US: Milwaukee-based short-term rental provider Frontdesk has announced that it has raised $2.75 million in its latest funding round in order to grow its business.
Participants in the funding round included Milwaukee’s La Macchia Holdings, Silicon Valley’s Sand Hill Angels and Chicago’s Motivate Ventures, in addition to existing seed round investors.
Last year, the startup company received a $250,000 investment from Milwaukee Bucks co-owner Marc Lasry, which was part of a $750,000 funding round led by Madison-based venture capital firm Lancaster Investments.
Frontdesk primarily offers short-term rental housing for business and vacation travellers as part of its service.
As agreed in line with La Macchia Enterprises’ investment, founder and CEO, Bill La Macchia, is set to join the firm’s board of directors.
Frontdesk co-founder and chief growth officer, Jesse DePinto, said: “Frontdesk has positioned itself to be a technology leader in the vacation rental industry. Additionally, the added capital propels our hospitality brand and its technology to new heights.”
The startup is currently active in 13 U.S. cities, including Milwaukee; Dallas; Charlotte, North Carolina; and St. Louis, and operates more than 270 rentals within them.
In addition, Frontdesk claims to have had 29,000 guests use its platform up to this point, and it harbours ambitions of managing 500 rentals by the end of the calendar year.
The firm also intends to use the incoming capital to expand its digital property management platform, which includes tools for booking, cleaning properties, pricing, messaging and guest screening.
For more information, visit the Frontdesk website here.