**33East Backs Cyprus-Founded Piney as Startup Expands to US Market**
Cyprus-based venture capital firm 33East has announced its investment in Piney, a property operations startup founded in Cyprus, which has successfully raised €1.6 million to facilitate its expansion into the United States market. This investment underscores the potential of Cyprus as a proving ground for startups aiming for international growth.
Piney, which was established in 2022, specializes in providing operational services to managers of short- and mid-term rental properties. The company combines cleaning and property services with its proprietary technology platform. Since its inception, Piney has experienced significant growth, currently managing over 5,000 properties across six countries: Spain, Portugal, Greece, Cyprus, France, and the United States. This expansion marks a substantial increase from the 1,300 properties it managed during its last funding round in December 2024.
The venture capital firm 33East highlighted the journey of Piney's founder, Nicolas Chrysostomou, as a prime example of how entrepreneurs can leverage Cyprus as a launchpad for broader international ventures. In a statement, 33East remarked, “Nicolas Chrysostomou is a perfect example of what happens when a founder treats Cyprus as a proving ground and is not afraid to go beyond.” The company has successfully entered five European markets before its recent launch in Miami, Florida.
The latest funding round was led by Uni.fund, which previously supported Piney in 2024, along with participation from Venteri Capital. This round has increased Piney’s total funding to €2.8 million. The capital raised will be utilized to enhance Piney’s presence in existing European markets, accelerate the development of its technology platform, and support its ongoing expansion outside Europe.
Piney's operational model significantly reduces the workload of property managers by up to 80%. This is achieved through a combination of in-house cleaning teams, automated scheduling, and real-time monitoring. Unlike traditional cleaning services, Piney offers a comprehensive operational layer for rental property managers, which includes cleaning, laundry, linen management, and sourcing guest amenities. This operational efficiency is managed through Piney’s technology platform, which allows the company to expand more like a software business rather than a conventional hospitality operation reliant on a large workforce.
The company has identified Spain as its largest market, with operations in major cities such as Madrid, Barcelona, and Malaga. Piney also maintains a presence in Greece, Cyprus, Portugal, and France. The recent launch in Miami is seen as a strategic move to establish a foothold in the US market, with plans for further international expansion.
A growing emphasis on artificial intelligence is becoming integral to Piney’s operations. The platform can now analyze photographs taken by cleaning staff during property inspections in real time, enabling the identification of potential issues while staff are still on-site. This proactive approach aims to enhance service quality and reduce the likelihood of complaints from guests.
Chrysostomou expressed optimism about the future of Piney, stating, “This round is about taking what we’ve proven across Europe and bringing it to the world. In under two years, we’ve almost quadrupled the properties we serve, and our technology, increasingly AI-driven, is what makes that pace possible.” He emphasized that property managers globally face similar operational challenges, and the company’s model is adaptable to various markets.
For 33East, this investment not only reflects confidence in Piney’s business model but also highlights the potential for other Cyprus-founded businesses to utilize the local market as a springboard for international growth. Piney’s successful transition from European markets to the US exemplifies this approach, showcasing the capabilities of Cypriot startups in the global arena.
As Piney continues to innovate and expand, it remains a noteworthy example of how local ventures can achieve significant international success, driven by technology and strategic market entry.