Finland-based tech-driven hospitality provider, Bob W, raised EUR 21 million in Series A funding. IDC Ventures, Elevator Ventures, Verve Ventures and Flashpoint led the financing for the firm. The Series A round took place on October 25, 2022.
Purpose of financing for Bob W
With the recent proceeds from the Series A funding, the company seeks expansion into new and existing markets.
Besides, it has plans to invest in scaling its autonomous full-stack tech platform.
What the Bob W official has to say
Niko Karstikko, co-founder and CEO of Bob W, said, “Our goal is to use the funds to create a new industry benchmark for digital experience and to support our explosive growth in new European markets beyond the UK, Spain, Finland and Estonia, where we currently operate.”
He further added, “We have demonstrated, despite the challenging business and investment climate, that we can deliver a strong performance, which is reflected in our ability to raise capital. The resilience that we have shown, underpinned by our unique concept, robust tech platform and genuine sustainability credentials, sets us up perfectly for future expansion, whether through organic growth or mergers and acquisitions. We are resetting the expectation of hospitality for the consumer, and now we can expand our reach across Europe with over 20 cities in our expansion pipeline.”
What the investor has to say
Speaking on the recent development, Denis Mosolov, Managing Partner at Flashpoint Venture Debt, said, “Bob W is a great business, with fantastic founders and management, and a strong team of VCs. We are very excited to be part of the Bob W story and to join Niko and Sebastian on their journey to redefine tech-enabled hospitality.”
About the company
In 2018, founders Niko Karstikko and Sebastian Emberger launched the company. The Finland-based Bob W is a tech-driven hospitality provider offering a more innovative and more sustainable alternative to hotels and short-stay rentals. It caters to consumers as well as companies, including international start-ups and next-generation enterprises in fields such as tech and creative industries. Though the company came into existence during the pandemic, it saw impeccable growth. Its year-on-year revenue grew by 800%, along with excellent margins. Moreover, it achieved an average guest rating of 4.8 (out of 5) and a net promoter score of close to 90. Currently, the company operates in 4 markets in Europe with rapid expansion plans secured across the continent.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
