Key Data secures $5m in Series B funding

US: Short-term and vacation rental market data provider, Key Data, has announced that it has raised $5 million in a Series B funding round led by Ballast Point Ventures.

Key Data aggregates historical and forward-looking data in real-time providing some of the hospitality industry’s leading performance analytics and comparative data dashboards for professional vacation rental managers, tourism organisations, and investment funds. Its platform also integrates directly with property management systems in order to collect the real-time reservation and booking data from 400,000 properties around the worldwide, and is used by more than 1600 property managers and tourism destinations.

Key Data CEO Jason Sprenkle told VRM Intel: “As a former property manager, I understood firsthand the difficulty of obtaining accurate and real-time pricing data across a varied property portfolio. We were determined to solve this problem for property managers with comprehensive and accurate real-time data.

“We are excited to bring an institutional investor into our company and are eager to get to work with Ballast Point Ventures. We look forward to this next leg of the journey and to continue to deliver a comprehensive solution to our many customers,” he added.

A company press release read: “Key Data’s benchmarking and business intelligence dashboards aggregate proprietary, directly sourced data, providing historical, real-time, and forward-looking market data for customers seeking to understand hospitality trends for any given global market. Key Data will use the investment to accelerate development of its technology and product platform, add to its sales and marketing efforts, and for general corporate purposes.”

Under the conditions of the deal, Ballast Point Ventures partner Robert Faber will join the board of directors at Key Data.

Faber said: “As BPV has gotten to know Jason over the last several years, we’ve been very impressed with the growth and success that Key Data has been able to achieve with minimal outside investment. Given our focus on partnering with rapidly growing private companies with great management teams in the Southeast and Florida, in particular, Key Data is a great fit for us.

“We are excited to partner with Jason, Scott McLeod, Dan Haligas, and the entire Key Data team to drive continued growth and solidify the platform’s position as the leading provider of accurate, real-time vacation rental data. Given some of the dynamics brought on by the pandemic, we believe that the work-from-anywhere trend is likely to make short-term rental data an even more important part of the picture for travel and hospitality markets,” he added.

To date, Key Data has raised a total of $7.4 million, and earlier this week, it announced a partnership with property operations and services platform, Breezeway.