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in the Shared Living movement
We are raising capital to scale our vision across London and into the global market.
in the Shared Living movementWe are raising capital to scale our vision across London and into the global market.
People are on the move like never before. Over the last four decades, urbanisation has spread rapidly and air traffic has increased 8-fold. By 2050 the proportion of people living in cities will reach 70%. As our urban environments grow bigger and more crowded, we need to create meaningful spaces for everyday living that are both sustainable and affordable.
In an era where we see rising problems related to housing affordability, loneliness and sustainability, Shared Living, or CoLiving - the CoWorking of the housing market - has become a major trend across the USA, Europe, and Asia. However, the majority of the current movement is linked to large, commercial spaces where individuals have tiny rooms, spacious common areas, and high rents. At RoomForTea we have a different vision.
We want to bring Shared Living into the heart of communities worldwide, starting with London. Our Hosted Home model allows anyone with a spare room(s) to host on RoomForTea; having a Host in the space ensures engagement with the local community, unlike typical houseshare/full-flat rental platforms where there is no established culture within the homes. As 75% of our community is female, we have built our platform around Trust and Matching.
Our expansion strategy is to create communities of hosts in specific local areas (Clusters), laying the foundation for a global network of Shared Living Spaces. Over the next year we will start to roll out an Ambassador program that will allow ANYONE to create a Hosted Home. We plan to have spaces that range in size from 1 to 10 bedrooms and create themed homes around Arts, Culture, Innovation etc.
Our first target to reach in London is 150 Hosted Homes (#HH150). Currently we sit at approximately 60 dedicated Hosted Homes, and we plan to scale up to 150 Hosted Homes by the end of 2018. To achieve this requires us to raise £100K in the short-term and hire a Marketing Manager.
The key to unlocking this market, beyond the homes themselves, is the software. There is no software currently in the real estate market that has the agility and matching capabilities to book multiple people into multiple rooms, across different timeframes and price points.
RoomForTea has built its software stack from scratch, over the last 2 years, and has been testing it in multiple cities globally. Now the company is ready to go mainstream and scale. Bookings have doubled on a Quarterly basis this year, and are on pace to skyrocket in Q3 2018.
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