, a Developer of Homes for Entrepreneurs, Acquires €206,810 via Crowdcube has secured 137% (€206,810) of its €150,000 fundraising target from 291 investors via Crowdcube at the time of writing. This convertible offer from Spain ends today (February 28, 2023).

As explained in the update, rather than investing and immediately receiving shares, in this round payments will be “transferred directly to the company and shares issued at a future date. A convertible allows a company to raise funds without having to agree a valuation.”

Circles is “building a community-centric network of boutique co-living & co-working homes for conscious entrepreneurs.” With a house in Barcelona, “led by proven founders, they are raising funds to open a new site in Madrid.” The co-living market in the US & Europe is “estimated to reach €550bn in the next decade.”

Key highlights:

  • Experienced founders, including one exit
  • Global remote workforce forecast to reach 1bn Digital Nomads by 2035
  • Proven business model – first house breakeven Q4 2022 (Revenue of €59K in ‘22, EBITDA of -€6k)
  • Multiple 5 star reviews (Google & Airbnb)

The nature of work was forever “changed by the pandemic, with many jobs becoming fully remote.” As a result, there has been “a rise in digital nomadism.”

Digital nomads often “face problems such as loneliness, a lack of network.”

Furthermore, 83% of Millennials & Gen-Z feel they “do not currently have a work-life balance.”

The firm’s long-term goal “to solve these problems is to create a network of luxury houses that offers co-living and co-working facilities to digital nomad entrepreneurs, providing a place to live, work, and form meaningful connections.”

The first house has “proven that their model is viable – reaching break even in Q4 2022. Revenue of €59K in ‘22, EBITDA of -€6k.”

They have three core revenue streams: co-living & co-working rental income, and membership fees. Memberships provide access to their exclusive events and they plan “to launch metaverse when we reach 250 paid members.”

These are a prerequisite for access to their network of co-living and co-working houses.

They have begun to establish their customer base with their first house in Barcelona, which opened April 2022. It has operated “at full capacity since August 2022 & they have received multiple 5 star reviews (Google & Airbnb).”

The firm says it aims “to acquire and renovate a new location in Spain, allowing us to scale our business and offer a larger network to our members.”

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