Cyprus based PropTech-Startup Movingdoors successfully closes Seed-funding to expand business operations in Dubai

Movingdoors has announcef the successful closure of its recent seed funding round, raising a substantial of €1.163 million with Uni.fund, Genesis Venture and Venteri Capital.

Movingdoors is a provider of tech-enabled serviced apartments with flexible online booking options from one month and more. Movingdoors is present in the main cities of Cyprus with a total of 220 apartments.

The company has achieved an occupancy rate of approximately 97% in 2022, a trend that has continued as 2023 closed. This high rate of occupancy and profitability across all locations underscores the effectiveness and appeal of Movingdoors' business model, an announcement from the company notes.

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, €300.000 in debt.

Sotiris Papantonopoulos-Mantopoulos, CEO, Uni.fund commented, “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, Movingdoors, noted,"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, Movingdoors, contributed, “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.

For more information about Movingdoors, its innovative living spaces, and value propositions for landlords, please visit movingdoors.com.