London- and Delhi-based based Thesqua.re Service Apartments Ltd, a premium serviced apartment provider founded by Indian entrepreneur Sid Narang, has secured an investment of $2 million from crowdfunding platform Crowd2Fund and OakNorth Bank, according to a press release.
The funding would be used for expanding to 500 apartments in Central London over two years, acquiring talent and growing its digital platform.
Launched in 2008 as House of Modern Living or MoLi, it was recently went through re-branding.
“Crowdfunding gave us an opportunity to reach out to investors who were involved in the latest tech and industry trends. We chose to raise on Crowd2Fund because it understood our business; also, it was the only crowdfunding platform that allowed us to raise a loan in this way,” said Sid Narang.
Thesqua.re offers luxury serviced apartments for corporate clients, providing standard four-star hotel accommodation for a fraction of the cost and with the comforts of a home. Its serviced apartments are a convenient solution for corporations looking to make business travel easier and more enjoyable.
Presently, it manages accommodations in cities including London, Paris, New York, Singapore and Amsterdam.
In India, it has over 30 employees. Its head of reservations and executives are based in India. Besides, accounts, HR and tech teams are based in India. Thesqua.re expects to grow its headcount in India, focusing on tech/development and reservations or sales, the company said.
The company is developing a digital concierge app, which will be combined with the online platform and enable customers to manage business travel efficiently. The app will be introduced later this year.