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[Travel News]: Guesty raises $50M as spotlight remains on short-term rental sector

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The following is the [Travel News]: Guesty raises $50M as spotlight remains on short-term rental sector from [PhocusWire] recommended by TheTourAttraction.com:

There are public players in both hospitality technology and also in residential property technology, but in short-term rental software, there isn’t any.

Guesty has raised a $50 million Series D round, bringing the short-term rental property management platform’s total funding to $110 million.

The Apax Digital Fund led the Series D round, with participation from the AMI Opportunities Fund and existing investors Viola Growth, Flashpoint, Vertex Ventures, Kingfisher Investment Advisors and La Maison Partners.

Guesty claims the round makes it the highest-funded property management software company serving alternative accommodations. Previously, in March 2019, the Tel Aviv-based company raised a $35 million Series C round.

“We are entering an exciting chapter in our company’s life cycle with short-term rentals having gone mainstream as a direct result of the pandemic, now catering to an increased user base that expects the comfort and privacy of a home coupled with hotel-like amenities,” says Amiad Soto, Guesty co-founder and CEO.

“U.S. 2021 summer reservation volume alone is currently 282% higher compared to last year and 32% higher compared to pre-COVID, 2019 volume. These numbers highlight a bright future ahead, and Guesty is looking forward to being there every step of the way to support our customers and an industry that has shown resilience during an unimaginable year in which many had to quickly pivot and adjust their business models to stay afloat.

“We are coming out on the other side stronger, together as a community that believes in the evolution of travel.”

In addition to the funding round, Guesty has also announced it has acquired property management software company Your Porter. Terms of the deal were not disclosed, but the Your Porter team will be integrated into Guesty.

The acquisition is Guesty’s second this month: Earlier in April, Guesty acquired MyVR to expand the company’s footprint in North America.

Guesty says both Your Porter and MyVR will help the platform host businesses of all sizes, from smaller family-run operations to enterprise-size hospitality brands.

With this latest investment round, Guesty will enhance its product capabilities to serve diverse customer segments as well as bring new talent onboard. It also has plans to build out its Marketplace of third-party integration partners, which include digital concierges and keyless entry solutions.

The acquisition of Your Porter further points to what experts say is a consolidation trend occurring in the short-term rental space.

The highest-profile deal to emerge from the pandemic thus far came last month when Vacasa announced its acquisition of TurnKey Vacation Rentals.

Founded in 2013, Guesty users can manage listings from multiple online travel agencies including Airbnb, Booking.com, Vrbo and Agoda. 

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