Hostmaker raises $1m to help time-poor Airbnb hosts
Startups 100-ranked hospitality management service intends to use Initial Capital investment to maximise on the growth of the UK's sharing economy
Hostmaker, ranked among the UK’s top 20 new businesses of 2016, has closed a $1m funding round from Initial Capital, existing investors DN Capital and DSG Consumer Partners to take its total funding to $2.5m.
Launched in July 2014 by Nakul Sharma, London-based Hostmaker is a hospitality management company offering ‘hands-off homes’ and pay-as-you-go services to Airbnb hosts.
The former deals with everything on behalf of the host including flat design photography, writing the listing, pricing, reservations, guest communication, housekeeping, linen rental, check-in and maintenance, with the company taking a percentage of the monthly revenues. The later allows guests to book services online when needed, such as housekeeping, linen and check-ins.
The start-up has said it is currently enjoying 400% year-on-year growth with over 1,000 hosts across the UK, France, Spain and Italy signed up to its services – growth that has been buoyed by the burgeoning sharing economy market.
It now intends to invest in its technology to improve the experience for hosts, alongside expansion into other “exciting” European capitals.
Sharma commented: “We have been encouraged by the very positive feedback we’ve received from the Airbnb host community about our services.
“This new backing from our supportive investor group will allow us to further invest in technology to improve customer experience. We’ll also continue to build our talented hospitality operations team.”
Initial Capital’s Alvaro Alvarez del Rio added:
“In a rapidly growing segment of the hospitality technology sector, we believe Hostmaker’s approach of uncompromising customer service and its independence from external service providers will make it the go-to partner for hosts who want to benefit from short-term lets without all the hassle this process traditionally involves.”
Find out more about Hostmaker’s start-up story here.