Paris-based property management platform Matera, formerly known as illiCopro, has secured €35M in Series B funding. Notably, this funding round is the largest in the European proptech ecosystem, claims the company.
The round was led by Mubadala Capital, alongside Bpifrance, Burda Principal Investments, and existing investors, Index Ventures and Samaipata.
The Series B funding comes around one and half years after raising €10M from Index Ventures, Samaipata and business angels.
Fund utilisation
The funding will be used to accelerate its European expansion, starting with the launch in Germany this year. By the end of the year, the company aims to have 6000 clients buildings and 250 employees, including 40 in Germany.
As per the company’s claims, the French proptech startup has achieved 300 per cent YoY growth, with 3,000 client buildings. The company also plans to double this figure by the end of 2021.
Self-managed model
Founded by Jeremy Krebs, Raphael Di Meglio, and Victor Prigent in 2017, Matera offers a “self-managed” model for residential building management, as an alternative to traditional professional intermediaries, called “syndics” in France.
The proptech company enables residential property owners to self-manage all building operations. Matera offers a suite of online services and direct access to professionals (accounting, legal, insurance, building services, and others).
With this platform, each co-owner can track expenses in real-time, pay bills and charges online, access a database of trusted tradespersons, report leaks and operational issues, and more.
90 per cent satisfaction rate
Matera aims to overcome the disadvantages of these traditional “syndics,” who offer low service quality with high prices. The company says customers have been able to cut building costs by 30 per cent and boasts a 90 per cent satisfaction rate.
The company has partnered with CDC habitat, the largest social landlord in France, and the real estate giant Bouygues immobilier. Simultaneously, Matera has grown its local presence with hires in Lyon and Marseille – and intends to repeat this model in the 10 largest French cities by the end of 2021.
“This past year gave us the opportunity to prove the relevance of our model and our value proposition, showing why Matera is the perfect solution for our times. The crisis sped up the digital transformation of our market, while at the same time increasing the attachment to our homes and buildings. Our clients wanted more transparency, and to save money and that’s exactly what we can bring them. All these factors make our model the future of residential building management.” comments Raphaël di Meglio, Matera’s CEO.
