Long-term business apartments marketplace Homelike has raised a $14 million funding.
The round was led by Spark Capital with participation of existing investors Cherry Ventures, Lürssen and coparion.
Dustin Figge, chief executive and co-founder of Homelike, said: “Spark Capital is a top global investor that shares our obsession with building amazing products and will help us to continue growing the best platform for temporary business apartments in the market.”
Homelike was founded in 2015 and now offers 45,000 furnished apartments tailored for business travellers.
To date, the company has accommodated guests for over 700,000 nights across 100 European cities including.
It targets business travellers seeking high-quality long-term apartments from professional suppliers looking to rent units for 30 nights or more.
The company’s booking platform aims to make booking furnished business apartments as easy as booking hotel rooms.
With offices in Cologne and expansion to London this month, Homelike draws content from a network of apartment suppliers, that have to meet strict quality criteria.
An integrated unit management system allows suppliers to easily track bookings, invoices, rental agreements, and unit performance.
Alex Finkelstein, partner at Spark Capital, said: “Homelike targets one of the fastest growing rental segments with a global market volume of $160 billion that is still mainly served offline by cumbersome processes.
“We strongly believe that Homelike’s technology platform and convenient user experience will play a significant role in changing the way corporations book long-term apartments.”
Homelike serves over 15,000 corporate clients across the globe, including Capgemini and Thoughtworks, and ranging from small startups to large multinational corporations in various industries and locations.
The new investment will be used to scale the company, improving technology and product to further strengthen Homelike’s market position.
It will also be investing in the expansion of its apartment portfolio into new international business travel destinations.
The company currently employs 85 people and is hiring in all areas, especially in tech and product.