The impact of proptech in large cities, such as Barcelona and Madrid, offers solutions to the challenges of urbanization and the centralization of the population, where more than 50% of it lives in only 2% of the area, as reported by Anna Gener of Savills Aguirre Newman.
Entrepreneurs of the online real estate sector have argued that technology is their weapon to offer a more transparent service to consumers in a sector that they consider “not clear”.
Badi, a Barcelona-based proptech startup, founded in 2015, has a mission is to make city-living affordable and accessible. Its AI-driven platform provides a seamless way for people to find and rent rooms in major cities.
“Verifying the information of the property owners and offering a support service to the buyers through technological solutions allows to be more 'efficient', offering a service faster and with less costs and, likewise, gain the confidence of the client."
—Carlos Pierre, Founder and first Executive of Badi
Growth is inevitable and thinking about its expansion with proptech, Badi has set up Badiapp Technologies to operate beyond Spain, in the rest of the European countries where it is present.
By taking this step towards the extension of the company through Europe, the company is reorganized. Badi has made a capital transfer of two million euros to the new company to start operations, as recorded in the Mercantile Registry.
The proptech startup has raised 45 million euros. At the beginning of 2019, it closed a capital increase of 26.2 million euros that gave its shareholder the Goodwater Capital investment fund. In addition, Target Global, Mangrove Capital and Spark Capital funds also participated in the capital increase. With presence in the main capitals of Europe, Madrid, Barcelona, London, Paris, Berlin and Rome.
At the moment, Badi has 1.8 million registered users and a database of 352,000 published rooms. In addition, it has accumulated more than 23 million rental requests.
Badi has the support of both US and international investors, including Spark Capital and Mangrove Capital, with their last round of funding in January 2019 hitting around € 27 million.