Romanian venture capital fund Early Game Ventures invested an undisclosed amount in the local digital real estate platform Milluu, Romanian media reported. Roca X, a local VC also participated in the round.
“Milluu is a novelty on the real estate market in our country,” says Radu Stoicoviciu, EGV partner, start-up.ro reported. “The application comes with many innovative facilities and will radically transform the apartment rental market. Milluu introduces new concepts, such as verifying tenants and properties, ensuring rent payment on time, quickly and efficiently managing the owner-tenant relationship. Surely, Milluu will become the preferred solution for those who have more rental properties, as well as tenants in the educated segment with above average incomes. At EGV, we regard this investment as one in the infrastructure of services in the field of property management in Romania”.
Founded in 2017 by the entrepreneur Florin Stoian, Milluu is the first real estate application dedicated exclusively for rental of medium and long term apartments. As stated by the company, Milluu directly connects the owners and tenants in a fully digitized platform. The intelligent algorithm correlates the requests with the offers and lists the most suitable recommendations. Moreover, Milluu covers everything that a rental means – from searching, signing the contract to recurring rent.
Its owner, Stoian is already known entrepreneur in Romania, who have previously founded StarTaxi and Yellow Menu. At the moment he is confident in the success of his new venture as well. He assures that their application will guarantee the owners a 100% occupancy rate. If not succeeded, as he says, the company will cover the rent.
“In the long term, we want to guarantee to the owners that, through the Milluu application, they will not have even one day a year the vacant apartment. We propose that shortly after launch we can guarantee the owners a 100% occupancy rate, or we will cover their rent,” says Stoian.
Alexandru Bogdan, Investment Manager at Roca X, says that Milluu sets new standards in the real estate rental market.
“We are confident that Milluu will soon become a new standard in the real estate rental market, transforming the often difficult tenant-owner relationship into a partnership and trust relationship for both parties,” reads the Roca X’s LinkedIn announcement.
Early Game Ventures (EGV) is a venture capital and equity fund that invests in startups that jumpstart new industries in the emerging markets of Europe. They invest at the earliest stages in companies whose founders have vested interests, are coachable and address big markets. If the opportunity is real, they prefer to be the first institutional investor in such startups.
Roca X on the other hand is a venture capital company specialized in early-stage funding of tech startups. They partner with exceptionally passionate founders to support the fulfillment of their global vision.