Bristol-founded Student Cribs raises £200m to grow lodgings by 3,500 bedrooms
3 min read
07 September 2016
Student Cribs, a university accommodation business launched out of Bristol in 2002, has secured a £200m funding round that will support plans to scale across “high quality university cities” in the UK.
Now headquartered in London, in addition to supporting the capital and hometown of Bristol, the firm provides accommodation in areas including Cirencester, Nottingham, Loughborough, Leeds, York, Liverpool and more.
With £200m worth of funding under its belt, Student Cribs aims to more than double its current portfolio of 180 properties in 12 cities with an expansion of 500 additional homes – around 3,500 bedrooms – in the next four years.
Meanwhile, Manchester, Durham, Exeter and Cardiff are among the target locations where the company hopes to achieve growth.
It comes following fellow London firm Student.com, which delivers overseas accommodation, securing an investment round of $60m from investors including the founders of Spotify at the start of the year.
“This is the UK’s largest fund raise specifically targeting second and third year students. We are excited to be able to progress our plans for further expansion and so introduce the Cribs brand to many more students across the UK,” said Charlie Vaughan-Lee, founder and CEO at Student Cribs.
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Student Cribs prides itself on delivering substantial amenities to students, including fast broadband speeds, sizeable American fridge freezers and TVs in each bedroom. The investment, which is the firm’s largest to date, will enable continued delivery of those services in order to meet the expectations of students.
Vaughan-Lee added: “We anticipate an inflow of stock from the property sector, allowing us to seize the opportunity to take Student Cribs into up to 20 university cities from an existing 12.
“Our product has proven appeal and by increasing our geographical spread we will make Student Cribs available to more students across the UK.”
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