In 2023, the accommodation subsector grew 4.86% compared to 2022, thus showing some recovery after a beginning of the year marked by social protests that played against the arrival of tourists. In that situation, The Peruvian temporary apartment rental startup, Wynwood House, doubled its income during that period, supported by its diversification in five countries. For 2024, the strategy will continue and would incorporate a new round of investment.
Ignacio Masías, CEO and co-founder of said company, pointed out that in 2023 they exceeded 1,000 apartments (from investors and third parties) in operation and reached an occupancy rate of 80%. This year, the expectation is to replicate the pace of growth in turnover and exceed 2,000 properties under administration.
To achieve this, he explained that they will not only expand their presence in the current cities, but will also add three locations. Among them, Cusco, next March; Monterrey (Mexico), between April and May; and Santiago de Chile, in mid-2024.
Thus, with the entry to the Chilean capital, the startup will add a sixth country of operation, confirming what Management has anticipated. Meanwhile, with its arrival in the Imperial City, it will strengthen its presence in destinations with a high tourist component.
However, the firm's expansion will not end there. From now on, the focus is mainly on Central America. “There are many interesting markets that we are evaluating. We are seeing Puerto Rico, the Dominican Republic, Costa Rica and Brazil enter,” he told Gestión.
Towards a new round of investment
In 2022, Wynwood House closed a US$7 million financing round. Looking ahead to a new expansion of operations, Masías revealed that they could participate in an additional operation of this type this year.
“We are now in talks with several funds. We still don't have anything closed, but we will probably look to raise another round towards the second half of 2024″, he noted, after specifying that the company is profitable and can continue operating with its own resources.
Although he noted that the capital injected by funds into startups in the world in 2023 is far from the peaks of 2021, he highlighted that the available flow is focusing on companies that show sustainable results. In that sense, he stated that Wynwood House has the opportunity to find funds.
