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LBAN Investment Stories: RoomMate raised €475k in 2020, heading to the next funding round in 2021

Updated: Sep 17, 2022

RoomMate is a property management software as a service for landlords, property managers, and real estate investors in medium to long-term rentals and provides them with insight they need to manage, invest, and grow their portfolios effortlessly.

Soon after graduation from the Fit4Start program, they were invited to pitch for LBAN business angels. The pirate team, as they call themselves, managed to impress multiple investors at the board and they successfully raised €475k through LBAN in 2020.

"The pitch went well, and Mattia Raffaelli, our CEO, was invited to have a conversation with some of the investors, one of which was Romain Hoffmann, who would later become our lead investor for the round. From there, we started due diligence process, which was very thorough. The whole process was beneficial for us, as it helped us get all the information ready for the next funding round we are currently going through."

Philip Grother, COO of RoomMate.

The pirate team has doubled in size since the latest funding round. The rental management platform, combination of the Estelle and Spaces products, has now 20,000 app users worldwide and over 2,500 apartments managed. They are preparing for the next fundraiser in 2021. Funds are intended for further development of the platform.

"Our Angels have been very supportive throughout the process. We send them periodic reports and in exchange we get relevant feedback from many of them, related to the specific needs we have. This is the relationship we were looking for when meeting angel investors. We are very happy to continue our relationship with LBAN and the Angels who choose to follow-on."

RoomMate was also chosen to represent Grand Duchy of Luxembourg at Eureka Park, CES 2020 in Las Vegas having the possibility to showcase Estelle worldwide. LBAN team is closely following LBAN portfolio companies. We wish the best of luck to the RoomMate team in scaling their business.

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