House of Modern Living, or MoLi, is crowdfunding a loan on Crowd2Fund to power growth, acquire more apartments and invest in new platform tech. MoLi, soon to be rebranded as thesqua.re, targets corporate accommodations for travellers staying more than a few days. MoLi currently manages accommodations in a growing number of cities including London, Paris, New York, Singapore, Amsterdam and elsewhere, but the new funding should help them expand into many other metro areas. Staying in a hotel can be convenient but typically can be quite costly – especially in major global cities. MoLi is said to save around 30% per stay versus comparable hotels. A quick view of some of their corporate clients shows many well known, global business brands. Sure you could go to AirBnb, but MoLi provides a more managed service so you do not have to deal with any “hosts”.
Founded in 2008, the company is said to be “experiencing rapid growth”, and has since January 2014, till today, doubled the number of apartments they offer. According to MoLi, they now manage over $150 million of real estate worldwide. By 2016, the company expects to have acquired a total of 200 serviced apartments in the London market alone and to reach revenue of £25 million in 2020.
Founder Sid Narang, a former investment banker and frequent traveler, launched MoLi based off his own personal experience. During his travels he felt he was missing a sense of community and the comfort of home. He saw this as an opportunity to enter a niche market, and realised that he could bring together his passion for real estate, technology and finance in the serviced apartments industry.
MoLi is seeking a loan of £250,000 to £500,000 with a 4-year term and a minimum investment starting at £500. A business plan, not yet posted, should help describe management’s vision for the future. Top line revenue in 2014 hit £3.817 million, almost double year prior. Operating profit came in at £197,000.
Narang says, “Consumers today are becoming more aware of their options and their expectations are constantly increasing. With thesqua.re, we want to make everything easier for the client. We are introducing an all-in-one account for clients so that they can manage their finances and bookings in one place.”
“Crowdfunding gives us an opportunity to reach out to investors who are involved in the latest tech and industry trends,” explains Narang. “We specifically chose to raise on Crowd2Fund due to them understanding our business and the startup scene. Their approach is humane and personal.”
Potential investors are being incentivised to put money into the campaign with the inclusion of a number of perks including an annual allowance of free accommodation in one of their serviced apartments, giving investors the opportunity to experience the brand offering first hand.
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