Beyond Pricing raises $42 million in Series A round
US: Beyond Pricing, a revenue management tool for rental hosts, has raised $42 million in a funding round led by Bessemer Venture Partners.
Beyond Pricing charges one per cent of hosts’ booking income to optimise their rates on a daily basis.
When a listing has entered its data and calendar, Beyond Pricing scours all the platforms to see what similar properties charge, their vacancy rates, what hotels are charging, historic and current demand fluctuations, airline info, weather and more.
In under five years, since its $1.5 million seed round, it has grown from 26 to 7,000 cities and from four to 60 employees. Beyond Pricing now handles more than 150,000 listings.
Beyond Pricing CEO Ian McHenry said: “We skipped a lot of intermediary funding. We wanted to have a capital partner that could help us take a few more risks and build out a bunch of new products and go after Europe in a big way since it’s over half of the whole market.”
Josh Constine of Tech Crunch describes Beyond Pricing as “basically giving to ordinary people and property managers the technology big hotel chains use, or an Uber Surge Price algorithm for Airbnbs. Instead of haphazardly choosing a high-season and low-season rate or maybe an upcharge on weekends, Beyond Pricing does what no human would or could accurately: provide 365 uniquely optimised prices. While the platforms just want you renting your place out as much as possible to boost their take, even if it means more work and upkeep for you, Beyond Pricing wants you to earn as much as possible to grow its one per cent cut.”