Short-term rental management software developer Guesty announced it has raised $35 million in its latest funding round, bringing the company’s total funding to $60 million.
The Series C round was led by Viola Growth and featured participation from Vertex Ventures, Journey Ventures, Kingfisher Investment Advisors, La Maison Compagnie d'Investissement. The round also featured existing investors TLV Partners and Magma Ventures.
Guesty is a property management software company that provides an end-to-end solution to assist in short-term rental operations and listings. Users of the platform are able to manage listings on multiple short-term rental websites like Airbnb, Agoda, Booking.com and others.
"Guesty was the first to recognize the potential of the property management market and has quickly become a category leader with its vertical-oriented, end-to-end approach,” said Natalie Refuah, partner at Viola Growth.
As of this latest funding round, Refuah will join Guesty’s board of directors.
“Technology and AI continue to disrupt the innovation stack, acting as a catalyst to the digitization of 'traditional' areas such as real estate and travel. Guesty is leading the charge, fostering a more seamless experience for property managers while providing clear advantages to customers and ultimately, their guests. We believe that with its experienced and elite executive team, Guesty is fully equipped to modernize and revolutionize the property management ecosystem,” Refuah added.
The company explained in a press release that it is using this latest capital injection to open new offices, to enhance its product capabilities and to introduce AI and machine learning into the platform and more.
Guesty said it is planning on developing its Integrations Marketplace and increasing its partnerships and third-party integrations that share the company’s goal of creating seamless short-term rental management and positive guest experiences.
“Guesty's strategic analysis shows that the short-term rental business is a lucrative one - with an addressable market size of $169B in 2018 alone,” said Amiad Soto, Guesty’s co-founder and CEO. “The increasing growth of the space, thanks to sites like Airbnb, Booking.com and many more, has resulted in short-term lets commanding around 30% higher profits than long-term leases. With such a high demand from travelers, Guesty is filling a crucial role in helping property managers more efficiently manage their overwhelming list of to-dos and more importantly, grow their businesses. This market will only continue to grow as we see the ripple effect of trends like remote working, the shared economy and travel becoming more of a commodity, rather than a luxury.”