Uniplaces has secured GBP2.2 million in a second round of investment from venture capital firm Octopus Investments as it plans major expansion in key student cities worldwide.
After previously investing over GBP700,000 in November 2013, Octopus Investments showed continued interest in the brand as it followed on into the latest funding round.
Other investors in this round include Alex Chesterman (founder of Zoopla and LoveFiLM), Portuguese angel fund Shilling Capital Partners, and Rob McClatchey (former chairman of University Partnerships Program Ltd and managing director of Barclays Capital), who also joined the board as a non-executive director.
Launched in 2013, Uniplaces provides an easy way for students to book their accommodation online, and has already placed thousands of students from 85 nationalities. Attracted by the higher-than-average rental yields associated with renting to students, landlords have also benefited from Uniplaces’ growth, and have so far received over GBP5 million in bookings from domestic and international students.
The latest round of funding will allow Uniplaces to continue its growth. The company will be extending its reach into major international student markets including France, Italy, Germany and the Netherlands. It will also be expanding further within its existing markets – Portugal, Spain and the UK – with plans to launch in top UK student cities such as Birmingham and Manchester this year.
Rebecca Hunt, a member of the ventures team at Octopus, says: "Since we last backed Ben and the Uniplaces team back in November 2013, this business has made some really positive steps forward and we are happy to be supporting them in this next stage of growth.
“The global student market is particularly fast-growing and we've seen Uniplaces make strides to match this growth and provide a unique service for both students and landlords. We look forward to working with existing investors Alex Chesterman and William Reeve, as well as Shilling Capital Partners, to continue supporting this business in the next exciting phase of growth."
Ben Grech, CEO and founder of Uniplaces, says: “This latest round of funding will allow us to build upon our existing operations and further drive our international expansion. Our innovative website is incredibly easy for students to use and we have clearly demonstrated the benefits for landlords. This investment puts us in an extremely strong position and takes us a step closer to our vision of being the trusted, global brand for student accommodation.”
