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UK: Professionally managed flexible lettings platform Houst, formerly known as Airsorted, has received an undisclosed investment from Realty Corporation Ltd, a real estate private equity and proptech venture capital firm.
In a statement, Realty said that its investment in Houst, which has more than 6,000 homes under management across 12 countries, aligns with its strategy to “source, invest in and accelerate the growth of companies that offer innovative solutions, enabled by technology, to inefficiencies in the real estate industry”.
The private equity firm focuses on start-ups and growth businesses with the aim to deliver a meaningful, positive impact on the built environment through efficiency, transparency, and the use of advanced analytics to improve the customer experience or commercial procurement process.
Houst’s proprietary technology enables property owners to maximise the use of online travel agencies such as Airbnb, Booking.com and Expedia, while taking care of more time-consuming tasks such as guest management, check-in / outs, as well as cleaning and maintenance of units.
The company rebranded from Airsorted to Houst last January prior to the global lockdown, marking a significant step in the evolution of the business, as well as recognising the growing number of platforms now used by owners to secure short- to mid-term lettings for their properties.
Jonathan Lurie, managing partner at Realty Corporation, said: “We are delighted to have invested in Houst, a company with terrific potential in the short-term lettings management space. With over 250,000 bookings across five continents, this leading platform is well-positioned as it continues to scale up.
“The recent successful IPO of Airbnb, for whom Houst is one of the largest third-party managers, underscores the strong conviction within the investment community to back alternative residential service providers. With an energetic growth strategy, as well as a user-friendly interface for both landlords and guests, we are excited to be supporting Houst with additional liquidity to position the business for the next stage of its expansion plans,” he added.
James Jenkins-Yates, founder and CEO at Houst, said: “Having investors such as Realty and Pi Labs believe in our vision, further supports our goals of growth in the management letting space. We are delighted to welcome Realty Corporation on board.”
Since its inception in 2017, Realty has advised on or managed in excess of £3bn of Pan-European real estate transactions across all major asset classes. The team has a combined historical track record exceeding £40 billion of investment advisory and asset management of residential and commercial real estate.
