- Global investment firm KKR leading Series F funding
round, with participation from Inovia Capital
-
Investment to drive continued global expansion through both
acquisitions and organic growth, including broadening the
enterprise-level offering to accommodate medium-term rentals,
corporate housing, and fully-serviced stays
NEW
YORK, April 10, 2024 /PRNewswire/ -- Guesty, the
leading property management software platform for the short-term
rental ("STR") and hospitality industry, today announced a
$130M Series F funding round led by
leading global investment firm KKR. Inovia Capital, together with
existing investors Apax, BDT & MSD Partners and Sixth Street,
also joined the round, extending their support following Guesty's
significant expansion and sustained growth. This new round of
funding will support continued development of Guesty's
best-in-class enterprise-level platform for property managers and
drive market consolidation to grow the company's global footprint.
Stephen Shanley, Partner at KKR and
Head of Tech Growth in Europe;
Lauriane Requena, Principal at KKR
Tech Growth, and Dennis Kavelman,
Inovia Capital Partner, join Guesty's Board of Directors following
this investment.
The STR industry is growing rapidly and is currently valued at
$277B. The significant shift in the
way customers choose to live, work, socialize and travel, has led
to growth in demand for STRs outpacing hotels in every quarter
since 2022. To meet these consumer demands and the growth and
complexity in the number of properties offered as short-term
rentals, property managers increasingly utilize end-to-end property
management systems, like Guesty.
Operating in over 80 countries, Guesty is the most comprehensive
and easy-to-use platform on the market today. Guesty's platform
provides both enterprise and SMB property managers as well as
individual hosts with the necessary tools to manage the entire
rental journey, solving some of their biggest pain points. The
company's best-in-class software platform helps property managers
advertise and manage their vacation or short-term rental
properties, delivering unrivaled guest experiences through a highly
intuitive user experience and open API capabilities.
Guesty's new funding will be used for expansion across the US,
enhancing vacation rental offerings with innovative features.
Jonah Mandel joins as VP of Sales to
lead the expansion. Additionally, Guesty will invest in catering to
the European market, focusing on France, Germany, and Spain, while reinforcing its presence in
Australia with customer tailored
developments.
"Guesty is a best-in-class operator and one of the clear leaders
in the property management sector. There has been a significant
shift towards the short- term rental market and this investment
will support the company as it continues to meet that growing
customer need," said Stephen
Shanley, Partner and Head of Europe Tech Growth at KKR.
Lauriane Requena, Principal with KKR
Tech Growth added. "Guesty's product is unique in its ability to
offer the tools customers require throughout the management
process, giving them an incredible platform to continue to expand.
We're pleased to have invested in the business to support this next
phase of growth, as they look to the significant opportunity to
grow the business internationally.
'We have been thoroughly impressed with Guesty's track record in
consolidating the STR segment,'' says Inovia Partner Dennis
Kavelman. ''We are excited to further invest in this category as
its importance in the travel sector continues to grow, and we are
confident in Guesty's position as one of the clear software leaders
in this area.''
"Guesty has enjoyed astonishing five-fold growth during the last
three years. We're delighted that this has been recognized by
top-tier investors KKR and Inovia, and we're excited to have them
onboard alongside our other investors as we enter our next growth
period," says Amiad Soto, Guesty's
CEO & Co-Founder. "The surge in those seeking short-term
rentals continues and our platform remains at the vanguard of the
industry. As we embark on creating the industry's first intelligent
property management platform, we'll continue to develop its
functionality and AI capabilities to deliver first-to-market
features and best-in-class support for our customers."
KKR is making the investment in Guesty primarily through its
Next Generation Technology Growth Fund III, a fund dedicated to
growth equity investment opportunities in the technology space. KKR
has established a proven track record of supporting
technology-focused growth companies, having invested over
$21.6 billion in related investments
since 2014 and built a dedicated global team of more than 35
investment professionals with deep technology growth equity
expertise. The firm has executed several transactions as part of
its tech growth strategy, including DarkTrace, KnowBe4, o9
Solutions, Onestream, OutSystems, NetSPI and Restaurant365.
About Guesty
Guesty is the all-in-one platform for short-term rental
businesses to automate and optimize every aspect of their
operations. With purpose-built technology, industry-wide expertise,
and an R&D team of 250+ engineers, Guesty ensures that
hospitality businesses can streamline and achieve growth while
delivering the best value to guests. With a complete suite of
features and 200+ industry partners, including major booking OTAs
like Airbnb, Vrbo, booking.com, Tripadvisor, Expedia, Hopper,
Google Travel, Home & Villas by Marriot, and many more, Guesty
is transforming the short-term rental industry with innovative
solutions. Today, Guesty has 15 offices and 750+ team members
across the globe. For more information, visit guesty.com.
About KKR
KKR is a leading global investment firm that offers alternative
asset management as well as capital markets and insurance
solutions. KKR aims to generate attractive investment returns by
following a patient and disciplined investment approach, employing
world-class people, and supporting growth in its portfolio
companies and communities. KKR sponsors investment funds that
invest in private equity, credit and real assets and has strategic
partners that manage hedge funds. KKR's insurance subsidiaries
offer retirement, life and reinsurance products under the
management of Global Atlantic Financial Group. References to KKR's
investments may include the activities of its sponsored funds and
insurance subsidiaries. For additional information about KKR &
Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com.
For additional information about Global Atlantic Financial Group,
please visit Global Atlantic Financial Group's website at
www.globalatlantic.com.
About Inovia Capital
Inovia Capital is a venture capital firm that partners with
founders to build impactful and enduring global companies. The team
leverages an operator-led mindset to provide founders with
multi-stage support, mentorship, and access to a worldwide network.
Inovia manages over US$2.2B with
operations in Montreal,
Toronto, Calgary, Bay Area, and London. For more information, visit
inovia.vc.
Media Contact:
Diane McKaye, Si14 Global
Communications
GuestyPR@si14global.com
KKR
FGS Global
Alastair Elwen/ Jack Shelley
KKR-Lon@FGSGlobal.com
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SOURCE Guesty