[Funding alert] Cyprus-based PropTech Startup Movingdoors Raises over €1 Million in Seed Funding

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Leading this seed round of fundraising was Uni.fund, working with Genesis Venture and Venturi to offer Movingdoors a total of €1.163 million in equity and €300K in debt. This investment demonstrates the company's faith in its creative use of property technologies and growing market share.

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 recently obtained funds will be utilised primarily to reinforce the company's dominant position in Cyprus and support its entry into the Dubai market. With operations starting in early 2024, Movingdoors hopes to offer 300 serviced apartments in Dubai by the end of that year.

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The company's internal technology department will improve and expand its online operations to support this ambitious expansion. One of the first things the department will do is launch a Movingdoors residents app, which will provide enhanced management options for bookings and customer interactions.

About Movingdoors

Movingdoors, Established in 2022, the company has successfully managed 220 units in prominent Cyprus cities, showcasing impressive results. In just their first year of operation, they achieved an approximate 97% occupancy rate, a trend that continued until the end of 2023.

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