Short-term rental (STR) and hospitality platform Guesty raised $170 million in a Series E funding round to fuel the company’s growth and new product development as demand escalates across the industry and hospitality operators seek more support.
The latest infusion of capital was led by the Apax Digital Funds, MSD Partners, and Sixth Street Growth, with participation by existing backers Viola Growth and Flashpoint, according to a press release on Tuesday (Aug. 16).
New funds will also be earmarked for landing key acquisitions and expanding into new business verticals to bolster Guesty’s position in property management.
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“Despite an exceptionally challenging fundraising climate, the funding Guesty has raised is a vote of confidence in the travel and short-term rental ecosystem and an endorsement of our pioneering technology and position as the market leaders of the hospitality and property management software sector,” said Guesty’s Co-founder & CEO, Amiad Soto.
He added that the popularity of alternative accommodations has escalated and Guesty is appreciative of its backers.
“As we continue to expand globally and grow our market leadership, we look forward to providing hospitality managers with even more value in the coming months and years,” Soto said.
Read more: Walmart ‘General Stores’ Coming to Getaway Hospitality Locations This Fall
The STR industry exploded during the pandemic, with travelers spending more than $200 billion on short-term accommodations in 2021 alone, according to the release. As the lanes shifted in how people worked, lived, traveled, and mingled, the need grew for versatile hospitality management technology.
Hospitality operators across the board quickly had to pivot and adapt to different guest expectations and official mandates. Guesty stepped in with solutions to provide hospitality operators with a platform to optimize and scale operations while also offering a way to manage and distribute inventory.
Customers use Guesty to centralize their reservations across all major booking channels, including Airbnb, Vrbo, Expedia and Booking.com.
“As alternative property management operations become more complex, Guesty is paving the way for the next generation of digital hospitality services,” said Dave Evans, Partner at Apax Digital.
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