Long-term business apartment marketplace Homelike has raised US$14 million in a funding round led by Spark Capital with participation from existing investors Cherry Ventures, Lurssen and Coparion.
The company was founded in Germany in 2015 by Dustin Figge and Christoph Kasper and has since launched websites in Spain and the UK. It offers 45,000 apartments tailored to business travel in more than 100 cities, including London, Berlin, Munich, Hamburg, Cologne, Stuttgart, Heidelberg, Vienna and Zurich.
The site specialises in stays of 30 days or more and offers an end-to-end booking platform that replicates the ease of the hotel booking experience.
The platform’s interface includes individual corporate log-ins and user management, as well as digital travel management with policy configuration and third-party integrations. Homelike also handles the monthly payment process including invoicing with VAT, processes electronic signatures for online rental agreements and offers insurance to users in partnership with AXA.
Homelike established a London office earlier this month to complement its base in Cologne.
The company says the new capital will be used to scale its business and improve its technology and product. It will also invest in expanding its portfolio into new international business travel destinations and is hiring in all areas to add to its current team of 85 employees.
Dustin Figge, co-founder and CEO 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.”
Commenting on Homelike’s focus on technology and the booking experience, Figge added: “Compared to the online solutions and product features used by the hotel industry, the furnished apartment space is ten to 15 years behind and we are working hard to close this gap every day.”
Alex Finkelstein, partner at Spark Capital, commented: “Homelike targets one of the fastest-growing rental segments with a global market volume of US$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.”