FlatClub bags USD1.5 million for more apartments in US and Europe
Students and alumni rental marketplace FlatClub has raised USD1.5 million in a recent funding round. The said amount came from angel investors and venture capitalists, according to Tnooz.
The investment is a joint venture between Coller Capital's Jeremy Coller, London Business School's Professor Eli Talmor, and BrandJourney and InterCapital's David Wolfe. Coller and Talmore are existing investors for FlatClub, the report said.
FlatClub was formed in 2010 to provide a trusted source of transient rentals for university students and alumni. An average stay using the service runs 30 days. The company has recently launched its newly-designed technology platform. The firm's platform would now enable companies and schools to form private accommodation clubs, said the report.
The new capital will be used to add more transient rooms and apartments across Europe and the US. FlatClub aims to increase its listings from 10,000 to 30,000 rooms. The company says it already has 400 clubs under it. The London Business School club, with its 2,000 members, made USD250,000 the previous year in rental avenue, Tnooz reported.