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SHORT-TERM RENTAL MARKET FACES CONSOLIDATION AS START-UPS AND SMALL LANDLORDS OFFLOAD PROPERTIES
Consolidation is hitting the market for short-term home rentals as the coronavirus pandemic has curtailed travel dramatically this year.
Small landlords and venture-backed companies that collected properties to rent out as short-term vacation rentals are offloading them in an effort to cut their losses. Meanwhile, large property owners and managers are seeing opportunities to expand as desperate sellers and landlords seek new business.
TRAVEL STARTUP HOPES TO BE INDUSTRY LEADER
While the travel industry has been effectively shut down by the COVID-19 pandemic, one Milwaukee-based lodging company is planning how to grow.
Frontdesk, which offers short-term rentals in 28 different cities, has raised an additional $3 million in debt and equity. Founded in Milwaukee in 2017 by Kyle Weatherly and Jesse DePinto, the company offers fully furnished apartments for lease through its own website and others such as Airbnb. It has over 500 units and has completed over 60,000 stays to date.
FRONTDESK RAISES ABOUT $6 MILLION FOR SHORT-TERM RENTALS: TRAVEL STARTUP FUNDING THIS WEEK
Frontdesk, a short-term apartment rental manager, has closed a $6.8 million Series A round.
This financing involves a mix of debt and equity, and it comes on the heels of the Milwaukee-based company’s $2.75 million bridge round, raised in the summer of 2019.
FRONTDESK SECURES $6.8M SERIES A, TARGETS LONGER STAYS DUE TO COVID-19
Milwaukee-based serviced apartment rental company Frontdesk has landed a $6.8 million Series A round in a combination of debt and equity.
The company is not naming the participating investors but says they are existing investors and that they increased the funding by almost $3 million after the coronavirus crisis developed. In announcing its $2.75 million bridge round last August, Frontdesk named investors including La Macchia Holdings, Sand Hill Angels and Motivate Ventures.
FRONTDESK SECURES $6.8 MILLION IN FUNDING
Milwaukee-based corporate homesharing startup Frontdesk, Inc. continues to attract the attention of investors despite the travel industry’s unprecedented shakeup.
The startup just completed a $6.8 million Series A funding round in an equity and debt combination. In August of 2019, Frontdesk completed a bridge round for $2.75 million.
FRONTDESK SECURES $6.8 MILLION SERIES A FUNDING ROUND
Tech-enabled short-term apartment rental startup Frontdesk, which aims to transform the way people experience travel, has announced it has completed a $6.8 million Series A raise in a combination of debt and equity.
The financing comes on the heels of the company’s $2.75 million bridge round, raised in summer 2019.
LEADING SHORT-TERM APARTMENT RENTAL STARTUP FRONTDESK SECURES $6.8 MILLION SERIES A FINANCING ROUND
Founded in 2017, Frontdesk, the tech-enabled short-term apartment rental startup transforming the way people experience travel, announced it has completed a $6.8 million Series A raise in a combination of debt and equity. This financing comes on the heels of the company’s $2.75 million bridge round, raised in summer 2019.
APARTMENT-STYLE RENTAL STARTUP FRONTDESK SECURES $6.8M SERIES A FUNDING
Short-term apartment-style accommodation company Frontdesk has secured $6.8 million in Series A funding, which is a combination of debt and equity, the company announced. Founded in 2017, Frontdesk currently operates in 28 cities and has more than 500 fully serviced apartment suites. About a third of its guests are business travelers, according to a company spokesperson, and the company plans to focus on expanding that share this year.
NEW PARTNER ANNOUNCEMENT: FRONTDESK
We’re excited to announce our newest partner — Frontdesk! We now have amazing properties in Columbus, Albuquerque, and Fort Worth. Here are a few of the new destinations we’ve opened up with this partnership, with more cities and properties on the way.
MEET WISCONSIN INNO’S 2019 50 ON FIRE
Today, we’re officially announcing the 50 people, companies and organizations that are heating up Wisconsin tech. You may be wondering, what exactly makes a company or individual on fire? Basically, it’s people and businesses that have had a banner year—whether that’s new funding, product launches, big hires or innovative approaches to solving problems.
FRONTDESK CO-FOUNDER: IN ONLINE TRAVEL BOOKING BIZ, TECHNOLOGY IS EVERYTHING
“We’re a tech-enabled service system, so we use this to serve our hospitality guests and our real estate partners and technology is the way we operate,” DePinto said. “In this kind of business of apartment-style rentals, technology is a requirement. It isn’t nice to have. it’s a requirement to be able to operate.”
MILWAUKEE STARTUP FRONTDESK RAISES $2.75 MILLION BRIDGE ROUND
Milwaukee-based corporate home-sharing startup Frontdesk LLC announced it has completed a $2.75 million bridge funding round. The funding will allow Frontdesk to expand its technology platform and geographical footprint more quickly, the company said. Since the beginning of 2019, Frontdesk has grown from managing 135 units in six cities to now managing 270 units in 13 cities.
LA MACCHIA PART OF $2.75M ROUND FOR MILWAUKEE SHORT-TERM LODGING STARTUP FRONTDESK
Frontdesk, the Milwaukee-based startup that offers short-term rental housing for business and vacation travelers, has raised another $2.75 million to expand the business.
STEPPING INTO 21ST CENTURY HOSPITALITY WITH APARTMENTS AND TECHNOLOGY
[Frontdesk] saw the need for the best of both worlds and, to tackle this challenge, it is “evolving into a 21st-century tech-enabled hospitality brand,” DePinto told PYMNTS in an interview. As a result, the company can architect all the elements of its operation from technology to process and its people from the ground up with insight from the current day.
FRONTDESK MANAGES SHORT-TERM RENTALS IN URBAN APARTMENT COMMUNITIES
Founded in 2017, Frontdesk develops and manages short-term rental suites around the United States for both business and leisure guests. Frontdesk ensures units provide hotel-style amenities and technology-driven security and services such as noise-monitoring sensors.
FRONTDESK EXPANDING TO 15 CITIES WITH CORPORATE RENTAL MODEL
Airbnb, VRBO, HomeAway, Booking.com, Expedia… there is no shortage of competition in the world of private home rentals. But those are just online booking intermediaries. Milwaukee startup Frontdesk aims to corner the market on professional home rental management.
HOW FRONTDESK CREATES SENSE OF HOME FOR BUSINESS TRAVELERS
It’s a good place to be for Milwaukee-based Frontdesk. As more and more Americans turn to homesharing platforms to book their travel accommodations, the hospitality and real estate company is poised for rapid growth in the coming year as it focuses on corporate housing for business travelers.
MILWAUKEE CORPORATE HOMESHARING STARTUP EXPECTS DNC WINDFALL
Fast-growing Milwaukee startup Frontdesk, which rents apartments to corporate travelers, expects it will receive “a financial windfall” for its 22 Milwaukee rentals when the 2020 Democratic National Convention comes to town.
FRONTDESK GETS INVESTMENT FROM BUCKS’ LASRY
Milwaukee corporate housing management startup Frontdesk has received a $250,000 investment from Milwaukee Bucks co-owner Marc Lasry. The investment will go toward the $1.09 million seed-plus funding round Frontdesk is currently raising.
MILWAUKEE STARTUP FRONTDESK PROVIDES CORPORATE HOUSING FOR BUSINESS TRAVELERS
By making it easy for travelers to stay in homes and apartments outside of typical hotel locations, Airbnb changed the game for the hospitality industry.