BONARD secures strategic capital from Spire Capital Partners to empower accelerated growth

BONARD secures strategic capital from Spire Capital Partners to empower accelerated growth

Vienna, December 16, 2025

BONARD accompanied by financial investor to better serve growing sector and accelerated expansion of its data coverage for Purpose-Built Student Accommodation (PBSA), Build-to-Rent (BTR) and other living sectors worldwide.

BONARD, a market leader in research and data for investors active in the fast-growing student housing segment, has announced a partnership with a private equity fund Spire Capital Partners (SCP) to accelerate its growth. This strategic move will see BONARD expand into new geographies and living asset classes, while enhancing its product, technology, and organisation.

As real estate investments in living sectors increase, BONARD is now empowered by a financial investor to better serve this growing demand. Under the agreement, SCP is taking a minority position, with BONARD’s founder and team remaining in management control.

Student housing and living sectors are considered increasingly attractive asset classes for institutional investors, with long-term growth potential underpinned by structural trends and strong fundamentals. Notably, the number of students across Europe significantly exceeds the supply of Purpose-Built Student Accommodation, while the leading industry rankings put PBSA and other living investment classes, incl. co-living, build-to-rent, multifamily and senior living among top in terms of investment potential and growth.

BONARD has served the sector for many years, providing high-quality professional data and sector expertise to hundreds of investors internationally. The newly secured capital will enable the company to better serve the needs of clients in living sectors.

"Qualified professional data is increasingly more important in the investment world, more so for growing investment interest in living sectors," said Samuel Vetrak, CEO & Founder of BONARD. "We consider it a good moment to become empowered. We were aiming for a minority financial partner with strategic capital to scale up and enhance.”

Vetrak added: "We received several offers and chose SCP and their team. We are glad to be joined by such a strong investment group with great track record of building value."

BONARD represents SCP’s first international investment, aligning with its strategy to build a diversified portfolio of leading, scalable businesses.

"BONARD has an exceptional team and leadership position in a growing global sector," commented Arkadiusz Podziewski, Partner at SCP. "The living sector, and PBSA in particular, are poised for accelerated growth and Bonard has a great product and expertise to serve the growing universe of investors, developers, operators and lenders in this space. It fits our scale-up investment strategy to support strong teams with exceptional products in attractive markets.”

“Sector specialists, such as BONARD, are in sustained investment demand, as their capabilities, proven execution and depth of sector penetration are increasingly sought after by strategic stakeholders looking to strengthen their market positioning,” added Łukasz Wierdak, Partner at SCP. “We are very happy to have added the company to our portfolio.”

BONARD will continue to serve its clients with care and diligence while covering even more geographies, metrics, and details. The company plans to augment its product by including further rented residential asset classes, enabling a better customer experience across its platform, reports, and consultations.

Bonard was advised by KPMG and Highgate.

Spire Capital Partners was advised by Mazars and Hillbridges.

About BONARD

BONARD is a global leader in research and data analytics for real estate, specialising in Purpose-Built Student Accommodation (PBSA), Build-to-Rent (BTR), and broader rented residential and living sectors. Founded in 2007 and headquartered in Vienna with offices and team across Europe, BONARD serves hundreds of institutional clients including investment funds, asset managers, operators, developers, lenders, and education institutions. Its data platform and market knowledge provide market intelligence, underwriting support, time-series evidence, and asset-level metrics while delivering sustained double-digit revenue growth.

About Spire Capital Partners

Spire Capital Partners a Polish, CEE-focused, investment firm backed by the EBRD, EIF and PFR (Polish Investment Fund), as well as a number of private investors. The firm invests in high-growth companies with strong fundamentals, partnering with founders to support product, technology, and organisational development.

Media Contacts:

BONARD:

Stefan Kolibar, Chief Partnerships Officer

Email: stefan.kolibar@bonard.com

Phone: +43-144-205-77 27

Spire Capital Partners:

Bartosz Sawulski

Email: media@spirecap.eu