Movingdoors, a Limassol-based provider of tech-enabled serviced apartments with flexible online booking options for durations of one month or longer, recently announced the successful completion of its seed funding round. The round raised a significant sum of €1.163 million, with contributions from Uni.fund, Genesis Venture, and Venteri Capital.
Founded in 2022, the company already operates 220 apartments across major cities in Cyprus, demonstrating remarkable success, achieving an occupancy rate of approximately 97% in the same year they started operations, a trend that persisted as 2023 came to a close. This sustained high occupancy and profitability in all its locations highlight the strength and attractiveness of Movingdoors’ business model.
Leading this seed funding round was Uni.fund, in collaboration with Genesis Venture and Venturi, collectively injecting €1.163 million in equity and €300K in debt into Movingdoors. This investment underscores the confidence in the company’s innovative approach to property technology and its expanding market presence.
Sotiris Papantonopoulos-Mantopoulos, CEO from Uni.fund stated: “We committed to an early-stage investment in Movingdoors, drawn by its effective business model. This decision has been validated by the company’s remarkable progress over the past year. We firmly believe that Movingdoors will further enhance its position as a leading technology-driven operator in Cyprus, bolstered by its well-defined strategy and robust execution.”
Demetris Papadopoulos, Co-Founder of Movingdoors mentioned: “The preceding year has demonstrated the high demand for our furnished, designer serviced apartments, complemented by a digital customer experience, appealing to both leisure and business sectors. With the backing of our investors, we are committed to evolving our concept and introducing it to new markets.”
Yiannis Christodoulou, Co-Founder of Movingdoors said: “This pivotal financial milestone is not just a testament to the faith investors have in our vision, but a crucial enabler for our expansion plans, especially in dynamic markets like Dubai. With this funding, we’re poised to upscale our operations and enhance our service offerings. This seed funding is the fuel for our journey towards redefining serviced apartment experiences in one of the world’s most bustling cosmopolitan cities.”
The newly acquired funds are earmarked for two primary objectives: strengthening the company’s leading position in Cyprus and facilitating its foray into the Dubai market. Movingdoors aims to offer 300 serviced apartments in Dubai by the end of 2024, with operations commencing in early 2024. To support this ambitious expansion, the company’s in-house technology department will enhance and broaden its online operations, including the launch of a dedicated Movingdoors residents app, offering advanced management options for bookings and customer interactions.
