Avantstay, A Platform For Kitting Out – And Then Renting Out – High-End Vacation Rental Homes, Raises $160M

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Another travel startup that found itself scrambling to pivot as the Covid-19 pandemic took off is now announcing a huge round of funding after finding its feet and proving that it can grow, even under adverse circumstances. The company saw revenues grow tenfold in the last two years and its total number of properties to balloon to over 1,000, and now it will use the new funding for expansion, specifically adding more properties to its platform; and to continue developing its technology as it expands into more aspects of the property rentals business. The startup will also continue to evolve the real estate business, where it helps connect vacation property investors with properties, acting as the broker and then the sole agent for renting those homes out. In that context, this funding is significant — and large for a Series B — and underscores some of the traction the company has been having, especially at time when vacationing all but grounded to a halt. The company said that in the last two years it added more than 700 homes and 80 new destinations (some in part by way of six acquisitions that it has made in that time), and it grew revenues 10x. But the experience now matches the needs and requirements of what a guest is looking for.”“Since we led AvantStay’s Series A investment over two years ago, we’ve watched the company not only grow their supply and revenue tenfold, but also navigate one of the worst possible macro shocks that occurred in the hospitality industry,” said Jodi Kessler, a partner at 3L, in a statement.