French proptech startup Matera, formerly known as illiCopro, has raised €10 million in a round led by Index Ventures. The company will use the funding to accelerate product development, add 100 people to the team and expand internationally.
Matera, founded in 2017, has pioneered a model that allows residential property owners to self-manage all building operations, offering a suite of online services and direct access to professionals. Each co-owner can track expenses in real time, pay bills and charges online, access a database of trusted tradespersons, report leaks and other operational issues, and engage with other co-owners, and ask for expert help if needed.
Matera’s innovative approach largely overcomes the disadvantages of traditional intermediaries called “syndics” (namely low quality services coupled with high prices and a misalignment of interests), while considerably improving the lives of the co-owners. Thanks to the platform, Matera’s customers have been able to cut building costs by 30%, have enjoyed a far more responsive customer service and have become part of an active community of over 25,000 co-owners sharing best practices and recommendations over the best craftsmen.
Fruitful partnerships are already in place with numerous developers, including Eiffage, Bouygues and Kaufman & Broad, as well as social housing providers (CDC Habitat, Hauts-de-Seine Habitat and others).
“In less than two years, Matera is managing thousands of buildings, some of them with more than 250 apartments, in Paris, Lyon, Nantes and Marseille, in both newbuilds and in old buildings” said Matera CEO Raphaël Di Meglio. “This success is absolute proof of the effectiveness of our model, which realigns the interest of the property manager with that of the co-owners.”
The €10 million raised will allow Matera to accelerate its growth in two areas in 2020: its offering to users (for which it will hire 100 specialists), and European expansion (across Belgium, Spain, Italy and Germany).
Martin Mignot, Partner at Index Ventures, who led the funding round, commented: “For most apartment owners, managing the building they co-own is a painful, expensive and complex process. We’ve been impressed by the customer traction and feedback Matera has received since launch and by the founders’ vision to transform the industry.”