12th January 2016
Serviced Apartments Provider thesqua.re has closed an investment round of $2 million from London-based FinTech company Crowd2Fund and OakNorth Bank. Thesqua.re is an award-winning online accommodation business providing luxury-serviced apartments for corporate clients.
The funding supports the company’s expansion to 500 apartments in Central London over the next two years, growth of its digital platform and the aim to open up offices in New York. The financing round has been closed successfully from London based FinTech company Crowd2Fund and
The financing round has been closed successfully from London based FinTech company Crowd2Fund and OakNorth Bank. It’s a sign of the times to see a forward thinking FinTech platform collaborate with a bank to secure the full $2m.
Thesqua.re has its brand close to its heart and running a crowdfunding campaign has allowed them to publicise the business to the public and also build a sophisticated team of private investors to help grow the business over the longer term.
Chris Hancock, CEO of Crowd2Fund says: “'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.”
The campaign closed with 17 high profile investors , making thesqua.re the first UK Serviced Apartments Provider to secure investment through crowdfunding.
Founder Sid Narang says: “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 in this way.”
Thesqua.re was founded in 2009 and has grown profitably at 80% CAGR to cross USD 10m revenue in FY2015. The debt-based funding is an acknowledgement of the company’s focus on cash, profitability and balance sheet strength whilst aiming to achieve a triple digit growth rate in the next couple of years.
Sid Narang, Founder and CEO of thesqua.re comments: “This is an exciting time for us at thesqua.re as we build a global business that aims to use operational excellence, real estate know how, and a silicon valley technology mind-set to bring an exceptional 4 star accommodation experience to our growing corporate customer base.”On Thursday 3 December, the company received the highly commended Industry Breakthrough Award by
On Thursday 3 December, the company received the highly commended Industry Breakthrough Award by ASAP, The Association of Serviced Apartments Providers, which alongside the funding show how the company is disrupting the industry with innovative technologies and goals.
In the next three to five years, thesqua.re aims to manage 500-1000 apartments and bring on more FTSE 100 customer accounts along the way. Supporting the growth, the company is developing a digital concierge app that – combined with the online platform – enables business customers to manage business travel spends efficiently.
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