Enso, a Spanish co-living company founded in 2020 by Michael Erd Gómez and José Miguel Calle, concluded 2023 with a turnover of €3.2 million. Recently, it has received an €8.2 million investment from the American fund XY Booster, established by Spanish entrepreneur Robert Monturiol. This funding will enable Enso to launch subsidiaries in the United States and Mexico, marking the beginning of its expansion across the American continent.
Enso currently operates over 600 rooms in Barcelona, Madrid, Valencia, and Malaga. The company’s co-living model focuses on creating a shared living environment with premium amenities like cleaning, laundry, and private chef services. “Our aim is to provide an inspiring and homely environment in prime city locations,” says Michael Erd, co-founder and CEO.
The new funding will facilitate collaboration with XY Properties, which manages XY Booster’s real estate assets in Mexico and the US. Erd stated, “The initial goal with XY Booster’s investment is to establish our presence in New York and Mexico City and to achieve significant growth in these markets.”
This investment follows two previous rounds of funding: €1.5 million in 2021 and over €3 million in 2023. These investments have helped Enso become a leader in Spain’s co-living sector. The company plans to end the year with 1,000 rooms in Spain’s major cities and aims to double its turnover to €6 million in 2024, largely due to its international expansion.
According to a recent Savills report, the co-living market in Spain is expected to grow at a compound annual rate of 15% over the next five years, driven by young professionals and digital nomads seeking flexible housing. The report also predicts significant growth in the US co-living market, with a 17% annual growth rate, and a 12% growth rate in Mexico, particularly in Mexico City and Guadalajara.
Enso plans to expand to other US cities, including Boston, San Francisco, and Miami, by 2026, aiming for 3,000 rooms in the US and 1,000 in Mexico. Erd mentioned that the company is closing an additional Series A funding round to support its European expansion.
Enso’s typical tenants are 60% women and 40% men, averaging 30 years old, who prefer living in prime city neighborhoods and usually rent for about six months. Enso offers rentals for a minimum of three months, primarily catering to individuals motivated by work or studies. The company has a waiting list of over 1,000 clients each month.
For property owners, Enso provides renovation services at no cost and offers solid lease contracts ranging from seven to ten years, ensuring peace of mind for owners while managing the properties effectively.
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By Proptechbuzz
By Ravi Kumar
