University accommodation network FlatClub raises $1.5m

Startups 100-listed company will use funds to expand service globally

University-based accommodation network FlatClub has announced it has raised $1.5m in growth capital from a group of tech industry investors.

Founded in 2010 by London Business School alumni Nitzan Yudan and Tomer Kalish, FlatClub aims to help students and alumni from top universities avoid the difficulties of listing short-term flat space on the open market by connecting them with trusted peers.

Started with £30,000 of savings, the Startups 100 2013-listed site has since concluded deals with 50 universities across the world including UCL, London Business School and NYU, growing to 50,000 university-verified members.

The $1.5m investment was raised from a network of angels including Jeremy Coller of MLC50, Professor Eli Talmor of London Business School and David Wolfe of BrandJourney and Intercapital.

It will be used to accelerate FlatClub’s expansion into other international markets and further refine the service’s recently-launched FlatClub 2.0 platform.

It marks FlatClub’s second round of external funding following a previous Series A round concluded in May 2012.

Alongside the investment, the site marked another milestone this week when it marked the 10,000th property to be listed on FlatClub since launch.

Nitzan Yudan, co-founder of FlatClub, said:  “This investment, coupled with the wealth of experience and guidance from our new investors, will help us extend this successful ‘model of trust’ into other cities around the world and more trusted networks and take FlatClub to new levels.”

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