West Hollywood-based firm AvantStay raises $5m in funding round
US: West Hollywood-based hospitality firm AvantStay, which provides short-term rentals to groups, has announced it received $5 million in a round by investment firm Bullpen Capital.
It reportedly takes the company’s total funding to $6 million to date.
New investors Cambridge, F-Prime Capital Partners and Zeno Ventures joined the round along with existing investors Abstract Ventures and Presidio Bay Ventures, both based in San Francisco.
Instead of competing with Airbnb, AvantStay says it collaborates with it on “technology initiatives, policy updates and market demands”.
AvantStay currently manages over 60 vacation properties with more than 300 rooms, and the funding will help it grow its controlled properties to 200 locations by the end of this year. The latest injection of funds will also be used to grow AvantStay’s proprietary technology, which is used to manage rental maintenance, cleaning and customer service.
AvantStay chief executive Sean Breuner said: “The evolution of the private travel accommodation space is driving the future of the hospitality industry.”