US: Cloud-based vacation rental management solution Futurestay has announced that it has raised $11 million in a Series A funding round.
Early stage venture capital firm BNM Capital Management led the round, while New York Angels and Harvard Business School Alumni Angels also participated.
Founded in 2015, Futurestay provides an operating system for short-term and vacation rentals that empower independent property managers around the world with a roadmap to build, grow and optimise their business. The platform offers on-demand automation, insurance and party prevention guidance for private accommodations, as well as dynamic pricing, connectivity with and distribution through Airbnb, Vrbo, Booking.com and Google Vacation Rentals.
S. Philip Kennard, co-founder and CEO of Futurestay, said: “The short-term rental industry is the leading creator of entrepreneurs in the world, and Futurestay’s mission is to help each one of them succeed.
“Amid enterprise property manager SPACs and IPOs, it’s often overlooked that real people own and manage the vast majority of short-term rentals. Futurestay levels the playing field and gives every rental entrepreneur the opportunity to earn their financial freedom,” he added.
Kennard said that the company would use the funding to continue recruiting talented individuals from across the travel and hospitality industries and beyond, including executive vice president and former SVP business development at Kayak, Tim Knowling.
In attracting this talent, Kennard added that Futurestay would “accelerate growth and expand our award-winning platform”.
Samuel Shevat and Thomas Sparico, who are partners at BNM Capital Management, have also joined Futurestay’s board of directors.
Shevat said: “Futurestay has cracked the code for acquiring, onboarding and professionalizing independent managers at scale. Managers who use Futurestay see a considerably positive impact on their business almost immediately.”
To date, Futurestay has raised $15.5 million in funding, including a $2.4 million venture capital raise in May 2020.
