Locaboo secures 1.2 million euros in seed financing round

Driving sustainable urban development forward: the GovTech start-up from Munich secures a seed financing round led by SCALEHOUSE Capital and VENTIS. The company's cloud solution optimizes digital resource management and boosts efficiency in cities and municipalities

Munich, January 24, 2024 - Munich-based GovTech start-up Locaboo has successfully raised 1.2 million euros in a seed financing round. The financing was led by SCALEHOUSE Capital and the private venture fund VENTIS.

Locaboo, as a leading company in the GovTech sector, is developing a cloud solution for the digital management and booking of public spaces, sports fields and event spaces. The software aims to increase the efficiency of resource utilization and at the same time create a database for future urban development projects.

With the support of our investors, we want to further expand our market position and be an indispensable partner for cities and municipalities.

Andreas Michel, Co-Founder and Managing Director Locaboo

Andreas Michel, co-founder and Managing Director of Locaboo, emphasizes the company's intention to strengthen its market position with the support of investors and to become an important partner for cities and municipalities. The aim is not only to enable efficiency gains, but also to create a basis for sustainable and future-oriented city administration.

Leaving the bootstrap mode

Despite continuous profitability since its foundation in 2021 and already seven-figure annual sales, Locaboo has decided to leave bootstrap mode. This strategic move is intended to enable the company to exploit potential in the public sector in Europe. The Locaboo team, currently consisting of 12 employees, will be expanded in a targeted manner and market penetration in the DACH region will be strengthened.

Locaboo was founded in August 2021 by Michael Loy and Andreas Michel. During his IT training in a district town, Loy realized that the administrative processes of municipal buildings and properties were under-digitalized. According to the UN E-Government Index, Germany ranks 25th in terms of the degree of digitalization of its administration. Jesse Jeng, founder of SCALEHOUSE Capital, highlights Locaboo's ability to provide efficient solutions for complex administrative tasks and sees the potential to take a leading role in the digitalization of the public sector.

With the fresh capital, Locaboo plans to enter into further partnerships in 2024 and beyond. At the same time, the team will continue to work on the development of the cloud solution to ensure even deeper integration into the process landscape of cities and municipalities. So far, Locaboo is already supporting large cities such as Ludwigsburg, Bayreuth, Munich and Coburg with digital resource management.