March 6 (SeeNews) - Bulgarian property technology start-up FlatAway said on Monday it is raising 500,000 euro ($532,073) in a pre-seed funding round led by Sofia-based venture capital firm Eleven Ventures.
The proptech start-up has achieved a pre-money valuation of 2.5 million euro under the transaction, it said in a press release.
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An unspecified amount was secured from 3P1, a Bulgarian proptech growth investor backed by local real estate investment group AG Capital and its founder George Pavlov.
The pre-seed round will be open for participation to retail investors for up to 100,000 euro, which they can contribute through Romania-based crowdfunding platform SeedBlink.
The fresh capital will be used to expand the platform's client supply network throughout Central and Eastern Europe and the Middle East. FlatAway already works with consulting and tech companies, banks, enterprises, embassies and international organisations. The new capital will also support technology upgrades and new features such as subscription living, which are scheduled to go live shortly.
Earlier this year, FlatAway spun off from Flat Manager Sofia with support from PWC Bulgaria under a business accelerator programme run by Endeavour Bulgaria. The platform now offers over 400 homes for booking by remote workers, digital nomads and expats, in both Bulgaria and Romania. The flats managed by the seven franchises of Flat Manager currently operating in the two Southeast European (SEE) countries.
($= 0.9397 euro)