Short term rental management company GuestReady Group has raised an additional $6m (around £4.7m), including further support from Chelsea FC owner Roman Abramovich.
The round was co-led by Abramovich’s Impulse VC, which already led GuestReady’s Seed round in 2017, and Dubai-based VentureSouq. Many of the other existing investors increased their positions while new investors include Dr Cornelius (Conny) Boersch, an eminent European business angel and founder of Mountain Partners as well as the European Investment Fund (EIF).
GuestReady Group operates
in 14 cities around the world under a number of brands. Funds will be used to
further invest in product development, including development of the property
management system, and to fuel growth across Europe and Asia.
“Tech-enabled services for the property industry are a super hot trend right
now. GuestReady is poised to disrupt this market as one of the fastest growing
companies in the segment of short-term rental management. I look forward to
supporting GuestReady in its mission to unlock the full potential of
residential real estate.”
Concierge services aimed at property investors attracted to the Airbnb and similar short term letting market are indeed a growth area at the moment. However, the market is a contentious one: The more popular short term lets become with landlords the less popular they become with town and city authorities – many of whom are trying to disrupt this market with their own restrictions or bans.