Zazume, the Barcelona-based proptech that digitises the full residential rental lifecycle, has closed a €2.5m funding round aimed at expanding its footprint across Spain through the acquisition of property management portfolios.
The round was led by London-based venture capital firm Nordstar and Spanish family office GTV Capital, which is making its first entry into Zazume’s shareholding. The raise also incorporates the conversion of capital previously provided by Sabadell Venture Capital and other family offices, bringing the company’s total fundraising to €7.8m since its founding in 2021.
Over half of the new capital, more than 50%, will be directed towards acquiring residential property management portfolios in provincial capitals, with the remainder allocated to marketing and sales.
Zazume currently manages 3,500 properties and is targeting more than 5,000 by the end of the year, while also aiming to double its billing. Looking further ahead, the company is setting its sights on surpassing 10,000 managed properties by 2027.
In April, the company completed its first portfolio acquisition under this strategy, taking on Landa Propiedades, a regional leader based in Zaragoza. Four further agreements are expected to be finalised before year end.
The company reached financial break-even ahead of this round and stated it could have continued operating without additional capital. However, it opted to pursue a more ambitious inorganic growth strategy to grow its market share across provincial capitals without diluting its shareholding.
To date, Zazume has guaranteed more than €40m in rental income to property owners and offers services including upfront expense coverage and personalised financing options for repairs and renovations.
Zazume’s model combines proprietary artificial intelligence technology with financial services, targeting both small property owners and real estate agents. Its platform covers tenant search, guaranteed rent, rental management software, non-payment insurance, and rent advances.
Zazume CEO and co-founder Jeroen Merchiers said, “We have identified a huge opportunity to rapidly drive the company forward and help professionalize the sector,” and adds: “This capital increase allows us to position ourselves as the best option for small real estate agencies looking to monetize their property management portfolio or even just exchange non-payment insurance premiums.”
Nordstar managing partner Ole Ruch said, “We believe Zazume is destined to become the leader of residential rental in Southern Europe, establishing the foundations with proprietary AI technology and having proven the optimization of residential rental management through its quality services and added value.”
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