US: Short-term and vacation rental data provider, Key Data Dashboard, has announced that it has secured a $5 million credit facility from Signature Bank, a full-service bank with a dedicated Venture Banking Group serving venture-backed startups and their investors across the United States.
The new credit facility will complement Key Data’s $5 million Series B round, which closed last October and was led by Ballast Point Ventures. The incoming funding is intended to support several key initiatives at the company.
Key Data CEO Jason Sprenkle said: “We’ll use this new capital to fund Key Data’s high growth initiatives, which include our new direct-to-consumer platform, an expansion of our enterprise data offerings, and an acceleration of our growing international presence.
“We’ve effectively doubled our team, revenue, and customer base over the past twelve months, and we are excited to be leaning further into the explosive growth that the short-term rental industry has been experiencing. The pandemic, the shifting economy, and the overall growth of the space have fuelled tremendous demand for our data, as has the recent confluence of real estate and short-term rental data for investors, REITs, and underwriters.
“We’re eager to keep pace by delivering new tools, expanded offerings, and an unwavering commitment to providing the most accurate, timely, and trusted data available,” he added.
Dhruv Patel, senior vice president in Signature Bank’s Venture Banking Group, said: “The hospitality industry continues to evolve as online marketplaces for vacation rentals and investment properties are on the rise. Key Data’s innovative vacation rental data products provide real-time insights and analytics to drive revenue – not only for individual investors but also large-scale property managers and tourism organisations.
“Jason and his experienced team are no strangers to success. After two prior exits, Glad To Have You and 360 Blue, the team was ready to make their mark in another venture and we welcomed the opportunity to be involved.
“We look forward to working with Key Data and their investors, including Ballast Point Ventures, as the company continues to expand and serve this growing market,” added Patel.
Two competing data providers in the short-term rental space have been acquired in the last five months. Madrid-based vacation rental market intelligence company Transparent was purchased by hospitality business intelligence platform OTA Insight in March, which was swiftly followed by private equity firm Alpine Investors’ acquisition of AirDNA, which is based in Denver and Barcelona.