Matera, an emerging leader in the residential property management industry, has announced a €35 million Series B funding round led by Mubadala Capital, alongside Bpifrance, Burda Principal Investments, and existing investors Index Ventures and Samaipata.
The fresh funds will enable Matera to accelerate its European expansion, beginning with its launch in Germany this year. After the COVID-19 pandemic and lockdowns, during which homeowners reconnected with their properties, Matera achieved 300% year-on-year growth, with 3,000 client buildings today; the company plans to double this figure by the end of 2021.
Founded in 2017, Matera disrupts the traditional residential building management industry. It cuts out third party managers and enables its clients, the co-owners of residential buildings, to manage their building directly, with an online platform to manage tasks and a team of experts for technical issues. In a field plagued by low quality of service and general dissatisfaction, Matera enables its clients to manage their building efficiently with full control and transparency, while saving an average of 30% on their building costs.
In 4 years, Matera has become the 5th largest property management company in France and boasts a 90% satisfaction rate in an industry which suffered from the inertia of traditional actors. The team has built a strong network of institutional and private partners, including CDC habitat, the largest social landlord in France, and the real estate giant Bouygues immobilier. In parallel, the company has grown its local presence with hires in Lyon and Marseille – and intends to repeat this model in the 10 largest French cities by the end of 2021.
“With this round, our objective is of course to become the reference in property management in the next few years, but that’s not all. We have a larger role to play in bringing back our communities together at the building and neighbourhood level. Our communication tool inside and between buildings supports this mission. We also intend to help our clients reduce their energy consumption, and are working with public authorities to ease access to grants for large scale energy efficiency works, such as MaPrimeRenov,” commented Raphaël di Meglio, Matera’s CEO.
Frederic Lardieg at Mubadala Capital Ventures commented: “We’ve been very impressed by the customer love that Matera has generated to date. The buildings that use Matera are not only run more efficiently but are also the place of happier communities. We believe that Matera’s success in France can be replicated internationally and we’re very pleased to support the team in its European ambitions.”