Spanish rental portal SpotAHome.com has raised another $40 million U.S. in funding. The investment came from American venture capital firm Kleiner, Perkins, Caufield and Byers (KPCB). This brings SpotAHome’s total funding to $64 million.
Mood Rowghani, a general partner at KPCB, spoke to Bloomberg regarding the investment. He said the European rental property market was worth “$500 billion annually… so the business opportunity was attractive.”
Co-founder and CEO Alejandro Artacho (LinkedIn profile) said the money will go towards executive-level hires in marketing and product development, as well as expansion. The company currently has around 300 employees.
SpotAHome has grown rapidly since its launch in 2014. The short-and-medium term rental site caters to students and professionals moving abroad for a fixed term. Its differentiating proposition is that all the properties are vetted by SpotAHome staff, ensuring accurate, authentic listings. It has a catalog of around 50,000 properties across 33 European cities, including its home base of Madrid, Barcelona, London, Rome, Paris, and Brussels.
Its user services include a secure deposit scheme where the company holds the first payment until the person arrives and checks the apartment, plus support during the booking process.
Landlords benefit from SpotAHome’s listings, property management software that includes the ability to do online viewings, and a guarantee to cover unpaid rent or damages.