Corporate accommodation provider House of MoLi is about to begin a crowdfunding round on Crowd2Fund, to raise money to expand their portfolio.
House of MoLi – otherwise known as House of Modern Living – offers serviced apartments for mid to long term stays. They estimate to have reduced accommodation price for businesses by 30% compared to standard hotel rates.
Founded in 2008 by former investment banker Sid Narang, House of MoLi is growing fast. They have doubled the number of apartments on offer since January 2014, and currently manages over $150 million of real estate worldwide, with apartments in London, Paris and New York. The company have a turnover of nearly $4 million, with a £1,105,000 gross profit, and Narang hopes the business will reach revenue of $5 million by 2020. He says:
“Consumers today are becoming more aware of their options and their expectations are constantly increasing. We want to make everything easier for the client. We are
introducing an all-in-one account for clients so that they can manage their finances
and bookings in one place.”
House of MoLi has several well known clients, including Fortune 500 companies as well as large investment banks and IT firms. The company will be introducing a loyalty scheme whereby customers can earn points with each booking:
“We are the first in our industry to introduce this kind of loyalty scheme and we are very excited for what the future brings.Next step for our new brand is to develop a concierge app so people can manage everything from their pocket.”
Narang cites the importance of reaching the right kind of investor as a motive for choosing crowdfunding.
“Crowdfunding gives us an opportunity to reach out to investors who are involved in the latest tech and industry trends. We specifically chose to raise on Crowd2Fund due to them understnading our business and the start-up scene. Their approach is humane and personal.”
The business is aiming to raise a loan of between £250,000 and 500,000, over four years and with 6-15% APR. Larger investors will also receive perks including stays in the serviced apartments.
For more information on this opportunity, visit their campaign page here.
