FlatClub raises $1.5 million, plots further expansion
FlatClub, a rental marketplace for university students and alumni, has announced funding of $1.5m from venture capitalists and angel investors.
The investment is being described as a joint venture between MLC50, Professor Eli Talmor of London Business School and David Wolfe of BrandJourney and InterCapital.
Both MLC50 and Talmor participated in undisclosed Series A funding for the startup about 16 months ago.
FlatClub was launched in 2010 (TLabs here) to provide a trusted network of short-term rentals for the student community.
The company, which recently relaunched its technology platform with a new design and branding, now also enables universities and companies to create private accommodation clubs.
This latest funding will be invested in increasing the number of listings from 10,000 to 30,000 rooms and apartments for short stays as well as extending the new platform across Europe and the US.
The company says it now has 400 clubs including its largest the London Business School which has 2,000 members and made $250,000 last year in rental revenue.
New members can join a club using their email address from their place of study or Facebook and FlatClub’s technology verifies users by Facebook connections as well as its existing membership base.
The startup has grown from 3,000 rooms/apartments last year and from 30,000 to 50,000 members. Average stays via the service are 30 nights.
Linda Fox is deputy editor for Tnooz. For the past eight years she has worked as a freelance journalist across a range of B2B titles including Travolution, ABTA Magazine, Travelmole and the Business Travel Magazine.
In this time she has also undertaken corporate projects for a number of high profile travel technology, travel management and research companies.
Prior to her freelance career she covered hotels and technology news for Travel Trade Gazette for seven years. Linda joined TTG from Caterer & Hotelkeeper where she worked on the features desk for more than five years.