Spotahome CEO Praises Company for its Resilience a Adaptability During 2020

November 11, 2020
Share this Post: 

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. 

November 11, 2020
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Zillow Housing Data
Zillow Rolls Out AI-Assisted Home Tours Nationwide

Home shoppers across the U.S. can now tour homes virtually using Zillow's free, AI-generated floor-plan tool. Zillow's AI-generated floor plan is...

Read More
Scout24 Boardroom
Scout24 Revenues Grow 15% in Q2 as User Subscriptions Grow to Nearly 300,000

Scout24, Germany's dominant portal, has released its half-year results, with strong performance across the board. Highlights include: Revenue growth of...

Read More
Shutterstock 1356000662
REA Group Smashes A$1 Billion Revenue Barrier as it Capitalizes on 'Buoyant Listings Environment' in FY22

The Australian real estate portal operator REA Group has released its report for the 2022 Australian financial year. Highlights from...

Read More
Shutterstock 502750987
Opendoor Gets Fined $62m, Partners up with Zillow

Opendoor—an iBuying specialist based in the US—has been fined by $62 million by the FTC for misleading customers and posted...

Read More

Editor's Pick