United States: cloud-based vacation rental management solution Futurestay announced that it has raised $11 million in a Series A funding round.
Startup venture capital firm BNM Capital Management led the round, while New York Angels and Harvard Business School Alumni Angels also participated.
Founded in 2015, Futurestay provides an operating system for short-term and vacation rentals that gives independent property managers around the world a roadmap to build, grow and optimize their business. The platform offers on-demand party automation, insurance and prevention advice for private accommodations, as well as dynamic pricing, connectivity with and distribution via Airbnb, Vrbo, Booking.com and Google Vacation Rentals.
S. Philip Kennard, Co-Founder and CEO of Futurestay, said, “The short-term rental industry is the world’s biggest creator of entrepreneurs, and Futurestay’s mission is to help everyone them to succeed.
“Among SPACs and IPOs of corporate property managers, it’s often forgotten that real people own and manage the vast majority of short-term rentals. Futurestay levels the playing field and gives every rental contractor the opportunity to earn financial freedom,” he added.
Kennard said the company would use the funding to continue recruiting talented people in the travel and hospitality industries and beyond, including executive vice president and former vice president of business development at Kayak, Tim Knowling.
By attracting this talent, Kennard added that Futurestay would “accelerate growth and expand our award-winning platform.”
Samuel Shevat and Thomas Sparico, partners at BNM Capital Management, have also joined Futurestay’s board.
Shevat said, “Futurestay has cracked the code to acquire, onboard and professionalize freelance managers at scale. Managers who use Futurestay see a dramatically positive impact on their business almost immediately.
To date, Futurestay has raised $15.5 million in funding, including a $2.4 million venture capital raise in May 2020.
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