Rabbu raises $1.5 million, grows from single Plaza Midwood Airbnb listing to short-term rental platform
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Rabbu, an online property management startup that specializes in short-term rentals, has raised $1.5 million in funding from Agilis Equity Partners and a few other angel investors.
“We will use the funds to expand into three additional markets this year,” said Rabbu founder & CEO Emir Dukic, who has bootstrapped the startup to this point. “We will also launch and market a new SaaS platform which will utilize AIoT to enable other hosts, property investors and property managers to more efficiently manage their own properties.”
Currently, property owners engage with Rabbu in two different ways:
- Fixed plan: owners sign a long-term lease with Rabbu and receive pre-determined monthly payments (minimum 12-month contract).
- Flex plan: owners contract Rabbu to manage everything on their behalf and Rabbu charges owners a percentage fee per booking (minimum 6-month contract).
Basically if you own an investment property, second home or garage apartment you can use Rabbu for turnkey revenue generation.
I love the offering. Why? There are a bunch of smart, wealthy property owners with idle property who would like to make more cash but don’t want to deal with headache of short rental management and are thus happy to contract Rabbu.
Another cool thing is that you can see a clear path for Rabbu to transition from individual property owners into apartments, large institutional homeowners and possibly even hotels. “Our clients started as the individuals but have now moved on to institutional investors and even multi-family developers which is where we will focus,” Emir told the Agenda.
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Emir, a UNC Charlotte grad, started by listing the garage at his Plaza Midwood home on Airbnb — now Rabbu has 67 listings and is looking to add 250 additional listings over the next two years.
They do not own any of the properties, but they are exploring some REIT opportunities that focus on short-term rentals.
Roughly 80% of their bookings come though Airbnb. “We have a good relationship with them and they highlight what we do,” Emir told the Agenda.
Rabbu’s growing team currently consists of 11 people (they’re hiring) and they recently renovated their office in South End.