Weroom: Flatsharing social network targets expansion across Europe

Weroom, a social network for flatsharing, is aiming to cash in on the British rental market as it targets revenues of €25m (£18m, $27.4m).

Thomas Villeneuve, the firm's chief executive, spoke to IBTimes UK about how it plans to revolutionise the way people search for a flat.

"With Weroom you can do everything online, without having to pay cash in hand or meet anyone. It's like Airbnb but for long-term rentals. Most importantly it helps to connect flatsharers who have similar interests," he said.

The idea came from Villeneuve's experiences in London when flatsharing with "the wrong type of people". Weroom users are able to assess the suitability of a flatmate as well as the room.

The company launched in France in 2013 and in the UK last year and now has 200,000 active users. Weroom makes money from fees for each booking made and is on course to make €1m this year.

It is backed by French investors Nexity and will raise fresh funding next year to finance expansion.

What makes it different from other rental sites though?

Villeneuve said: "We can guarantee the booking, so it means people aren't left disappointed. One of the biggest complaints that flat hunters have is about rooms falling through. We're building a trust community in terms of housing and people."

It is estimated that there will be almost 6 million flatsharers in London by 2016, as soaring house prices meaning no other option than long-term renting.

Villeneuve added: "Weroom is very important as it is disrupting the property industry as the British public move away from property ownership and start to look at renting as a more long-term solution. In three years we want to be turning over €25m."

Weroom will also be looking to expand into major European cities this year.