to further cities across Europe including Paris, Dublin and Milan.
Ukio has more than 500 apartments on its platform across cities including Barcelona, Madrid and Berlin.
The company is also developing its technology to centralize as many functions as possible and increasing the size of its team.
Stanley Fourteau, founder of Ukio, says: “We founded Ukio to be the go-to solution for a new generation of flexible workers. The rise in remote work is unshackling people from their desks, enabling them to experience more of the world, and they are using this opportunity to live and work wherever they want. Yet, the residential real estate market has stayed stuck in the past and is in no way conducive to the needs of tomorrow’s generation. We’re building the future at Ukio - a future where people can live freely, supported by technology, and without the typical pain points associated with the housing market.”
Antoine Nussenbaum, partner and founder at Felix Capital, says: “Jeremy, Stanley and the Ukio team are attacking a €30 billion market opportunity in Europe, which for too long has been completely overlooked. They have built an incredible company based on strong business fundamentals in a fast-growing market segment that disrupts the traditional residential model. We see their fully integrated platform as providing an essential service for modern consumers who want to experience more of the world and have the means and flexibility to do so.”
Ukio, which was founded in 2020, previously raised $9 million just over a year ago.