In the main European cities there are more and more digital nomads and qualified professionals who change countries frequently. They are not tourists but not long term residents either. They have high purchasing power and demand flexible services at all levels. On the residential level, Ukio wants to convince them with fully equipped premium apartments.
"We offer a monthly rental managed with all the technological facilities, in such a way that our clients forget about paperwork and large removals," explains Stanley Fourteau, CEO of the business, which he founded three years ago with his brother Jeremy Fourteau.
The platform has a portfolio of 600 residences, distributed between Barcelona, Madrid, Lisbon and Berlin. This year, it plans to exceed a thousand landing in Paris, London and Milan. “In three years of life, we have clients who have already hired us in different cities. The idea is to create an extensive network of Ukio apartments throughout Europe”, says Fourteau, who decided to create the business after spotting this opportunity while working at Airbnb, a vacation rental company where he held management positions in the Brazil and Barcelona offices.
Ukio's business model is based on renting properties to companies and individuals under an agreement that allows subletting the same space to its end customers. "We act as intermediaries and promise owners a return 25% higher than long-term rent," says Fourteau. The average price varies depending on the city. In Barcelona, for a house with two bedrooms and two bathrooms, it costs around 2,500 euros per month and is rented every four to eight months.
With this approach, the company achieved a turnover of 11.5 million euros in 2022. “40% of the clients were professionals from the corporate world, such as consultants or doctors with specific projects in a city. 30% were digital nomads and the rest were local tenants with specific needs for flexible rent”. This year, Ukio expects to more than double its turnover and reach 26 million euros. "We are in full international expansion and we expect to reach positive gross profit (ebtida) in 2024," says the French entrepreneur, based in Barcelona. In the Catalan capital, the company has its headquarters, where it employs a team made up of 170 workers that this year will increase by ten people.
Like the vast majority of startups, Ukio finances its expansion through venture capital. Since its birth, it has raised 35 million euros, 27 of which were obtained in November of last year. The capital increase had contributions from Felix Capital, Kreos Capital and other small investors.
