Immoweb is profitable because estate agents have no alternative, not because they are satisfied. FLŌ does not set out to build a better portal — it makes the portal optional by owning everything an agency does before and after a listing goes live. This document sets out how we get there over three years, and what a €1M seed round buys us along the way.
Immoweb does not sell to buyers — buyers are free inventory. It sells to agents, and agents cannot afford to be absent. That is not product loyalty; it is fear. Fear is a strong moat, but it is a brittle one: it produces resentful customers, and resentful customers switch the moment a credible alternative exists.
Advertising is a single step in an agent's workflow. Intake, valuation, mandate, viewings, follow-up, sales agreement, notary, rentals and reporting are the other nine. FLŌ owns the chain and treats advertising as a feature. That is a fundamentally larger surface area than a listings site.
Building a better Immoweb loses. Nobody wins a portal war with better search filters. We win by making the agent progressively less dependent on any portal: own website, own booking calendar, own valuation funnel, own buyer database — measured in a single number the agent watches every month.
An agent switches portals in a day. An agent never switches workplace. Once contracts, files, calendars, mail and clients live in FLŌ, churn collapses and the portal becomes an optional distribution channel rather than the centre of the business.
Collaborations are deliberately absent from Year 1. A national brand buys distribution and proof, and neither exists before city density does. From Year 2 onwards the partner layer is built one exclusive category anchor at a time, starting with IKEA.
One brand, one category, one measurable moment in the property journey. No second partner until the first one pays.
Partners are anchored to a moment in the transaction, never sold as advertising space.
The seed round funds the company from close through the end of Year 2 — the point at which 150 paying offices, roughly €720k ARR and a founder-independent sales motion make a Series A a matter of choice rather than survival.
3 engineers, self-serve onboarding, platform reliability, mobile
2 AEs, success team, launch kits, events, agent-to-agent referral programme
City-by-city consumer acquisition, brand, content, SEO
GDPR, legal library maintenance, accounting, infrastructure, tooling
Unallocated reserve — protects the runway to the end of Year 2
| Revenue line | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
Office subscription €150 per office per month, setup included | €96k | €380k | €1,010k |
Additional agent seats Degressive pricing per extra agent | €24k | €120k | €430k |
Transaction share 1% of agency commission on closed files | €35k | €160k | €520k |
Launch kits €1,500 one-off brand and setup package | €30k | €60k | €120k |
Brand collaborations Exclusive category anchors, from Year 2 (IKEA first) | — | €40k | €180k |
Figures are annualised run rates at the end of each year, assuming partial adoption of the transaction-share model and a launch-kit attach rate of roughly one in three new offices.
A portal cutting prices confirms our narrative rather than damaging it. Copying the workflow means rebuilding legal document generation, rental compliance, calendars and mail integration for a market of a few thousand offices — structurally unattractive against their current margins. Our defence is depth and speed, not secrecy.
This is expected and acceptable. We never ask an agent to choose — we ask them to measure. The direct-viewings metric does the persuading over 18–24 months. Revenue does not depend on portal substitution.
Treated as the primary Year 2 engineering objective, not a support problem. Self-serve setup, the in-app platform guide, import tooling and assisted checkpoints are funded explicitly in the product allocation.
Deliberate city-by-city density rather than national spread. We do not open a new city until the previous one exceeds 20 offices.
A hard rule for Year 1: no new modules until the first cohort uses the existing ones daily. The risk is not too few features; it is too few users of the features that exist.
The 10% contingency plus the revenue offset extend the runway to month 30, giving a six-month margin beyond the end of Year 2. If growth lags, sales spend is the first lever to cut, preserving product and existing customers.