Madrid-based medium-term rentals platform is set to reach profitability for the first time next year, says CEO Alejandro Artacho.
The startup has raised almost €100M in funding since its inception in 2014 but has undergone numerous rounds of layoffs to stay afloat, including cutting up to 80% of jobs during the pandemic, with Artacho openly admitting that a number of high-profile C-level hires hadn't worked out.
In an interview with Spanish publication Expansión, Artacho highlighted lower costs as the key driver to Spotahome's brighter future. Artacho forecasted transactions processed through its marketplace will reach €300M in 2023, a 50% increase on 2022.
Artacho said the company will earn up to €30M in revenue this year, while losses will drop to €2M in 2023, down from €6M in 2022
“Each quarter we burn less money; we expect to be fully profitable in 2024,” Artacho commented.
Spotahome currently has over 120,000 fully-online rentals in nearly 100 cities on its platform.
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