00:31:09 · Dan Lifshits, John Reynolds, Din Bisavak
I think it's either a new pocket of capital that just understands how to underwrite the new type of investment philosophy, or VC is pushing themselves into making roll ups not as scary as I think they historically believe it to be. [00:31:22] S0: Okay. So it sounds like all three of you don't really like terminology. It's not a of an apt term. Perhaps a good way we've done half an hour to to end it is just to go around the room and just talk about where you envisage your business will be in two years time if you've kinda moved away from this model and how you think AI roll ups will generally generally evolve where we'll be in the next few years. So let's start with you. Dean. [00:31:50] S1: I I hope that in two years, I think the... Just to follow on on on what we just discussed. I think one of the reasons why we see this have such a hard time underwriting is underwriting it is there's just no kind of comparison company that, you know, is public where it can really kind of draw a conclusion on where a business like Dwelly, Arboe or Buena would trade. And I really hope that in the next two or three years that happens. In terms of Buena, we are on the verge of becoming the market leader in property management in Germany. We should become that in Q1 next year. And I assume in two years, we'll probably have something like 500,000 units under management, do hundreds of millions of euros in revenue, be highly profitable and have probably three to four business lines that each generate 50 to €100,000,000,000 in in annual revenues. [00:32:46] S0: Right. Okay. Constantine?
00:32:46 · John Reynolds, Constantin Schröder
[00:32:46] S0: Right. Okay. Constantine? [00:32:48] S2: Yeah. Fully fully agree with what Dean said. We are pioneering this. I think two years is an interesting horizon. We're currently leading in in Germany. We're leading in Austria. And within two years' time, I would say we want to, and I hope strongly we will be the market leader in Europe for short term rental property management. For us, super interesting to move into the sunny sides of Europe, into Spain, Italy, Portugal. Very very interesting markets which we will probably have a tough time cracking. There's a lot of movement down there, but I think that's something we want to focus on. Then for us focus right now, we'll stay Europe, huge opportunity, but we will be the market leaders in Europe running a highly profitable business with a small lean headquarter that consists of the best people you can find for product and technology. And I hope we have a couple of VCs that have understood where this can lead, and will kind of be collaborative in also funding other businesses. Think there's a huge potential to what we are doing also for other markets that are service heavy, and I want to see a lot more of these companies being funded by top tier VC funds. [00:34:09] S0: That's great. And and final word to you, Dan.
00:34:12 · Dan Lifshits
[00:34:12] S3: I think on your two questions, on the first one, our longer term vision is to evolve, I think, like what the guys have mentioned, from effectively just AI enabled kind of property management lettings platform to more like an end to end fully transactional rental kind of marketplace for the tenants and for the landlords. So think of, like, providing all the different adjacent household driven services to both the tenant and the landlord. And I think that in the two years, that's definitely the horizon where it's already achievable to start driving meaningful traction on that dimensions. Talking about kind of where all this AI roll up strategy is kind of going to, I think that kind of it's seen the same across all trends. I think that all kind of other VCs, other VPs looking up for someone like a big brother that leads the way and kind of effectively navigates the whole kind of movement. And I think that we see it very much ourselves because we started Vale as a roll up day number one because it was clear for us that this is the only way to overcome limitation of organic growth. When we went out fundraising two years ago, we got 200 VC rejections and declines. No one was understanding that. A year ago, some first VCs already started investing into that and more started talking about it. Right now, think that only Lazy is not talking about it, but still just a few doing some activities in there. And I think that talking to your tier one European VCs, everyone already understands the thesis and maybe even start doing deals. So I think that precede seed funds start doing that. The next stage is going to be some tech growth kind of funds would start underwriting and doing the store. I think that they just naturally would evolve into, as discussed, kind of either a separate asset class or just a huge kind of category of investment that just didn't exist before, not just across property management verticals that we three here represent, but across all the range of traditional business services.
00:36:04 · John Reynolds
[00:36:04] S0: Okay. That was... We got through it. I think that was a big topic in half an hour to discuss with three people, but we've got top line. So that's been the Tech.eu podcast. And thank you very much, Dan, Constantine, and Dan. You just can you just hang on for