Zazume, a Barcelona-based PropTech startup that digitises the entire residential rental lifecycle, has closed an investment round worth €2.5 million to implement its growth strategy involving the acquisition of residential property management portfolios in provincial capitals.
The round was led by the London-based VC firm Nordstar and Spanish venture GTV Capital, a Spanish family office making its first entry into the shareholding. The round also includes the conversion of capital previously contributed by Sabadell Venture Capital and other family offices. The company has raised a total of €7.8 million in fundraising since its inception.
Jeroen Merchiers, CEO and co-founder of Zazume, stated, “We have identified a huge opportunity to rapidly drive the company forward and help professionalise the sector. This capital increase allows us to position ourselves as the best option for small real estate agencies looking to monetise their property management portfolio or even just exchange non-payment insurance premiums.”
Zazume was founded in 2021 by the former managing director of Airbnb for EMEA Jeroen Merchiers, and Guillermo Ceballos, founder of startups such as GymForLess and Andjoy. The company provides a digital platform offering comprehensive rental management services for property owners, tenants, and real estate agents.
Key services include guaranteed rent, tenant search, rental management software, non-payment insurance, rent advances, and tools for rental optimisation. Although the company is based in Barcelona, its main market is in Madrid. The company notes that it has a model that integrates proprietary technology based on AI with financial services.
The company states that traditional real estate agencies typically prioritise buying and selling due to their higher profit margins compared to rentals. Additionally, they lack the time, resources, and specific digital tools needed to optimise this market niche. This makes rental a residual market niche for agencies operating under traditional models. Ultimately, they risk losing the profits from their long- and medium-term rental property portfolios.
Zazume expects to finalise four agreements before the end of the year to strengthen its position in the country’s main markets. It notes that these strategic alliances will allow real estate agencies to monetise an asset and leave their clients in the best hands of a specialist like Zazume.
In April, the PropTech initiated this process of forming strategic alliances by acquiring Landa Propiedades’ rental portfolio in Zaragoza. It has already guaranteed more than €40 million to its property owners in rental income. It also assumes initial expenses and provides personalised financing options to property owners, as it facilitates the management of repairs and renovations.
Zazume reports that it currently manages 3,500 properties. The company expects to reach more than 5,000 real estate assets by the end of this year and to double its billing. With this distinctive strategy, the proptech aims to surpass 10,000 managed properties in 2027.
It also emphasises that it has achieved financial break-even after an intensive period focused on operational profitability. Although the company could keep operating without raising additional capital, it has chosen a more ambitious approach that aims to expand its market share territorially without diluting existing shareholders.
Ole Ruch, Managing Partner of Nordstar, said, “We believe Zazume is destined to become the leader of residential rental in Southern Europe, establishing the foundations with proprietary AI technology and having proven the optimisation of residential rental management through its quality services and added value.”
The company plans to allocate more than 50% of this funding round to acquiring new property management portfolios in provincial capitals. The remaining share of the investment round will be allocated to marketing and sales. The previous investment round, conducted in April 2025 for €2.3 million, was used to upgrade its proprietary technology and achieve operational profitability. In 2021, the company secured €2.5 million in a Seed funding round led by London-based Nordstar.
