We’re pleased to tell you that we have now raised a total of $7M to drive growth in our business. We are excited to celebrate a milestone – and share what it means for customers, staff, and the broader industry. It’s an opportunity to say: We are here, we are proud, this is what we are doing next, and share our gratitude.
We are in an industry that is transforming
This is a unique time in the evolution of short term rental management software. Consumer expectations are higher than ever before. The adoption of short term rentals – led by Airbnb – created new sources of income for hundreds of thousands of property managers worldwide. At the same time, software that powers this industry is undergoing a major transformation. Managers must simultaneously upgrade their business software while delivering on the promise of great customer service. It’s like flying the plane while also serving drinks to the passengers – hard and hectic.
Since 2018, Hostfully has risen to fill the gap. With a best-in-class property management platform, we help rental managers distribute their inventory across all the major bookings platforms – facilitating billions of dollars of bookings revenue each year. We are one of just a few companies that have the coveted preferred partner status with Airbnb, Booking.com, and Vrbo. We are first to work with key entrants including Marriott Homes & Villas, VacayMyWay, GetawayGogo, Yonder, and GoLightly. We have won back to back Keystone awards for Best Property Management Software from VRMB. We also have the leading solution for supporting the guest experience with a digital guidebook platform that is live in 15 languages, 80 countries, with 2M traveler views per month.
Every property manager has different needs. This calls for us to find a way to be flexible, and our platform approach is the best answer. Hostfully has one of the strongest and widest partner networks in the industry with 42 integrated partners. This is a key reason why customers join us – we deliver optionality and choice in how they want to run their business.
We are proud
Today, we are proud to announce that Hostfully has raised a total $7M to continue to transform the way that professional property managers run their businesses.
Our mission is to help property managers and their guests make the most of every stay. At the core of that pursuit is to create a world-class company culture. From day one, we’ve run the business differently, believing that a high-growth company can be run by people who lead balanced lives.
Startups can only compete with larger companies in a few ways: innovation, speed, and culture. Silicon Valley spends a lot of time and energy focusing on innovation and speed but often misses culture. This is where we have leaned in at Hostfully. And it has paid off.
For six quarters, our employee NPS score has been 100 while our customer NPS score increases 5-10 points per quarter. We don’t believe this is a coincidence. 40% of our hires in the last year came from customers or referrals. We have attracted senior leaders from F100 companies who have decades of experience. In our last financing round, we raised money not just from venture capital funds but also from experienced founders, staff members, and customers.
What do we do differently? We care about balance. We are led by parents who spend time with their families. We take time off for taking care of sick kids and chaperoning field trips, coaching baseball games and running lines for theater performances. We encourage taking time to exercise in the middle of the day. We travel and share our joy of discovering new places with the team. We track diversity, equity, and inclusion metrics on a quarterly basis and include them in investor updates. We celebrate mistakes because we sincerely love to learn.
What we’re doing next
Our financing helps us focus more on two areas: Growth and Product. Not only is our market evolving but it is also growing – at a CAGR of 9%. We’re investing in our sales, marketing, and customer success teams to connect with more customers and deliver on a great customer experience. We are focusing on product features that help our customers scale. Last year we launched the unified inbox and this year advanced reporting. Coming soon are our first mobile app and features that support larger and more diverse rental portfolios.
In the midst of growth, we are obsessing over culture. We are paying attention to the unintended consequences that come with growth and scale. We are putting together thoughtful plans about growth, people, and business processes to run a larger operation. It’s an exciting time for everyone, and we are embracing it.
We want to thank you
The last few years have been rough for everyone on the planet. Unfortunately, it looks like we have more hard times in store as a community of humans. But we believe that we can find joy in our work.
When our customers grow their business from 5 to 40 properties, transforming their day-to-day lives and the lives of their families, staff, and customers, it brings us joy. When, together with our partners, we find new ways to solve problems for short term rental property managers, it brings us joy. When we see team members succeed and grow, build families, and enjoy their work, it brings us joy. When we hear about travelers having a wonderful stay and creating lifelong memories, it brings us joy. We feel lucky to be creating something new that will last, and helping millions of people enjoy travel experiences and run their businesses.
Does it matter that we raised $7M to help make that happen? Not really. What does matter: We will be continuing with our mission to make the world a better place in partnership with our customers. Thank you for coming along with us – we are excited to see what happens next.
Margot, David, and Steph