Guesty, an Israeli cloud-based startup providing software for property managers to run their rental listings on a variety of booking channels like Airbnb, Booking.com, and others, raised $35M in Series C funding.
The company said the round was 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.
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As part of the agreement, Natalie Refuah, partner at Viola Growth, who will join Guesty’s Board of Directors.
Guesty was co-founded by Koby and Amiad Soto in 2013, and has raised some $60 million to date.
The company says it will use the new investment funds to open new offices in new markets, enhance product capabilities, expand into vacation rental space, and introduce AI and machine learning into the platform.
“Guesty’s strategic analysis shows that the short-term rental business is a lucrative one – with an addressable market size of $169 billion in 2018 alone,” said Amiad Soto, CEO of Guesty, in a statement. “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 percent 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.”
Guesty says its platform is used by both property managers and property management companies in more than 70 countries.