Travel agents

Hostmaker secures $5m to support acquisitions

Posted by Phil Davies on
Hostmaker secures $5m to support acquisitions

Home rental management company Hostmaker has secured a $5 million venture debt round to support acquisitions.

The financing was headed up by Silicon Valley Bank, a California-based enterprise specialising in products for high-growth innovation businesses.

The deal follows a successful Series B funding round last November, which saw the company raise $15 million.

Hostmaker has raised $25 million since its inception in 2014.

The company will use this latest cash injection to acquire smaller portfolio operators where it sees an opportunity to uplift earnings for property owners.

Hostmaker also plans to further invest in its in-house technology to enhance operational efficiencies and improve returns for property owners.

Marriott International recently announced a partnership with Hostmaker to introduce a new branded home-sharing proposition named Tribute Portfolio Homes.

The company currently operates in nine major international destinations – London, Paris, Rome, Barcelona, Lisbon, Cannes, Florence, Madrid and Bangkok.

Founder and chief executive, Nakul Sharma, said: “Having recently announced our first expansion outside of Europe in Bangkok, we are very proud to announce this additional funding.

“It’s another vindication that we are moving in the right direction as a company and it will help with our plans to continue growing into other cities and acquire businesses in the sector to help fuel our growth.

“We are also continuing to invest in our proprietary technology platforms to deliver top service to our customers.”

Silicon Valley Bank vice president, Andrew Parker, added: “Home sharing is a burgeoning market and the work that Hostmaker is doing is at the forefront of this fast-growing sector.

“We love working with clients that are solving real problems and Hostmaker simplifies the process for both landlords and guests.

“Their recent expansion into new cities, such as Bangkok, is very exciting, and we look forward to working with them to continue this impressive growth.”

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