Spanish medium-to-long-term rental portal SpotAHome.com has made its first acquisition with the purchase of Erasmusu.com, a Murcia-based community site for Erasmus students. No official financial details were disclosed.
The acquisition will add around 70,000 properties to the SpotAHome portfolio while giving the company access to a large audience of Erasmus students.
The site has always focused on international students and business people as the main demographic for its rental service; which offers vetted, verified accommodation. While the business audience may be more lucrative, the student audience is probably larger. Students are less likely to use moving services or contract professionals to manage the process. This increases the appeal of SpotAHome, which offers payment security and property verification at an affordable price.
According to a TechCrunch report the two sites will continue with separate teams and operations, though SpotAHome is now powering the rental section of Eramusu. Combined, the sites offer 115,000 properties in 450 cities across 65 countries.
In a statement, CEO Alejandro Artacho (LinkedIn profile) said that SpotAHome has around half a million active users and attracts three million visits per month. The new combined entity employs more than 235 staff.
This acquisition is the first major public outlay from the €13.6 million ($16 million U.S.) Series A round SpotAHome closed in October 2017. The funding came from Seaya Ventures, Passion Capital, Samos Investments, Samaipata Ventures, Nordic Makers, Mexico Ventures, Howzat Partners, and Charlotte Street Capital.