US: San Diego-based SaaS company Cloudbeds has announced that it has raised $150 million in Series D funding from new and existing investors to continue growing its team, accelerating customer acquisition, expanding its product offerings, and investing in delivering best-in-class technology to the industry.
The funding was led by new investor SoftBank Vision Fund 2, joined by Echo Street, Walleye Capital, and returning investors Viking Global Investors, PeakSpan Capital, and Counterpart Ventures. The Series D round brings the company’s total venture funding to $253 million.
The financing will help Cloudbeds enhance its reputation as a hospitality management software solution and technology partner for lodging businesses of all types and sizes, including independent hotels, hostels, vacation rentals and hotel groups.
Adam Harris, CEO and co-founder of Cloudbeds, said: “Our customers operate a range of hospitality businesses, and what they all have in common is the desire to increase their reservations and deliver a modern, memorable guest experience. Our platform makes it easy for them to offer this and democratises access to the technology and tools that are not normally available to every property.
“Our mission is to power every property in the world, and this capital will help us reach that goal sooner,” he added.
Richard Castle, COO and co-founder of Cloudbeds, said: “We constantly invest in building, expanding, and refining the tools and technology our customers need to stay competitive, and this financing will help us accelerate that effort. Lodging businesses worldwide looking to capitalise on the coming travel boom are increasingly turning to Cloudbeds to modernise their technology and guest experience.”
The additional financing will support Cloudbeds’ ongoing research and development efforts and its growth strategy. The strategy includes investing heavily in the verticalisation of Cloudbeds’ platform to provide a solution for lodging businesses and expanding into new markets.
Andrew Zloto, investment director at SoftBank Investment Advisors, said: “As travellers increasingly expect their entire experience to be seamless, instantaneous and digital, Cloudbeds has built a single, intuitive platform for properties of all sizes to keep up with their customers’ needs. Cloudbeds has already scaled to more than 20,000 properties worldwide and we look forward to working with the team to support their goal of creating more meaningful travel experiences between owners, operators, and their guests.”
The Cloudbeds Hospitality Platform is designed to combine tools for operations, revenue management, guest experience, and marketing with a marketplace of third-party integrations to help hosts and independent hoteliers grow revenue, streamline operations and deliver memorable guest experiences.
Founded in 2012, Cloudbeds serves global customers of 22,000+ independent properties across 157 countries.