Ensured financing in the amount of 1.2 million euros for his spin off, Piney, Douleutaras, according to today’s (13.12.2024) announcement of platform providing home services.
In particular, in the announcement of the platform for the financing of Piney, it is noted that “Douleutaras played a catalytic role during the establishment and the initial stage of Piney and will continue to do so so that it also becomes a success story. The investment in question was led by Uni.fund, VENTERI Capital and an (anonymous) Angel Investor, while Douleutaras participates as the largest institutional investor holding a significant percentage, as well as a position on the Board of Directors.”
Piney began its journey in Cyprus in 2022 by members of the Douleutaras team, identifying a market gap in the cleaning and management of short-term rental properties.
With the continued guidance and involvement of Douleutaras’ organization, Piney quickly expanded into 4 new markets outside of Cyprus and established itself as an industry leader, combining operational excellence with cutting-edge technology. Its comprehensive services include, but are not limited to, cleaning, linen and laundry management, finding and installing basic amenities.
“The investment underscores the business community’s faith in the Douleutaras team’s original concept, the innovative business model it embodies, and Piney’s rapid growth. Through this investment round, Piney intends to expand by 2025 in key European markets such as Spain, Italy and France. These countries represent excellent growth opportunities due to the strong demand for efficient cleaning and management solutions for short-term rental properties,” the same statement said.
By 2024, Piney served over 1,000 properties in Cyprus, Greece and Portugal, carrying out over 4,000 cleanings per month and working with some of the largest property managers in these countries.
“At Douleutaras, we believe in the power of innovation and in supporting innovative ideas that have the potential to fundamentally change the markets in which they operate. I am very proud that at Douleutaras we now have two companies that we are equally proud of, as well as the continued value we create for our shareholders and employees. We are excited to be an active member of the Piney team as it expands internationally, enhancing the property management experience across Europe,” said Andreas Grammatis, co-founder and CEO of Douleutaras.
Source: RES-MPE