Movingdoors, a Cyprus-based PropTech startup specializing in tech-enabled serviced apartments, has successfully secured over €1 million in its recent seed funding round. Uni.fund, Genesis Venture, and Venturi were the primary contributors to the round, which highlights the investors’ confidence in Movingdoors’ innovative approach to property technology.
Since its establishment in 2022, Movingdoors has rapidly established a strong presence in the market. With 220 operational apartments across major cities in Cyprus, the company achieved an impressive occupancy rate of approximately 97% in its first year of operation. This sustained success and profitability affirm the strength and appeal of Movingdoors’ business model.
Uni.fund, in collaboration with Genesis Venture and Venturi, led the seed funding round by injecting €1.163 million in equity and €300K in debt into Movingdoors. Sotiris Papantonopoulos-Mantopoulos, CEO of Uni.fund, expressed confidence in the company’s progress, highlighting the effectiveness of its business model and well-defined strategy.
Movingdoors’ Co-Founder, Demetris Papadopoulos, acknowledged the high demand for their furnished, designer serviced apartments and emphasized the commitment to evolve their concept and expand into new markets with the support of their investors. The Co-Founder, Yiannis Christodoulou, hailed the recent funding as a crucial milestone, which will significantly contribute to expanding their operations and enhancing service offerings, particularly in the bustling cosmopolitan city of Dubai.
The funds raised in the seed funding round will be allocated to two primary objectives. Firstly, Movingdoors aims to further strengthen its leading position within Cyprus. Secondly, it intends to enter the Dubai market by offering 300 serviced apartments by the end of 2024, with operations commencing in early 2024. To facilitate this ambitious expansion, Movingdoors’ in-house technology department will enhance its online operations, including the launch of a dedicated Movingdoors residents app, which will offer advanced management options for bookings and customer interactions.
In summary, Movingdoors’ recent seed funding round has propelled the company towards expanding its operations and penetrating new markets. The establishment of a strong market presence in Cyprus and the planned expansion into Dubai reflect the confidence of investors in Movingdoors’ business model and its potential for growth and success in the property technology sector.
