Chairman of Logoplaste leads investment of 2.3 million in Spanish Muppy – Companies

Muppy, a Spanish technology company specialized in managing short and medium-term accommodation, closed an initial financing round worth a total of 2.3 million euros. The objective is to position itself in the flexible rental market in Spain and Portugal.

The financing round was led by foreign investors, in a group headed by the Portuguese Filipe de Botton (chairman of Logoplaste) and his partner Alexandre Relvas, accompanied by Carlos Robles (former director of Carlyle Group Europe), Alejandro Peón (former advisor of Grupo Prisa) and Fernando Peralta (former general director of Capgemini España).

“This economic boost will allow us to compete with international players to lead in the flexible rental sector in Spain, with a differentiation proposal based on the development of our own technology and a territorial expansion in the main markets of the peninsula [ibérica]”, explains Vicente Nicolás, CEO and co-founder of the company, in a statement. The company is still taking its first steps and therefore resorted to a “seed” round of financing, which means that seeks to raise financing when the business is in its initial phasethat is, when you have a first version of the financial plan and the first sketches of the product.

What product? The startup has an online platform, designed using artificial intelligence, which offers shared or private accommodation, fully equipped and located in central areas of cities, with all services on a single invoice. It currently manages a portfolio of 500 rooms, valued at more than 75 million euros and already has more than 3,000 customers.

The startup’s objective is to offer a solution to the scarce supply of quality rental housing at high prices, for young professionals, freelancers, companies and students who want to live in a city for a few months, with services such as expenses, cleaning and maintenance included.

The value of rents in Portugal has become more expensive, with In the fourth quarter of 2023, the median income of new contracts increased by 11.6%, compared to the same period in the previous year – the highest variation since the first quarter of 2020.

The Government had implemented a 2% ceiling to deal with the exorbitant values ​​charged. However, as there is no supervision, the rule is not being complied with and the ceiling is being exceeded by several landlords.