GuestReady raises $6 million in Series A
GuestReady, a London-headquartered short-term rental management startup with presence in Dubai has raised $6 million in its Series A; taking its total investment raised to $9.8 million.
The round was led by VentureSouq and existing investor Impulse VC. The round was also joined by Business Incubator and Accelerator Company, VentureSouq’s Saudi partner that happens to be a subsidiary of Saudi sovereign wealth fund, as well as high-net-worth individuals from GCC.
With the funds GuestReady plans to fuel its expansion across GCC, Europe and Asia.
Founded in 2016, GuestReady manages residential properties on behalf of hosts for short-term rentals. It turns vacant residential properties into short-term rental accommodations and then rent them using different online platforms including Airbnb, Booking.com, Expedia’s HomeAway and some offline mediums as well.
“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.”GuestReady
The startup takes 17 to 20 percent cut from owners for every booking to maintain and rent out the property and offering 24/7 guest support on behalf of hosts. GuestReady’s cut is in addition to the 15 to 25 percent that the booking websites charge.
The startup that has its services available in the United Kingdom, France, Portugal, Malaysia, and Hong Kong, had expanded to Dubai less than 12 months ago already operates close to 100 properties in the city.
“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.”
The short term rental startups that offer hotel-like experience to tourists are growing in popularity. MaisonPrive and HiGuests are two Dubai-based startups who operate in the similar space, who have also raised investment during the last eighteen months.