The Madrid-based short and medium-term rentals marketplace company Spothaome is undergoing a restructuring and has let go two of its management team.
The news was first reported by local business publication EjePrime which claims to have spoken to sources within Spotahome confirming the news.
The two employees to leave the company are Luis Verdeja who was the Country Manager for Spain, France and Belgium and Juan Landróguez who was Head of Expansion. Both Verdeja and Landróguez held their respective positions at Spotahome for around 12 months
The departures are said to be part of a wider restructuring process centred around the company's upcoming yearly results presentation. Spotahome's belt-tightening is also said to include a change of headquarters. The company announced a move to new offices in June 2021 but has recently moved again to a co-working space that better suits its work-from-home policy.
Founded in 2014 by Alejandro Artacho, Hugo Monteiro, Bruno Bianchi and Bryan McEire, Spotahome has raised $92.9 million in funding from investors such as Kleiner Perkins according to Crunchbase. The company's latest Venture Round led by 14W came in October and raised $25 million. Spotahome is planning to raise a further round this year to consolidate in the markets it is present in and expand further across Europe.
Spotahome runs a marketplace offering end-to-end remote renting in 84 cities across Europe and the Middle East. The company runs a performance-based model and charges both the tenant and the landlord in the transaction.
Watch: Simon Baker interviews Spotahome Head of Operations, Eduardo Garbayo at Property Portal Watch 2019
The company saw its business model suffer greatly during the worst of the Covid-19 pandemic and was forced to cut 80% of all costs in June 2020. After weathering the worst of the pandemic and re-expanding across much of Europe in 2021, Spotahome CEO Alejandro Artacho then went on to proclaim that his company was profitable for the first time in 2021.