Spanish Co-Living PropTech, Enso, Raises €8.2M To Expand In The US And Mexico

Enso , the Spanish coliving company founded in 2020 by entrepreneurs Michael Erd Gómez and José Miguel Calle, which closed 2023 with a turnover of 3.2 million euros, has received an injection of 8.2 million euros from the American fund XY Booster – created by the Spanish entrepreneur Robert Monturiol -, which will allow it to open its subsidiary in the United States and Mexico, as a starting point for its expansion across the American continent.

Enso, which has more than 600 rooms in operation spread across Barcelona, Madrid, Valencia and Malaga, has consolidated its decoliving model based on the idea of “living in a shared environment with people who inspire you and make you feel at home in a premium space, in the centre of your favourite city and enjoying services such as cleaning, laundry or a private chef that allow you to optimise your time”, as commented by Michael Erd, co-founder and CEO of the company.

With this new financing, Enso will work hand in hand with XY Properties, the venture capital vehicle that invests in XY Booster’s real estate assets, managing its assets in Mexico and the US. “With the capital inflow from XY Booster, the initial objective is to open in New York and Mexico City, and demonstrate good growth traction in these areas,” says Erd.

This round comes after having achieved two previous rounds of financing, one in 2021 for 1.5 million euros and another in 2023 exceeding 3 million, which have allowed the startup to lead the coliving sector in Spain. The company is in a growth phase and has demonstrated great strength, it will close the year with 1,000 rooms located in the main cities of Spain. For 2024, all forecasts indicate that they will double their turnover to reach 6 million euros, thanks in large part to their international leap.

Enso’s growth trend confirms the data revealed by a recent report by Savills, one of the world’s leading real estate consultancies, which predicts that the coliving market will grow in Spain at a compound annual rate of 15% over the next five years, largely supported by the growing demand for flexible housing solutions among young professionals and digital nomads, reaching 3,000 rooms by 2026 in our country. According to the same report, the United States is one of the largest and fastest-growing markets for coliving, with an average of 17% in the compound annual rate over the next five years. In Mexico, this rate would be 12%, mainly in Mexico City and Guadalajara, cities where demand for this model is increasing among young professionals and expatriates.

Following this first phase in Mexico City and New York, Enso will continue to move towards other cities such as Boston, San Francisco and Miami. By 2026, the Spanish company plans to expand significantly, with a projection of 3,000 rooms in the US and 1,000 in Mexico.

“We have a well-developed model that is ready to be replicated. In fact, we are currently closing an additional round, our Series A, which we will soon announce and which will help us work on our expansion in Europe,” Erd says.

The average profile of Enso’s tenant is 60% women and 40% men, with an average age of 30, who are looking to live in the best neighbourhoods of the city and who usually rent for an average stay of 6 months. Enso allows a person to rent a room for a minimum period of 3 months and their motivations are usually work or studies. They currently have a waiting list of more than 1,000 different clients each month.

With regard to the owners, Enso’s formula is distinguished by two main values: on the one hand, the adaptation of the flats – it carries out rehabilitation work at no cost to the owners – as well as its solid lease contracts with the property owner, which range from 7 to 10 years. In short, Enso is responsible for looking after and managing the asset, offering maximum peace of mind to the property owners.

About Enso Coliving

Enso is a coliving operator that manages homes in prime locations in major cities around the world. Its business model is based on three pillars that solve key problems in today’s residential market: comfort, flexibility and reliability. Its high-end coliving spaces include all kinds of services; they meet the global mobility demands of the new digital nomads and its agreements with owners and tenants offer the maximum guarantees. The vision of its co-founder and CEO, Michael Erd, is to offer a community where you can feel at home, together with other people with whom you can “learn, be inspired or simply enjoy”.

About XY Booster

XY Booster is an American private investor, created by the Spanish entrepreneur Robert Monturiol, which provides financing to social impact ventures incubated in Spanish-speaking markets and scalable internationally. One of the various lines is XY Properties, which invests in real estate start-ups with a disruptive approach and PropTech. Following the successful reception of its initiatives in Latin American markets, XY Booster has chosen a 2,500 m2 building in the centre of Barcelona, next to Passeig de Gràcia, to establish its future headquarters and innovation hub. This centre, under the name of Q House, will open in 2025 and represents an investment of 5 million euros.

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