New York, March 17, 2022 – Futurestay, the leading technology provider for independent property managers in the short-term rental industry, has secured $11 million in Series A funding that will accelerate the company’s rapid growth and strengthen its industry leading position serving the rapidly growing independent manager segment.
Average earnings for U.S. short-term rentals grew to their highest ever in 2021, a full 35%higher than at the start of pandemic and even outpaced home prices, which have risen24.8% over the same period. On average, a listing earned around 26.2% more revenue in2021 compared to 2020.
The funding round was led by BNM Capital Management with participation from New YorkAngels and Harvard Business School Alumni Angels.
Futurestay is a short-term rental optimization platform that equips independent property managers with the technology and tactics to effectively scale their businesses faster, and has tripled in host inventory growth over the past 3 months, outpacing the industry at large. Rentalpreneurs who use Futurestay report making up to 40% more revenue within a year.
50,000 new short term rentals entered the US market in January1, the majority of which were launched by new independent rental entrepreneurs2. Futurestay helps the growing wave of rentalpreneurs get started quickly and scale their side gigs into successful, life-changing businesses.
“The short-term rental industry is the leading creator of entrepreneurs in the world, and Futurestay’s mission is to help each one of them succeed,” said Futurestay Co-Founder and CEO S. Philip Kennard. “Amid enterprise property manager SPACs andIPOs it’s often overlooked that real people own and manage the vast majority of short-term rentals. Futurestay levels the playing field and gives every rentalpreneur the opportunity to earn their financial freedom.”
The platform is proven to deliver more revenue growth with less risk, by seamlessly integrating growth tools, including dynamic pricing, distribution to Airbnb, Booking.com, VRBO and Google Vacation Rentals, alongside professionalization tools, including rental insurance, party prevention tech and community advocacy.
"We are incredibly excited to deepen our partnership with the team at Futurestay. The company has a highly unique and comprehensive solution that will make this the next great company in the travel industry," said Thomas Sparico, Partner at BNM CapitalManagement.
"Futurestay has cracked the code for acquiring, onboarding and professionalizing independent managers at scale. Managers who use Futurestay see a considerable positive impact on their business almost immediately,” added Samuel Shevat, Partner atBNM Capital Management, who, along with Sparico, have joined Futurestay’s Board ofDirectors.
Futurestay is the leading short-term rental optimization platform for independent managers, empowering them to scale their businesses faster and earn their financial freedom. The platform combines powerful growth tools, including dynamic pricing and OTA distribution, alongside professionalization tools including insurance and party prevention.
Learn more about how Futurestay is igniting the independent manager revolution at www.futurestay.com
BNM Capital Management (BNM) is an early stage venture capital firm founded by longtime travel industry entrepreneurs and operators Thomas Sparico and Samuel Shevat. The firm has invested in over 30 leading companies across several industries. For more information please visit www.bnm.vc
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