Hostaway, a rental software and management platform founded by Finns, has raised €164 million in the largest round in the sector to date. The investment was led by PSG, a leading growth equity firm, EU-Startups reports.
- Founded in 2015 by three Finns Marcus Rader, Saber Kordestanchi, and Mikko Nurminen, Hostaway is currently based in Toronto, Canada. The company offers a solution that automates and simplifies the process of property management, helping property managers scale and grow their businesses.
- Since 2021, Hostaway has increased its revenues by more than tenfold, achieving strong profitability alongside its growth profile. Today, the company’s customers collectively manage over 100,000 properties in more than 100 countries.
- The company has earned the highest partnership designations from the three leading online travel agencies, Airbnb, VRBO, and Booking.com. It also has preferred relationships with Google, Expedia, Tripadvisor, and Homes & Villas by Marriott.
“We are impressed with the quality of the Hostaway team, their vision and execution in building what is, in our view, a highly differentiated category leader with multiple levers of value creation. We believe the company has a significant opportunity to lead this industry. We look forward to partnering with Hostaway in this new exciting chapter,”
Edward Hughes, MD at PSG, commented to TechCrunch.
- PSG is the sole investor in the round. It is a US-based growth equity firm that partners with software technology-enabled services companies. The firm helps them navigate transformational growth, capitalize on strategic opportunities, and build strong teams.
- Hostaway aims to use the fresh funds to propel its growth trajectory, expand globally, grow headcount, strengthen customer service, enhance onboarding processes, and expand its market share.
