The hospitality company is backed by Stormbreaker Ventures, JetBlue Technology Ventures, Veritas Innovations, Motivate Venture Capital, and more.
MILWAUKEE, WI / ACCESSWIRE / September 14, 2022 / Frontdesk Inc., the hospitality company providing flexible stays for the modern traveler, is proud to announce the closing of $13M in Series B financing led by Stormbreaker Ventures with support from JetBlue Technology Ventures, Veritas Innovations, Motivate Venture Capital, and several strategic investors. This latest round brings the fastest-growing short-term rental brand to $22 million in total equity financing.
Operating in over 30 U.S. markets with more than 1,000 units across 150+ buildings, Frontdesk manages one of the largest collections of Short-Term Rentals (STR) units in the United States and has hosted more than 400,000 guests to date. Frontdesk helps real estate owners maximize the potential of their multifamily assets and provides modern spaces for today's travelers. The company's proprietary software powers its efficient and scalable model, allowing Frontdesk to better serve guests and automate and scale internal operations--ultimately redefining hospitality for a new generation of travelers and property owners.
"Stormbreaker has been a longtime believer in Frontdesk's capital-efficient approach to transforming the way we live, work, and explore new communities," said Mark Freed, Frontdesk board member and Partner at Stormbreaker Ventures. "Supported by strong leadership and best-in-class technology, Frontdesk has built a sustainable, scalable business, and we are thrilled to continue being a part of their growth."
"At JetBlue Technology Ventures, we are always on the lookout for companies that are building differently from their peers," said Jim Lockheed, Investment Principal at JetBlue Technology Ventures. "Frontdesk's vision to redefine hospitality for the modern traveler--grounded in strong business fundamentals--is exactly the type of business we believe will be a great partner for JetBlue Technology Ventures and our existing portfolio of early-stage startups improving the future of travel and hospitality."
"As the world becomes more digital and more flexible, the need for our product has never been greater," said Jesse DePinto, Frontdesk CEO. "We are grateful to be joined by partners who support our vision to power the future of dynamic living and meet the contemporary needs of living, working, and traveling. As we look towards the future, we are now even more excited about the generational opportunity ahead and Frontdesk's leadership position within our category."
The 300+ person company continues to acquire new properties to add to its portfolio and plans to use the capital to expand into existing markets and buildings. The raise comes after a strong year for Frontdesk: the company was recently named to the Inc. 5000 for the second year in a row and "Short Term Rental Platform of the Year" by PropTech Breakthrough.
About Frontdesk
Founded in 2017, Frontdesk is a hospitality company providing flexible stays for the modern traveler. Operating in over 30 U.S. markets with more than 1000 units across 150+ buildings, Frontdesk provides a home away from home to travelers, a sustainable renting model to buildings, and a positive and committed relationship with the communities it serves. With an average rating of 4.7 out of 5 stars, Frontdesk maximizes guest flexibility with zero compromises on reliability. For more information, visit www.StayFrontdesk.com.
Contact info
Evan White
509.995.9105
[email protected]
SOURCE: Frontdesk