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Bob W Raises €40 Million in Series B Funding Round

  • Bob W secures €40 million in Series B funding round led by Evli Growth, demonstrating investor confidence in its growth potential.
  • The company's hybrid hospitality model combines the flexibility of apartment rentals with hotel-like services, appealing to both leisure and business travellers.
  • Despite facing competition from industry giants like Airbnb, Bob W achieves profitability and plans to expand across Europe.

Bob W, a leading player in the premium short-term apartment rental market, announced today that it has secured €40 million in its Series B funding round. This financing round was led by Evli Growth, with participation from Flashpoint, Supercell co-founder Mikko Kodisoja, and Taavet+Sten, an investment vehicle launched by Wise co-founder Taavet Hinrikus and Teleport co-founder Sten Tamkivi.

Growth Amidst Competition

Founded in Finland in 2018, Bob W distinguishes itself as a tech-enabled hospitality operator with a focus on providing a blend of apartment living and hotel-like services. Operating in 17 cities across Europe, including popular destinations like Amsterdam, Athens, London, and Berlin, Bob W competes in a space crowded with industry giants such as Airbnb and Booking.com.

The company’s unique approach involves managing and operating apartments through leasing and management agreements, allowing it to maintain control over the entire guest experience. Leveraging technology, Bob W streamlines operations, enabling it to scale efficiently with a lean staff structure.

Hybrid Hospitality Model

Bob W’s model, combining the flexibility of apartment rentals with the convenience of hotel amenities, has garnered significant attention. By offering a “full-service digital marketplace” that connects guests with local businesses, Bob W enhances the overall guest experience, catering to both leisure and business travellers.

Notably, Bob W has found success in targeting both individual customers and businesses, with approximately 40% of its bookings coming from corporate clients. This diverse customer base, which includes tech scale-ups, startups, and companies from the creative industries, underscores the appeal of Bob W’s offerings.

Profitability and Expansion Plans

Despite facing regulatory challenges common in the short-term rental market, Bob W has demonstrated robust growth and profitability. With revenues growing eight-fold in 2022 and tripling again in 2023, the company has achieved profitability across the majority of its markets.

With the latest funding injection of €40 million, Bob W is poised to further expand its presence across Europe. Recent launches in cities like Copenhagen and Amsterdam signal the company’s commitment to strategic market expansion. While Europe remains the primary focus, Bob W is eyeing potential opportunities beyond the continent in the long term.

Conclusion

Bob W’s successful Series B funding round underscores investor confidence in its innovative approach to short-term apartment rentals. With a focus on technology-driven hospitality and a profitable business model, Bob W is well-positioned for continued growth and expansion, both within Europe and potentially beyond.

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