Douleutaras, as he notes in a press release, played a catalytic role in the founding and early stages of Piney and will continue to do so to make it a success story.
This investment was led by Unifund, VENTERI Capital and an (anonymous) angel investor, with Douleutaras participating as the largest institutional investor, retaining a significant stake as well as a seat on the Board of Directors.
Piney started its journey in Cyprus in 2022, by members of Douleutaras' team, identifying a market gap in the cleaning and short-term rental accommodation management sector. With the continued guidance and involvement of Douleutaras' organisation, Piney quickly expanded into 4 new markets outside Cyprus and established itself as an industry leader, combining operational excellence with cutting-edge technology. Its comprehensive services include, among others, cleaning, linen and laundry management, and sourcing and installation of basic amenities.
The investment underscores the business community's belief in the Douleutaras team's original concept, the innovative commercial model it embodies, and Piney's rapid growth. Through this investment round, Piney intends to expand by 2025 into key European markets such as Spain, Italy and France. These countries represent excellent growth opportunities due to strong demand for efficient cleaning and short-term rental property management solutions.
By 2024, Piney was servicing over 1,000 properties in Cyprus, Greece and Portugal, carrying out over 4,000 cleanings per month and working with some of the largest property managers in these countries.
"At Douleutaras, we believe in the power of innovation and in supporting innovative ideas that have the potential to radically change the markets in which we operate. I am very proud that at Douleutaras we now have two companies that we feel equally satisfied with of and the continued value we create for our shareholders and employees. We are excited to be an active member of the Piney team as it expands internationally, elevating the property management experience across Europe," said Andreas Grammatis, co-founder and CEO of Douleutaras.
