KUMMUNI
KUMMUNI is a German property technology company headquartered in Berlin. KUMMUNI was founded by Toomaj Freydouny and Walter Bungs in 2019.
KUMMUNI is specialized in offering fully furnished apartments and coliving spaces. Currently, KUMMUNI is the only business in the rental apartment industry that allows tenants to choose their own furniture. The primary target market consists of international students and young professionals seeking short-term rental apartments.[1]
KUMMUNI has adopted the slogan "Start your story with us and make it home." However, it has been observed that the promotion of this slogan often focuses solely on the first part, "Start your story with us."
History
2019-2020
KUMMUNI was founded on 20.12.2019 as a traditional real estate agency. The company began operating in early 2020 with a focus on serving international students. KUMMUNI encountered significant financial difficulties and bankruptcy in October of the same year as a result of mismanagement. Consequently, in late December 2020, the entire team was let go under the influence of Toomaj Freydouny.
2021
On 01.01.2021, Toomaj Freydouny was recruited as the Co-CEO of KUMMUNI GmbH. In 2021, Toomaj Freydouny was recruited as the Chief Executive Officer of the company. Freydouny is a highly recommended strategist with expertise in managing failing businesses. Upon joining, he swiftly implemented changes to the company's business model and initiated the recruitment of a new team. On 24.02.2021, Toomaj Freydouny became the sole CEO of KUMMUNI following the departure of the other CEO. This change in leadership was legally recognized.[2]
In September 2021, KUMMUNI introduced the Choose Your Style program, marking a pivotal moment in the company's evolution. Prior to this initiative, the company primarily operated offline, providing its services through traditional means.
By the end of 2021, the company continued to face significant financial pressure. This was primarily due to the bankruptcy caused by the former team, as well as the high development cost associated with the new team. These combined factors compounded the financial strain on the company, exacerbating the existing challenges.
2022
In February 2022, KUMMUNI announced an official partnership with VASAGLE, making them their exclusive supply provider for furniture. As a result of this partnership, KUMMUNI plans to refurnish all their properties with VASAGLE by the end of 2022. This collaboration has also made the Choose Your Style program possible.
At the end of February 2023, KUMMUNI GmbH made an official announcement stating that their services will now be available online through their website, kummuni.com. This decision was made in collaboration with Equalpixel LTD, resulting in the development of KUMMUNI 1.0. One of the key features of this new platform is the Choose Your Style program, which allows tenants to conveniently select their preferred furniture options online.[3]
KUMMUNI implemented a new approach to ensure fair chances in the housing market. Unlike other agencies where the agent has full control, KUMMUNI limited access to the agents. Applicants were required to upload their documents, which were then reviewed by a random Financial Supervisor. The sole criterion for evaluation was the financial situation, with no consideration given to factors that could lead to discrimination or racial profiling. This approach aimed to ensure equal opportunities for all individuals seeking housing.[4]
In mid-2022, KUMMUNI successfully transitioned into a sustainable business through the implementation of the Choose Your Style program and the Zero Discrimination Policy. These initiatives quickly gained recognition among international students and young professionals from abroad, resulting in a surge in demand. Consequently, the company experienced zero vacancies due to the overwhelming interest. To meet this increased demand, KUMMUNI formed a partnership with Fortis Real Estate Investment AG by the end of 2022. This collaboration, known as Project Thursday, facilitated the availability of over 100 new CoLiving units in Berlin. As a result, hundreds of international students and young professionals were accommodated through this joint effort.
Following this partnership, KUMMUNI introduced their new coliving spaces, which consist of two different types. The first type includes private rooms in coliving apartments that also have living rooms. The second type comprises coliving apartments without living rooms.
Project Thursday also allowed KUMMUNI to introduce a new feature to their coliving spaces. These spaces have now been categorized into three different room types: Junior, Senior, and presidential. This partnership has made KUMMUNI the first proptech company to offer luxury coliving spaces. The presidential rooms are located in apartments with living rooms and range in size from a minimum of 30 square meters to a maximum of 45 square meters.
2023
On February 24, 2023, KUMMUNI announced the creation of a new position to manage their growing inventory. In order to ensure efficient control of inventory across all properties, they have hired Mohammad Nekoofar as the Supply Chain Coordinator. This decision was made in response to the company's rapid growth and the need for a dedicated professional to oversee the supply chain.
On 10 April 2023, Vasid Qureshi, published an article on Tech Bullion titled "5 promising European proptech startups in 2023" where he reviewed KUMMUNI.[5] Based on his research, although the exact amount raised by the startup remains undisclosed, Qureshi estimates that it has secured funding in the range of approximately 8 million USD or below. In his evaluation of KUMMUNI, he awarded the startup a perfect score of 5 out of 5 in innovation, uniqueness, and cost-effectiveness.
In June, KUMMUNI released KUMMUNI online, a back office platform. This platform has been designed to streamline the company’s internal processes and enhance productivity. KUMMUNI’s employees can easily access and manage various tasks, such as inventory management, deposit release order processing, and customer support. With KYMMUNI online, KUMMUNI accomplished the digitalization of over 85% of its business operations. Therefore, the tenants were also encouraged to utilize the KUMMUNI Support Center for any assistance they may require. Furthermore, in August 2023, KUMMUNI launched the myKUMMUNI app on both the App Store and Google Play. As a result, KUMMUNI declared that all of its services will now be exclusively provided online.
In September 2023, KUMMUNI announced that it had won the prestigious Arbeitgeber der Zukunft award. This highly esteemed accolade is organized by the Deutsche Innovationsinstitut für Nachhaltigkeit und Digitalisierung, and it recognizes businesses that have undergone a rigorous evaluation process and have demonstrated exceptional qualities deserving of this honor. Toomaj Freydouny, the CEO made the official statements regarding this achievement, highlighting the company's commitment to sustainability and digitalization. Within 48 hours of Freydouny's statement, kummuni.com displayed the award badge on its footer. This badge serves as tangible proof that KUMMUNI has been recognized for its innovation, digitization, and modernity.
Reference
- ↑ Aisha, Author (2023-03-28). "7 Coliving In Berlin Spaces-Affordable And Comfy! [2023"]. https://outandbeyond.com/coliving-berlin/.
- ↑ S, Priya; Scott-Briggs, Angela (2023-04-08). "A Comprehensive Review". https://techbullion.com/why-kummuni-is-the-best-coliving-in-berlin-a-comprehensive-review/.
- ↑ Magazine, Brainz (2023-03-15). "Here Is How CoLiving Will Start To Harm The Real Estate Sector In The Next Decade". https://www.brainzmagazine.com/post/here-is-how-coliving-will-start-to-harm-the-real-estate-sector-in-the-next-decade.
- ↑ Qureshi, Vasid; Scott-Briggs, Angela (2023-03-22). "Proptech And Fundamental Problems: How KUMMUNI Avoid Falling Into The Same Trap". https://techbullion.com/proptech-and-fundamental-problems-how-kummuni-avoid-falling-into-the-same-trap/.
- ↑ Qureshi, Vasid; Scott-Briggs, Angela (2023-04-10). "5 Promising European Proptech Startups in 2023". https://techbullion.com/5-promising-european-proptech-startups-in-2023/.
