The short-term rental property management portal Guesty Inc. said today it has closed on a bumper $170 million late-stage round of funding, bringing its total amount raised to date to $284.5 million.
Today’s Series E round was led by existing investor Apax Digital Funds and included participation from MSD Partners, Sixth Street Growth, Viola Growth and Flashpoint.
Guesty has created a platform for managing short-term rentals and vacation rental properties and reservations. Property managers and landlords can use Guesty to manage reservations from major booking platforms such as Airbnb, Vrbo, Expedia and Booking.com.
The portal centralizes all of these reservations and aids in communications, reviews, cleaning and other operational tasks necessary to keep properties in good condition. It also facilitates direct bookings, resource and revenue management, payments, accounting and damage protection.
The Guesty platform is made up of multiple modules, including one that enables automated emails and messaging, pricing, review responses and more. It also provides a 24/7 receptionist service with a team on hand to respond to all guest inquiries. Other useful features include website creation, enabling property managers to become less dependent on third party channels, as well as tools for managing staff such as cleaners and maintenance workers, plus reporting and analytics to aid in business-related decisions.
Guesty co-founder and Chief Executive Amiad Soto (pictured) said today’s funding was not only a vote of confidence in Guesty itself, but also a big endorsement of the travel and short-term rental ecosystems.
The company says that with the onset of the COVID-19 pandemic, the line between traditional hotels and rental accommodations has blurred. With travelers spending more than $200 billion on short-term rental accommodations during 2021 alone, property managers are busier than ever. Guesty says it helps property managers to adapt with a versatile platform that allows them to meet the elevated expectations of their guests.
“As alternative property management operations become more complex, Guesty is paving the way for the next generation of digital hospitality services,” said Apax Digital Partner Dave Evans. “Their track record of success and innovation, along with their platform’s growing suite of tools and intuitive user experience has Guesty positioned to define and consolidate its category, working with hosting businesses of all sizes.“
The company has found itself in big demand, with its revenue doubling since its previous raise in April 2021, off an undisclosed base. It’s now on target to hit $100 million in revenue within the next year. The funding from today’s round will enable it to reach that target. Guesty said it will scale its global operations, pioneer new solutions that support the growing needs of property managers, make key acquisitions and expand into new business verticals.
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