MagicStay.com attracts €1.5m funding to spur global expansion

MagicStay.com attracts €1.5m funding to spur global expansion

A fundraising round of €1.5 million has been clinched by MagicStay.com, a short-term rental platform for business travellers.

The investment will help the firm, backed by former American Express Business Travel chief executive Charles Petruccelli, increase its range of accommodation and further develop its IT.

The company plans strong growth in its home market of France before going global at the end of 2018.

MagicStay was founded four years ago and offers 150,000 apartments in 90 countries, taking a leading position in the alternative accommodation industry.

The fresh funding was led by the main shareholders in the business as well as a series of new investors.

Chief executive Valéry Linÿer said: “We will further expand our accommodation offer to be a global player and meet the demands of our customers.”

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