Home, the Berlin-based startup that set out offering an app to help landlords manage rentals but has since pivoted to solve the landlord-tenant problem more directly, has raised €11 million in Series A funding.
Backing the round is Capnamic, EQT Ventures, FJ Labs and Redalpine, whilst the new capital will be used for "product innovation," particularly on the tenant side. In addition, Home plans to bring its offering to new cities.
"[We] started with an app for landlords, which tracked rent payments etc., but Home is now a managed marketplace for landlords and tenants," Home co-founder and CEO Thilo Konzok tells me.
"Home now acts as both the tenant and the landlord. Landlords get an instant offer and sign a contract with Home. A digital lock is fitted at the apartment and the landlord then simply gets rent -- no maintenance stresses, financial risks etc."
The idea of essentially becoming a full-stack landlord (my words, not Konzok's) is so that property owners don't need to become experts in renting apartments, understanding legislation, maintenance and knowing what rent to charge.
"Tenants also have a far better, more transparent experience," argues the Home CEO. This includes the ability to visit and book apartments themselves, thanks to Home's use of smart locks. "If they need anything, they can reach Home 24/7 via the app," he adds.
The proposition is currently available in Berlin, Munich and Hamburg, and appears to be proving popular. Konzok says that every month more than 1,100 landlords request an offer from Home. To be able to accept more of these requests, the company will expand into new cities throughout 2020. Specifically, this should see seven more German cities by April 2020 and one international city in October 2020.
Adds Jörg Binnenbrücker, managing partner at Capnamic: “When we first met Thilo and Moritz we were impressed by their vision of creating a new asset class and form of ownership. Capnamic is excited to have found the best team to bring this new housing experience to everyone and capture a massive market opportunity."