StudentRoomStay announces $10m funding round
Published 12/05/2020
Student accommodation provider StudentRoomStay.com has closed its first seed round of funding at a post valuation of more than $10 million as it prepares its 2020 US launch, before expanding to other international markets.
Founded by Adam Lee of US-based AmeriStudent and David Bycroft of Australian company MyStay International, StudentRoomStay is seeking to “build the future of student accommodation worldwide” for both domestic and international students.
The provider raised the funding round in order to accelerate growth post Covid-19, as well as purchase technology and IP from MyStay International.
“We are creating one of the most experienced teams ever assembled in the student accommodation industry”
The recent funding was raised from three independent investors.
“This platform was built with students in mind. We will be focusing on improving student options in accommodation and enhancing the student experience,” said CEO and co-founder Adam Lee.
“We will provide an array of ancillary services, all while keeping student safety our number one priority.”
StudentRoomStay will include the range of student accommodation, from room rentals, purpose-built student accommodation, homestay and on-campus accommodation.
“We are creating one of the most experienced teams ever assembled in the student accommodation industry,” said Bycroft.
“We will be merging all our related operations into this one venture, which will very quickly enable StudentRoomStay to become the global leader in student accommodation.”
Beginning with a summer launch throughout the US, StudentRoomStay will expand first to Australia and Canada before the rest of the world at a later stage.
“We plan to launch in four major countries with a substantial base within one year,” Lee explained, adding the company will benefit from experience in tackling the hardest segment of the student accommodation market – the under-18 homestay.
“Our base has been built from our extensive involvement with homestay and this is the most concierge type of accommodation available,” he said.
“We will have a series of filters that the student can alter to determine the best options for them and check across all types of accommodation available.”
The team will continue to develop the platform to prepare for travelling to resume and the industry to recover, Lee continued.
“We are in a very good position to attack the market fast when we go live,” he added.
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