Serviced apartments provider thesqua.re has closed a successful investment round of $2 million from London based Fintech company Crowd2Fund and OakNorth Bank.
thesqua.re offer luxury serviced apartments for corporate clients, providing four-star hotel standard accommodation for a fraction of the cost and with all the comforts of a home. Their serviced apartments are a convenient solution for corporations looking to make business travel ‘easier and more enjoyable.’
Launched in 2008 as House of Modern Living, the company has recently undergone a rebrand and now has properties in the main areas of London and other key business cities. Through crowdfunding, thesqua.re has raised enough to support expansion to 500 apartments in central London, with an aim to open offices in New York.
thesqua.re’s founder, Sid Narang, said: “Crowdfunding gave us an opportunity to reach out to investors who were involved in the latest tech and industry trends. We specifically chose to raise on Crowd2Fund due to them understanding our business and the only crowdfunding platform to allow us to raise a loan this way.”
Their online campaign on Crowd2Fund closed with 17 high profile investors, making thesqua.re the first UK serviced apartments provider to secure investment through crowdfunding.
Chris Hancock, Crowd2Fund’s CEO, commented: “Crowd lending is such an exciting and fast-growing industry. We loved working with Sid and the team at thesqua.re – they are an excellent example of the innovative, British businesses we helped fund on the platform and a fantastic way to provide our investors with a good return on their investments.”
thesqua.re has grown profitability at 80 percent CAGR to cross $10 million revenue in 2015, and in December the company received the highly commended lndustry Breakthrough Award by the Association of Serviced Apartments Providers. For more information on thesqua.re, visit www.thesqua.re.
Miranda Wadham on 07/01/2016