Evolve Vacation Rental Network Announces $80 Million in New Funding
Transformative vacation rental management company raises capital to support rapid growth and invest in technology platform
Aug 23, 2018, 20:15 ET
DENVER, Aug. 23, 2018 /PRNewswire/ -- Evolve Vacation Rental Network, a next-generation vacation rental management company, today announced an $80 million capital raise. The round closed in June and was led by funds and accounts advised by T. Rowe Price Associates, Inc. Leading growth-stage investors Winslow Capital Management, Foxhaven Asset Management, and Arrowmark Partners participated and are joined by existing investors Annox Capital, Allen & Company LLC, and PAR Capital Ventures. The financing brings the fast-growing company's total funding to $103 million.
"Evolve's value proposition appeals to a broad segment of second homeowners, and their model is built to scale rapidly," said Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund, Inc. "Given the critical need to professionalize supplier service and hospitality, we believe the company has the potential to become much larger over time."
Evolve will use the funding to support the company's triple-digit annual growth, enhance its core offerings, and further the development of its tech-enabled services platform.
"We are thrilled to deepen our relationship with T. Rowe Price and welcome our outstanding new investors," said Brian Egan, CEO and co-founder of Evolve. "We are fortunate to be surrounded by world-class capital partners who share our commitment to building a durable company that will make a lasting impact on the industry. While this round is a significant milestone, we are only at the beginning of this journey."
Founded in 2011, Evolve has built a portfolio of more than 9,000 properties and secured over $350 million in rental income for its owners. The company manages all aspects of marketing and booking vacation rental properties, while providing homeowners with the option to configure on-the-ground services to their liking, including access to a vetted network of local partners. This fresh approach to vacation rental management allows the company to deliver optimized rental income and unprecedented flexibility to a wide variety of owners in over 500 markets throughout North America − all for an industry-low booking fee of just 10 percent.
"Evolve is providing a cost-effective and performance-oriented service solution that's attracting new and experienced vacation rental owners alike," says Bob Mylod, managing partner of Annox Capital and an Evolve board member. "We believe Evolve will be the clear market leader in managed services for the vacation rental industry."
About Evolve Vacation Rental Network
Based in Denver, Colorado, Evolve Vacation Rental Network is a next-generation vacation rental management company that provides homeowners with maximum rental income and unrivaled flexibility for a fee of 10% per booking − the lowest cost in the industry. The company currently services more than 9,000 vacation rental properties in over 500 markets across North America. For more information, visit EvolveVacationRental.com or call 877-818-1014.
SOURCE Evolve Vacation Rental Network