Your.Rentals raises €2.15m with innovative fundraising approach
Denmark: Copenhagen-based property management software provider Your.Rentals has announced that it has successfully closed its recent Seedrs fundraising campaign, which together with private placements raised €2.15 million.
It comes on the back of raising €2.8 million in funding during 2022. The innovative campaign combined private placement and crowdfunding. The company said that it wants to set an example for other scale-ups seeking new approaches to raising capital.
Your.Rentals CEO Andrew Martyn said: “We are excited to innovate with this new fundraising approach, which enables us to reach a broader range of investors and aligns with our mission of democratising access to technology for the short-term rental industry.”
In total, Your.Rentals raised €1.7 million from 200 investors on Seedrs, reaching 128 per cent of its target. The funds raised will be used to accelerate the development of the company’s all-in-one solution for small property managers, agencies and hosts.
The platform is designed to offer a comprehensive suite of tools, including property management software, channel management, and guest communication, as it aims to help property managers and hosts manage their properties more efficiently.
According to data from Transparent, nearly nine out of 10 short-term rentals are managed by private hosts and small businesses, and, according to Skift research, more than 70 per cent of stays are booked online on sites such as Airbnb, Booking.com and Expedia. Hosts are increasingly needing to list on all of the sites as well as know how to rank their property on page one.
Martyn continued: “Our goal is to provide an all-in-one solution that is accessible and affordable for local hosts and property managers of all sizes. Everything from marketing and distribution to finance and operations.”
With the new funding, Your.Rentals plans to expand its team and further enhance its platform, providing even more value to its users. The company is committed to building a sustainable tourism industry, focusing on the long tail of hosts and property managers who often lack access to the same tools and resources as larger operators.
Sustainable travel is not only about carbon emissions – there is a social and economic aspect of sustainability. Local hosts and property managers are so important to their local economies – the money they generate from tourism stays there, benefiting many ancillary businesses.
Martyn concluded: “We want to back the local players to do a better job than big corporate property managers and ensure the tourism profits stay in the local communities. By building a sustainable and responsible tourism industry, we can make a positive impact on local communities and the environment.”