Hococo, the Copenhagen-based residential tenant experience and operations SaaS platform, has announced its expansion into the U.K. residential market. The move comes on the back of a record period of growth, following the completion of a €2.7 million seed round in December.
Already active across the Nordics and Spain, Hococo has set its sights on becoming the latest Scandinavian brand to win over the U.K. residential sector. Launched in 2018, Hococo's technology equips owners and operators, like Catella, NREP and Patrizia, with the tools needed to improve NOI and create connected, happy and loyal communities. The firm's all-in-one SaaS solution turns distant tenants into long-term customers by helping owners offer round-the-clock hospitality-like service, drive positive social impact, and seamlessly manage building operations and communications.
With investment into the UK's Build to Rent sector hitting £890M in Q2 - a 36% increase on Q2 2021 - and rents 18.6% higher than pre-pandemic levels, Hococo's CEO, William Shaw, explains why now is the right time to expand:
"Although investment into the U.K. residential market is expected to reach record heights this year, the sector still suffers from a lack of true customer centricity. As living costs and rents continue to rise, tenants now expect real bang for their buck. That puts huge pressure on residential owners and operators to offer a quality, hospitality-like experience, otherwise tenants will simply look elsewhere. That's why the time is right for us to enter the U.K. market. Our platform enables landlords to not only meet, but exceed today's tenant expectations, by building connected, happy and loyal communities, all while improving NOI."
Hococo's U.K. launch continues a period of exceptional growth, following the conclusion of the company's €2.7M seed round in December 2021, led by Clausen Engineering.
Over the past nine months, demand for Hococo's platform has skyrocketed. The firm's customer base has grown by more than 230 percent, whilst revenues have increased by over 360 percent. The number of units powered by Hococo's technology has grown by 490 percent, with the platform now deployed over more than 10,000 units across the Nordics and Spain.
Commenting on the year to date, Katrine Larsen, Hococo's COO, adds:
"It's been an amazing year for Hococo. We expanded outside of the Nordics for the first time, entering the Spanish market and now the U.K.. We've built out our platform, unveiling new community and payments modules, and we've added further expertise to our team, including hiring our first dedicated U.K. based team members. All of that hard work, across so many areas of the business, has resulted in fantastic growth for Hococo and we're excited to continue the momentum as we close out the year."