€1.6m and a Miami launch: 33East backs Cyprus-founded Piney

Cyprus-based VC 33East has invested in Piney, a Cyprus-founded property operations startup that just closed a €1.6 million round as it expands from Europe into the United States.

The numbers: the round takes Piney's total funding to €2.8m, after a €1.2m round led by Uni.fund in December 2024. Uni.fund led again this time, alongside 33East and Venteri Capital.

The growth: Piney now serves more than 5,000 properties across six countries — Spain, Portugal, Greece, Cyprus, France and the US — up from 1,300 when it last raised. Spain is its largest market, with teams in Madrid, Barcelona and Malaga. Miami is the first stop outside Europe.

What it builds: founded in 2022, Piney handles the operational layer for short- and mid-term rental managers — cleaning, laundry and linen, guest amenities — coordinated through its own platform. The company says the model cuts a property manager's workload by up to 80 per cent through in-house teams, automated scheduling and real-time monitoring.

The AI bit, concretely: the platform analyses photos taken by cleaners during inspections in real time, so a problem gets flagged while someone is still standing in the flat rather than after a guest complains. More of the workflow is due to move that way.

33East framed the investment around founder Nicolas Chrysostomou treating Cyprus as a proving ground before going abroad — five European markets, then Miami. "This round is about taking what we've proven across Europe and bringing it to the world," Chrysostomou said.

If you are building here and wondering whether the island is a launchpad or a ceiling, this is one of the clearer answers on offer right now.

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