Milan, 29 April 2019 – Sweetguest, leader in the management of short- and medium-term rentals in Italy, continues to grow and closes a round worth $8 million to support its plan for development in Italy.
This round followed a first round worth $1.1 million at the end of 2016, and a second round worth $1.7 million in 2018, and was led by Indaco Ventures I, a fund launched last May by Indaco Venture Partners SGR (subscribed by Intesa Sanpaolo, Fondazione Cariplo and Fondo Italiano d’Investimento, with a goal of $226 million, $151 million of which has already been subscribed); by Italia Venture I ($98million venture capital fund dedicated to investments in innovative startups and SMEs, managed by Invitalia Ventures SGR); and by a group of investors including professional operators and Italian business angels. All the investors strongly believed in the startup’s plan, which envisages growth consistent with the tenfold revenue increase since 2016.
“We’re proud of this important capital increase, which proves that investors have faith in our project, in the results we’ve obtained, and in our plan for growth”, commented Rocco Lomazzi, Sweetguest’s CEO and Founder. “Thanks to their support, we are confident that we will continue to grow by strengthening our business structure and improving in order to offer top services on the market in the complete management of short- and medium-term rentals”.
The financial transaction was brought forward by the two venture capital funds, together with Sweetguest’s founders Rocco Lomazzi and Edoardo Grattirola, and Sweetguest’s CFO Pierre-Edouard Jumel. It aims to support Sweetguest’s leadership in the Italian market, bolster the company’s assets, and broaden business opportunities.
Antonella Beltrame, co-founder of Indaco Venture Partners, remarked: “One of the key factors of success of these types of initiatives is the people leading them, and Sweetguest is driven by two talented and determined entrepreneurs. The company, which offers landlords flexibility in the management of short- and medium-term rentals, has had consistent growth rates in a sector that, internationally, is increasingly characterised by the presence of venture capital funds and M&A transactions. This round will be used to further the company’s business development and investments in technology. The still-unreliable market in Italy could also potentially allow Sweetguest to grow through acquisitions”.
Sweetguest, founded in 2016 by Rocco Lomazzi and Edoardo Grattirola, offers complete property management services and aims at developing tourism and real estate in Italy while offering innovative solutions in an ever-evolving industry.
Sergio Buonanno, managing director of Invitalia Ventures SGR, remarked: “All around the world the proptech industry is rapidly expanding, and Italy is one of the most promising markets for proptech in tourism. Over the last few years, the sector has attracted the interest of venture capitalists, also in Italy, although here the panorama for startups is still immature and unreliable. Sweetguest is the first Italian
startup of this kind to display a business attitude strong enough to secure a solid first place in the Italian market in less than three years. With this investment, we want to support the development of this leading company in its sector by supplying the capital it needs to scale up”.
Three years into its business, Sweetguest has four branches in Milan, Florence, Rome and Venice; has over 40 employees and 50 collaborators; has welcomed over 90,000 guests and managed over 1,000 properties through Airbnb; and has generated over $13 Million thanks to the properties it manages.
Sweetguest’s success lies not only in its numbers, but also in its satisfied customers. Airbnb selected Sweetguest as its first Italian “Professional Co-Host”. This title is bestowed on companies with the best results as Airbnb hosts on behalf of property owners, for excellence in managing online listings and properties, and for results and quality standards guaranteed to owners and travellers.