Gestany, which has created property management software for hosts on short-term rental platforms such as AirBnB and Warbo, is announcing that it has raised $ 50 million in Series D funding.
“In public markets, there are many players in hospitality asset management,” said Amiad Soto, co-founder and CEO. “The same thing goes with residential property management. In short term rentals, there is no public player – you can wager your money that we are keeping an eye on that goal. “
Over the past year, Gesti expanded to support multi-unit listings and other types of property, including “uprooting”.
And just as AirBnB executives are predicting a rebound of travel this year, the co-founder and Soto said things are looking great for Gesti’s business; In fact, he predicted that it was going to be “one year of hell”. For example, the amount of summer reservations in the United States is 282% higher than in the summer of 2020, and even 32% higher than in summer 2019. In the UK, summer reservations are up 180% from the previous year (though down 19% from 2019).
“Yes, the epidemic changed the journey, but not necessarily in a bad way across the board,” Soto said. “Certainly for major hotels, major changes are going to happen, but for vacation rentals and boutique-style hotels that offer different experiences, it is a lot more accessible and a lot more attractive. This is what our investors believe. “
Gesti has now raised a total of $ 110 million. The new round was led by Agax Digital Fund, along with AMI Opportunities Fund, as well as existing investors Viola Growth, Flashpoint, Vertex Ventures, Kingfisher Investment Advisors and La Mason Partners. Daniel O Keefe, Managing Director of Apex Digital, is joining the board of directors of Gesti.
O’Keefe said in a statement, “We are incredibly excited to partner with the team at Gesti to help accelerate our mission to bring sophisticated asset management solutions to the incredibly shifting global ecosystem. “
Soto said the money would allow Gesti to continue investing in both development and technology. For one thing, he said that the company already uses machine learning to classify and route 80% of guest messages, and that it sees opportunities to expand the use of artificial intelligence in the platform. The startup also plans to continue building its market of third-party integration.
And Gesti has been busy on the acquisition front. Earlier this month, it announced acquiring partner Y Combinator-backed property management platform MyVR, and is today revealing that it has also bought another property management company, Your Porter. Soto said that with the technology of Your Porter, Gesti would be able to service the host from family-run businesses with few units to enterprise-scale asset management companies.
He said that there would be a possibility of more acquisitions in the future of hospitality: “We will not be sharing resources instead of copying resources instead of everyone.” […] And make very comprehensive products? “