• February 1, 2023

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Guesty, a management platform for the short-term rental industry, has secured $170 million in a new funding round.

The Israeli company develops a software platform for hosts and hospitality businesses to manage and automate their properties and guest experiences, including bookings, cleaning and accounting.

The Series E round was led by Apax Digital Funds, MSD Partners and Sixth Street Growth with existing investors also participating. The company has not disclosed its valuation.

According to the company, the funds will be used to expand its presence internationally. It is currently active in the US and Canadian markets and plans to bolster its business in the UK followed by mainland Europe.

Chief executive Amiad Soto said the round is a vote of confidence in travel and short-term rentals in an “exceptionally challenging fundraising climate”.

“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.

The company counts Airbnb, Expedia and Booking.com among its clients.

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According to the figures cited by the company, the short-term rental industry continued to grow despite the pandemic’s disruption to travel with travellers spending more than $200 billion on short-term rentals last year.

Guesty said in a statement that it doubled its revenues since its last funding round in April of last year but did not provide any revenue figures.

The company has also grown through acquisitions, including smaller rivals MyVR and YourPorter, and said it plans to carry out more acquisitions.

“In a largely specialized and localized industry, there is a huge opportunity to bring a global standard of service and excellence to hospitality operators of all shapes and sizes,” Dan Bitar, managing director of lead investor MSD Growth, said.

“Guesty’s robust product offerings, strong R&D team, and proven ability to scale the business across geographies make it the ideal platform to consolidate the currently fragmented market.”

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