UK: serviced apartment provider thesqua.re has closed an investment round of $2 million from London based Crowd2Fund and OakNorth Bank.
The funding will support thesqua.re's (formerly known as House of Moli) expansion to 500 apartments in
central London over the next two years, as well as the growth of
its digital platform and a move to open offices in New York.
Chris Hancock, CEO of Crowd2Fund said: "The campaign closed with 17 high profile investors, making thesqua.re the first UK serviced apartments provider to secure investment through crowdfunding. Crowd lending is such an exciting and fast-growing industry. We loved working with Sid and the team at thesqua.re, they are an excellent example of the innovative, British businesses we helped fund on the platform and a fantastic way to provide our investors with a good return on their investments."
Thesqua.re founder Sid Narang said: "Crowdfunding gave us an opportunity to reach out to investors who were involved in the latest tech and industry trends. We specifically chose to raise on Crowd2Fund due to them understanding our business and the only crowdfunding platform to allow us to raise a loan in this way. This is an exciting time for us at thesqua.re as we build a global business that aims to use operational excellence, real estate know how, and a silicon valley technology mind-set to bring an exceptional 4 star accommodation experience to our growing corporate customer base."
In the next three to five years, thesqua.re aims to manage 500 to 1000 apartments and bring on more FTSE 100 customer accounts along the way. Supporting the growth, the company is developing a digital concierge app that - combined with the online platform - enables business customers to manage business travel spends efficiently.