Cosi Hospitality GmbH, a provider of short-term rentals using smart technology and driver of the new asset class Commercial Living, has raised €20 million in a financing round. New investor Soravia, a Vienna-based real estate group, headed the round with existing investors Cherry Ventures, e.ventures, Kreos Capital and Bremke also participating, as well as a number of individual investors. International law firm Taylor Wessing, led by Berlin-based partner Norman Röchert, advised the start-up on all legal issues related to the financing round.
COSI closes long-term rental agreements with property owners and sets up flats in their houses according to its own standards. A self-developed, fully digitized booking system and a largely automated range of services are designed to ensure high and scalable service quality with a significant reduction in fixed costs. The focus is – in addition to short-term guests on “mid-stays”: guests with a length of stay of ten days or longer.
The Berlin-based company was founded in 2019 and rents out its flats, currently 750 units, at twelve locations in Germany and Europe. Another approximately 1500 units are under negotiation. The new funds will be used to further expand growth in Germany and other European countries.
