Cyprus based startup raises €1.16 million to expand operations to Dubai

Cyprus-based proptech startup Movingdoors, which provides tech-enabled serviced apartments, this week announced the successful closure of its recent seed funding round, raising a total amount of €1.163 million with Uni.fund, Genesis Venture and Venteri Capital.

According to a company statement, Movingdoors has a presence in the main cities of Cyprus with a total of 220 apartments.

Additionally, the company has achieved an occupancy rate of approximately 97 per cent in 2022, a trend that has continued as 2023 closed.

“This high occupancy rate and profitability across all locations underscores the effectiveness and appeal of Movingdoors’ business model,” the firm stated.

Moreover, the statement noted that the seed funding round was led by Uni.fund partnering with Genesis Venture and Venteri Capital, contributing a total of €1.163 million in equity, and €300,000 in debt.

In addition, Alma Advisors acted as the exclusive financial advisors to Movingdoors on the transaction.

Sotiris Papantonopoulos-Mantopoulos, CEO of Uni.fund said that “we are 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,” he added.

He also noted that the firm believes 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 stated that “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,” he added.

Meanwhile, Yiannis Christodoulou, co-founder of Movingdoors explained that “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,” he added.

“This seed funding is the fuel for our journey towards redefining serviced apartment experiences in one of the world’s most bustling cosmopolitan cities,” Christodoulou concluded.

What is more, the company explained that 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 stated that it 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 statement continued, 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.