GuestReady Group, a globally leading short-term rental management company, has raised an additional AED22 million ($6m) in funding, bringing the total funds raised to AED35 million ($9.53m). The round was led by Dubai-based VentureSouq, funds will be used to further invest in product development and to fuel growth across GCC, Europe and Asia.
Airbnb, Co-Living, Housing-As-A-Service, and “PropTech” have been in vogue among savvy tech investors over the past 3 years. During this period, GuestReady Group has managed to firmly establish itself among the globally leading companies in this industry, managing more than 2,000 properties using its in-house developed property management software solution. In Dubai, where GuestReady started less than 12 months ago, it already operates close to 100 properties and is therewith among the largest short-term rental management companies in the Emirates.
GuestReady provides services that turn vacant residential properties into thriving listings on short-term rental platforms such as Airbnb and Booking.com, online and offline. The company helps property owners to increase their revenues by delivering a hotel-quality experience to guests and by listing the property across multiple platforms. The set of services goes beyond housekeeping and guest check-in, GuestReady also helps property owners to ensure their asset stays in shape, is well maintained, and continuously delivers the maximum return on their investment.
The round was led by VentureSouq and supported by its local partner Saudi Arabia’s Business Incubator and Accelerator Company (BIAC), a subsidiary of the Public Investment Fund (PIF). Due to the nature of the high-profile investment, many high-net-worth individuals from the GCC region participated in the funding round including Tasheel Holding and OPM. Existing investors such as Impulse VC, Boost Heroes, and Fortimo increased their positions in GuestReady as part of this Series A funding round. Among the new investors are the European Investment Fund (EIF) and Dr. Cornelius (Conny) Boersch, Founding Partner of venture capital firm Mountain Partners.
“GuestReady is one of the most promising investments of VentureSouq. We were impressed by the fast growth of the company; the applicability to the region is tremendous. We will be working closely with GuestReady not only to support the further global growth plans but also to open doors to the GCC region to bring tech-enabled short-term rental management to the under-digitized real estate sector” says Maan Eshgi, Managing Partner at VentureSouq and Director at BIAC.
The management team of GuestReady has previously launched and scaled a number of global companies. Christian Mischler (Chairman) and Alexander Limpert (CEO) both worked at Rocket Internet in the past. “We can build on our experience in scaling operationally complex companies and apply previous learnings in our journey with GuestReady. We have a strong product focus and automated many of the core processes via our proprietary developed property management system” explains Christian Mischler, Co-Founder at GuestReady.
The additional funding will be used for the further development of the property management system, to fuel growth initiatives and to capitalise on available M&A opportunities. “Dubai is one of GuestReady’s fastest growing markets, with the new funding we are exploring local investment and partnership opportunities to strengthen our market position and become the leading short-term rental management company in the Gulf region,” says Reem Al-Khatib, Managing Director of GuestReady Dubai.
Quick Q&A WITH ALEXANDER LIMPERT, CEO, GUESTREADY
TWhat inspired you to set-up GuestReady?
I am the Co-Founder and CEO at GuestReady- I travelled a lot for business and leisure, taking me to over 50 countries in 4 years. In this period, I let out my flat on Airbnb. It was my first-hand experience of being an Airbnb host that inspired me to develop a service that takes the hassle out of hosting. Realising how time-consuming hosting can be I looked at how software can reduce time spent listing a property online, managing check-ins and check-outs of guests, cleaning and maintaining a property while upholding hotel-worthy services for hosts and guests alike.
With my extensive travel experience, I was confident that I understood the needs of the modern business traveller and how any property can be turned into a guest-ready Airbnb home.
2. How have you, since 2016, raised close to $10M in funding, open GuestReady in 14 cities around the world with over 2,000 properties under management?
I still can’t believe that just three years after the launch of GuestReady we have become Europe’s leading urban short-term rental management company. I am extremely proud of what the team has achieved in such as short period. We wouldn’t have been able to do this without their knowledge and expertise allowing us to build the most advanced system for decentralized property management on the market. In 2016 we were managing 50 properties, and today we have well over 2,000 properties under management worldwide, that is 4,000% growth in just three years!
The additional investment will help us to replicate our success in Europe in other geographies, and by continuing to invest into our technology we will be able to extract more value, which is what our investors are particularly excited about.