Finnish founded and Canada-based vacation rental platform Hostaway has secured $175 million in growth capital as it eyes global expansion. The funding round was led by PSG.
Founded in 2015 by Finnish entrepreneurs Marcus Rader, Saber Kordestanchi and Mikko Nurminen the firm provides an all-in-one solution for vacation property managers. It says it has increased its revenues by more than 10 times since 2021 and achieved strong profitability alongside its growth profile.
“We are thrilled to partner with PSG, as we continue to elevate the vacation rental industry and unlock value for property managers beyond what had been thought possible,” says Marcus Rader, CEO and co-founder of Hostaway. “We have operated with incredible speed and efficiency, balancing growth with our current strong profitability, and this investment represents a significant milestone in our journey toward global market leadership. We’ve come a long way, but we are just getting started. The opportunities are endless."
Hostaway customers collectively currently manage more than 100,000 properties in more than 100 countries and partners with leading online travel agencies, Airbnb, VRBO and Booking.com.
“We are impressed with the quality of the Hostaway team, their vision and execution in building what is, in our view, a highly differentiated category leader with multiple levers of value creation,” says Edward Hughes, Managing Director at PSG. “We believe the company has a significant opportunity to lead this industry, as it continues to scale its integrated platform, expand globally and help its customers meet the growing demand in the short-term rental market. We look forward to partnering with Hostaway in this new exciting chapter.”
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