Bulgarian proptech startup FlatAway raises €500k in a pre-seed round
06 March, 2023, 14:13
The Sofia-based platform for apartments rent FlatAway has raised €500,000 in a pre-seed round led by Bulgarian Eleven Ventures. The fresh capital will be used for the company’s expansion throughout Central and Eastern Europe and the Middle East.
- In 2023 FlatAway spun off from Flat Manager Sofia with support from PWC Bulgaria under a business accelerator program run by Endeavour Bulgaria. The startup’s pre-money valuation is €2.5 million under the transaction.
- The platform offers over 400 homes for booking by remote workers, digital nomads, and expats, in both Bulgaria and Romania. The flats are managed by the seven franchises of Flat Manager in the two Southeast European countries. FlatAway claims that it is sourced and operated by a network of property management companies, enabling owners to earn more from their apartments hassle-free.
- The fresh round was led by Sofia-based early-stage VC firm Eleven Ventures, investing in Southeast Europe since 2012. It recently led a €2.1 million post-seed round for IoT real-time monitoring startup BibeCoffee that transforms coffee machines into smart connected terminals.
- FlatAway will spend the fresh investment to expand the platform’s client supply network throughout CEE and the Middle East. The new capital will also support technology upgrades and new features such as subscription living, which are scheduled to go live shortly.