Faraday In The News

The proptech Bechester raises additional funding to develop its international expansion plan

By 19 May 2022 No Comments

The technology platform focuses on Europe with an ambitious plan to offer individuals and companies the simplest, most flexible and sustainable solution for fully furnishing any home or office.

The Valladolid startup, founded at the end of 2019, and which started offering a furniture subscription service for individuals with the brand, Rentchester, has expanded its range of services and become Bechester; a “one-stop-shop” with an end-to-end solution for furnishing any type of real estate asset from homes to offices, buildings or colivings.

Bechester has raised an investment amount totalling close to one and a half million euros. After closing a seed round in 2021 led by Faraday Venture Partners, they achieved important milestones such as the unique agreement with IKEA to offer their furniture for rent and the collaboration with Testa Home, a company that leads the residential rental sector in Spain.

After multiplying its revenues x15 in the last 6 months, the company has raised additional investment from existing seed round partners, through the entry of a European network of founders based in London together with other strategic business angels such as Hugo Arévalo (Co-Founder ThePowerMBA), Felipe Navío (Co-Founder jobandtalent), Iñigo Juantegui (Co-Founder La Nevera Roja and Ontruck), among others.

In the words of Ignacio Posadas Pinedo, CEO and Co-Founder of Bechester, “this round will allow us to reach the objectives that Bechester has set itself in the short term before a next investment phase. We continue focused on generating strong growth in the various channels of recruitment and we aim to stop being a Spanish company and become a European one“. From the firm’s inception in Madrid and after positioning itself in Barcelona, Valencia and Malaga, it has begun operating on the Spanish mainland at the end of last year. Paris was the first European hub chosen by the company to begin its international expansion and have been operating in the city for just one month and have already achieved revenues of more than €100,000. The startup plans to replicate its model across the rest of the country very soon, as well as opening a third European market before the end of the year.

Jaime Biel, Partner at Faraday adds, “We continue to strongly support the Bechester project and its team, who since 2021 have demonstrated an exceptionally innovative aptitude to bring about change and develop new consumer habits in the real estate market“.

Media sources: Europa Press (Spanish only!)