GuestReady is a three year old company that allows shared-economy hosts manage their business on rental sites such as Airbnb. They have recently announced to raise $6 million.
The investment was supported by a Russian fund, backer Impulse VC which is backed by Roman Abramovich who is a billionaire Chelsea FC owner. However, other past backers also participated in the investment. This included Aria Group, Boost Hero4es and 808 Tech Ventures.
GuestReady is known to provide a property management platform to the owners that help them to handle the intricacies of working a shared-economy house. The company claims to cover more than 2000 properties in six different countries including Portugal, the UK, France, Malaysia, UAE and Hong Kong. As stated by Alexndar Limpert, CEO of GuestReady, Airbnb happens to be the ideal platform to work with. However, a major portion of the business is known to generate from Expedia’s HomeAway and Booking.com.
Limpert also added that the company’s annual booking volume is going to reach $50 million on a yearly basis. In the past few years, the company’s overall revenue collection have also tripled. Even the burn rate has reduced. However, he didn’t provide any specific figures.
Limpert said that this is by far the largest deal of the company. It is a strategic move to emerge as the market leader in Europe.
CEO GuestReady stated that, “quite a few conversations right now” over potential acquisitions.
He also added:
“We believe the market (for guest services) will consolidate.”
According to him there are many new companies that start out with promises. However, they struggle to reach the 50-100 properties under management.
He further added:
“they realise this is an intensive business without good processes and technology.”