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We're a B2B2C prop-tech company that helps apartment building owners boost their cash flow and property value. We do this by converting empty apartments and managing them to attract a new type of renter looking for the convenience of furnished accommodation on flexible terms. Our furnished living on-demand product gives traveling professionals and digital nomads the service and consistency of a hotel with the spaciousness and function of a stylish home. It's also perfect for people who hate moving and assembling furniture! Our long-term vision is to build the operating system that powers apartment buildings anywhere globally to increase and diversify their NOI (net operating income) by incorporating hospitality into their revenue management mix.
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Why now? The pandemic has accelerated changes in how we live, work, and travel. We're switching from booking hotels to alternative accommodation. We're spending less time in the office or never going back. And that means we're no longer tied to a single location every day.
Our competitors are rental arbitrage companies such as short-term rental brand Sonder and corporate housing operators. What differentiates us is that as the building's partner instead of tenant, we don't have a long-term commitment to pay a fixed monthly rent. Instead, we make money by charging a commission on the revenues generated, earning high-profit margins (75%). Our model better balances risk and rewards for owners: it generates more revenue in good times and eliminates the risk of a lease default in bad times. This last point is essential because three of the four largest competitors defaulted on their leases and went out of business during the pandemic.
