Hemavi AB raises financing of SEK 5 000 000 to match roommates

Hemavi today announced closing a financing round of a total SEK 5 000 000 to bring unparalleled automation to the room rental market. The funding enables Hemavi to launch and expand within its target market according to its “metropolitan areas and student cities-focused” expansion strategy.

Hemavi plans to use its accurate matchmaking algorithm and strong focus on safety to match roommates who could actually enjoy living together. The company has built a one-stop-shop for room rental taking care of every aspect in the process of renting or renting out a room starting from their matchmaking, secure in-app messaging and video chat, online contract signature, and deposit payment. The company also partnered with the insurance company Hedvig to provide home insurance to both tenants and landlords on the platform.

The company plans to use the funding to launch in the major cities in Sweden such as Stockholm, Gothenburg, Malmö and student cities such as Uppsala and Lund. They also plan to expand to Copenhagen shortly after launching. “37 % of students in Denmark live in shared accommodation. With 148,981 students registered in Danish universities as of 2019, that takes the number of students who live in shared accommodation to over 55,000”, said Hazem Ashour, Hemavi Founder and CEO.

“Coliving and sharing accommodations have become more and more common lately but in most parts of the world, this process is still done in a very traditional way and people are getting scammed on a daily basis trying to find a place to live”, said Pascal Dettwiler, Hemavi Founder and COO.

Launching in Sweden where no platform exists solely for room rental and where most transactions happen on unregulated social media platforms, Hemavi plans to utilize the opportunity to provide a new approach to finding a room and a great roommate. “We know that compatibility is important when you live with someone. This is the reason we focus on the human aspect. We ask questions about your interests, values, and lifestyle to connect compatible roommates. We look beyond the rooms and focus on the people behind them. In other words, we humanize the process of finding a room”, said Hazem.

The financing round consists of a mix of SEK 4 000 000 in equity financing and SEK 1 000 000 in debt financing. The equity financing is provided by 5 angel investors in Skåne region while the debt financing is provided by Almi Företagspartner.