EGV has announced its investment in the real estate platform Milluu, an application that digitizes the entire process of renting apartments. RocaX participated in the round, and the DLA Piper team assisted the transaction.
Milluu is set up and managed by Florin Stoian, an entrepreneur who previously founded StarTaxi (sold to World Com Trading in 2012) and Yellow Menu (which received investments of 300,000 euro in 2019).
The platform consists of a mobile application that puts in direct contact the owners with potential tenants, covering the whole process from the search, to establishing views, signing the digital contract and the recurring management of the rent. For the first time in Romania, the owners benefit from information about those who want to rent their apartments. They can make informed decisions, having access to the profile of the tenants, the details of moving (when they plan to move, with whom, for what period), or requesting the validation of the account through the identity card. In other words, homeowners will be sure to talk to trusted people. Their safety is also guaranteed by the assurance of goods and civil liability that Milluu offers for free in the rental package.
On the other side, tenants enjoy complete info about the apartments, with complete addresses and smart tools like image orientation on the apartment sketch or calculating the transit time from the residence to the office. Moreover, they will benefit from an in-app communication channel always open with the owners; they can set recurring payments in the application, notify the owner if there are any maintenance problems or when a utility bill has been paid.
Ultimately, on Milluu quality demand and offer will meet, and users will enjoy a safe environment in which to search for apartments, interact, sign the contract and then manage their rent without any hassle
“The real estate rental market urgently needs an update, a complete solution that will bring to a common denominator the interests of the owners and tenants. A solution to ensure a safe, transparent, and fast space for users to manage their rent easily, having all the data needed to make decisions in real-time. For all these, Milluu is the solution!,” said Florin Stoian, CEO & Founder of Milluu. “In the long term, we want to guarantee the owners that through the Milluu application, they will have the apartment vacant not even one day per year. We aim that shortly after launch, we can guarantee the owners a 100% occupancy rate, or we will cover their rent. ”
“Milluu is a novelty on the real estate market in our country,” says Radu Stoicoviciu, EGV partner. “The application comes with many innovative facilities and will radically transform the apartment rental market. Milluu introduces new concepts, such as verifying tenants and properties, ensuring rent payment on time, quickly and efficiently managing the owner-tenant relationship. Surely, Milluu will become the preferred solution for those who have more rental properties, as well as for tenants in the educated segment and with above-average income. At EGV, we look at this investment as one in the infrastructure of services in the field of property management in Romania.”
EGV’s investment in Milluu is in perfect agreement with “Infrastructure for innovation,” the investment thesis of EGV.
Early Game Ventures (EGV) is a venture capital firm funded mostly through the Competitiveness Operational Program 2014-2020, co-funded by the European Regional Development Fund.
The European Investment Fund (EIF) is part of the European Investment Bank Group and is the leading risk financier for Europe’s SMEs through venture capital, collateral, and microfinance instruments. In Romania, the EIF implements financial instruments co-financed through structural and investment funds, such as JEREMIE 2007-2013, SME Initiative, ROP, JOP, NRDP.
The Competitiveness Operational Program 2014-2020 (POC) makes investments to address the needs and challenges raised by the low levels of economic competitiveness, in particular with regards to (a) insufficient support for research, development and innovation and (b) underdeveloped infrastructure for Information and Communication Technology. POC benefits from a € 1.33 billion allocation from the European Regional Development Fund.