Turkey-based Proptech Missafir raises $550K Bridge
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Istanbul-based PropTech and on-demand rental platform Missafir has successfully raised $500K in a Bridge round in preparation for their upcoming Series A Fundraise. With this latest investment exceeding $1M in total funds raised, Missafir has aggregated a strong investor network with new investors and most of the existing investors joining this bridge round. Amongst their strategic backers are startup veterans with successful exits, experienced investors, C-level executives, and professionals.
Founded in November 2018, Missafir serves as a short/medium term home rental management platform. The Turkey-based PropTech creates value both for homeowners and short/mid-term property rental guests. Comprehensive services including profile management on more than 15 platforms, dynamic pricing, and tech-enabled operational support services enable homeowners to rent their homes through a fast, reliable, high-profit and stress-free model. On the other side, 24/7 service support, concierge, and cleaning services provide a 5-star hotel quality experience to the guests.
Shared Economy and On-Demand Real Estate have been a rising target for VC investment across Emerging Venture Markets. On one end, this could be due to inflated Real Estate prices, where owners and developers sought Tech to monetize properties without full acquisitions, and on the other, it is disruptive Tech that attracts sizable investments. In MENA, the UAE-based short-stay rental platform Nomad Homes closed one of the highest rounds in PropTech in 2021, raising $20M in their Pre-Series A- while on-demand workspaces HotDesk raised $1M, and short-term rental startup Short Stay Vacation Homes raises $1.9M. Across other Emerging Markets, on-demand property financing and Tech-enabled financing solutions have been an evident target for VC investment, where earlier this year Turkey’s on-demand property financier Tiko raised a stellar $65M while Pakistan-based financing solutions provider Trellis also raised funds.
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Missafir’s previous two investment rounds in 2020, were valued at 1.9 million and 3 million dollars. In light of this recent Bridge round, Founder Mehmet Yuksel highlighted “We had really tough days in the pandemic and we are still below our potential. But despite all the difficulties, we reached 800 properties with very fast growth and in the first 9 months of 2021, we managed to grow 5 times YoY. We owe this success primarily to our strong and dynamic team of more than 50 people today and to our investors who believe in us and support us not only with their investments but also with their experience and network.”
Mehmet Onarcan, the lead investor in Missafir elaborated on the positioning of their recent bridge investment tour: “We strongly believe in Missafir's and the team’s potential. Missafir grew rapidly even during the deepest crisis of the tourism sector. We closed three rounds of investment in less than 2 years. The bridge investment round was closed only in 20 days, with demand above our target. There were investors that we had to turn down. Now we have Series A ahead of us.”
At the moment, Missafir is providing service in 14 provinces and more than 50 districts in Turkey and Cyprus. But with their fast growing team and expansion plans, it seems that they will very soon be an important regional player. In light of this scaling opportunity, Mehmet Yüksel concluded with plans for the future “This bridge investment will be a good resource in order to better prepare for Series A. We will further develop our technological infrastructure, prepp p our team for new breakthroughs and expand to new domestic and international markets soon. The launch of a new product, which we believe is a great need in the market, has also gained momentum with this investment.”
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