House of Moli launches crowdfunding campaign to grow business
Serviced apartment provider House of Moli has launched a crowdfunding campaign in the hope of securing between £250,000 and £500,000 to grow the business and rebrand.
The company, which was founded in 2008 by former investment banker Sid Narang (pictured), will use the money to acquire more apartments and invest in new technologies.
It also wants to drive further growth by rebranding into thesqua.re serviced apartments.
The firm has properties in several major cities including London, Paris and New York and has doubled its number of apartments since January 2014.
By 2016, House of Moli expects to have acquired a total of 200 serviced apartments in the London market alone and to reach revenue of £25m in 2020 with support from the crowdfunding.
Narang said: "Consumers today are becoming more aware of their options and their expectations are constantly increasing. With thesqua.re, we want to make everything easier for the client.
"We are introducing an all-in-one account for clients so that they can manage their finances and bookings in one place."
The company will also introduce a loyalty programme where customers can earn cash points on bookings and plans to develop a concierge app to improve the guest experience.
Narang added: "We are the first in our industry to introduce this kind of loyalty scheme and we are very excited for what the future brings.
"Crowdfunding gives us an opportunity to reach out to our investors who are involved in the latest tech and industry trends."
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