One Perfect Stay looking for Series A funding for expansion plans
Bootstrapped, short-term luxury holiday home company, One Perfect Stay, is marking its fifth anniversary by announcing ambitious plans to move into its next stage of growth, that includes setting up operations in Abu Dhabi and Ras al Khaimah in UAE; Riyadh in Saudi Arabia; and other global destinations that include Kuala Lumpur, Istanbul and London. In a statement to SME10x, Mahwussh Alam, founder of One Perfect Stay said she is looking to secure venture capital financing of between $2-3 million to facilitate this expansion into more cities in Southeast Asia and Europe.
Alam added, “We believe if we need to scale at a more rapid pace post COVID when travel is about to open with pent-up demand, then we need to have more capital to catch up with growth. Currently, we are looking to raise funds to achieve next level of growth. We are more interested in cities which have the infrastructure like apartments and homes and where landlords and guests have the mindset to be part of a sharing economy. We believe cities like Abu Dhabi and Ras al Khaimah in UAE; Riyadh in Saudi Arabia and other global destinations like Kuala Lumpur, Istanbul and London have the conducive environment where we can scale our business rapidly. These cities are the next global growth markets for us.”
Having grown from a handful of units in 2016 to digitally managing 150 to 200 properties, One Perfect Stay was co-founded by Alam with no outside investment. Instead, Mahwussh bootstrapped the company, managing the properties via third-party booking platforms, and handling all aspects of the curation, home management, and guest relations personally.
The company later raised a modest amount of seed funding taking its portfolio to 50 properties within two years. After shadowing a seasoned tech investor and business advisor, Mahwussh developed One Perfect Stay’s independent booking platform, which now generates 30 percent of its clientele.
Alam continued, “The short-term rental industry is experiencing a massive demand, as holidaymakers, residents, home owners, and investors recognise the benefits it offers in a new kind of world. By investing in people's wellbeing, be it our employees, our landlords, and our guests, we’ve been able to create an elevated short-term rental experience with the personal touch. Having mastered one of the biggest hospitality regions, we’re looking forward to expanding this model into new geographies soon”.