LOS ANGELES, March 21, 2019 /PRNewswire/ -- Guesty, the property management platform that simplifies the complex operational needs accompanying short-term rental management, today announced it has raised $35M in Series C funding, led by Viola Growth with participation from Vertex Ventures, Journey Ventures, Kingfisher Investment Advisors, La Maison Compagnie d'Investissement and existing investors, TLV Partners and Magma Ventures.
The round more than doubles the company's existing funding, bringing the total to $60M, reinforcing its grip on the short-term rental market where property managers are increasingly seeking comprehensive technology solutions to aid them in accomplishing numerous tasks on a daily basis.
Guesty will use the investment to open new offices in key growth markets, enhance product capabilities, introduce AI and machine learning into the platform, and increase its footprint in verticals adjacent to urban properties, including the vacation rental space. The company also plans to build out its already robust Integrations Marketplace by continuing to forge partnerships and successful integrations with third-parties that share the same goal of facilitating seamless, short-term rental management and ultimately, 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, Co-Founder & CEO of Guesty. "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."
Since graduating from Y Combinator in 2014, the company has continued to build an innovative ecosystem in a fragmented market, providing customers worldwide with a holistic, one-stop-shop where they can manage their properties across a variety of online travel platforms.
Today, Guesty is utilized by both property managers and property management companies in 70+ countries. These customers report a 150% increase in revenue annually, a 100% increase in listings annually and 50 or more hours saved per week, on average, due to Guesty's features. These features include task automation, 24/7 guest communication services, a unified inbox to manage all guest correspondence in one place, and more.
"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, who 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."
About Guesty Guesty's property management platform provides property managers and management companies with an end-to-end solution to simplify the complex operational needs of short-term rentals. With Guesty, users can manage listings from multiple online travel agencies including Airbnb, Booking.com, Agoda and TripAdvisor, and utilize the company's guest-centric tools including: Unified Inbox, Automation Tools, 24/7 Guest Communication Services, Payment Processing and more. For more information, visit www.guesty.com.
About Viola Growth Founded in 2008, Viola Growth invests in Israeli-related global technology companies at their expansion stage. With the largest team of 7 partners in Israel, as well as a US presence, all with vast operational and financial experience, Viola Growth have raised over $430M AUM and invested in 23 companies. Viola Growth is a member of Viola, Israel's largest technology-focused investment group with over $3B under management. For more information visit: www.viola-group.com.