After a tumultuous year, Spotahome CEO, Alejandro Artacho, has announced that the mid-long term rental startup has finally made profit off of its services.
Artacho explained in a recent letter:
“Our revenues in April significantly decreased and despite gaining sizeable funding before Covid our cash burn became unsustainable. Therefore, in Q2, I made the hardest decision since we founded the company 6 years ago: reducing our workforce significantly across all our 8 markets.”
Spotahome drew back into its headquartered country of Spain and put all effort into supporting local business while the pandemic was raging.
During the third quarter of this year, Spotahome hit the highest margins its ever seen and reached profitability in its markets. This happened with 14% less sales volume than first quarter of 2020 and over 120% more sales volume than the second quarter.
Still, the company isn’t out of the water, as the winter months of this year are still uncertain for most companies as there has yet to be a successful vaccine developed for the virus. Artacho claims that resilience and adaptability will be what makes or breaks a company during these times and Spotahome is optimistic about its future.