HostGPO, a group purchasing organization and marketplace for vacation rental hosts to procure furniture, supplies and other services to run their properties, has closed a $6 million round, its first outside capital to date.
Navitas Capital, a Los Angeles-based venture investor focused on early-stage technology startups, led the round alongside Omnia Partners, the largest group purchasing organization in public and private sector procurement. Also investing in the round are 75&Sunny, the venture firm founded by Spencer Rascoff (a co-founder of Zillow), Brian Lee (co-founder of LegalZoom) and PAR Capital Ventures.
The funding will help HostGPO accelerate growth plans by bringing in expertise across technology development, real estate marketplaces, procurement know-how and supply relationships.
Subscribe to our newsletter below
"Our mission has always been to support folks in growing their vacation rental businesses while elevating the quality of homes that they are able to offer," said Jeff Iloulian, CEO of HostGPO. "As a previous vacation rental operator, buying furniture and supplies was extremely challenging for me. With our investment partners behind us, we feel that HostGPO can continue creating an unbeatable platform that will make operating a rental easier and continue to unify a fragmented industry."
Lead investor Navitas Capital believes that HostGPO, founded in 2020, will become an entrenched technology layer in the real estate and hospitality industries.
"In the rapidly growing vacation home and short-term rental markets, HostGPO provides a critical piece of missing digital infrastructure," said Travis Putnam, managing partner at Navitas Capital. "Jeff has done a tremendous job building HostGPO into the early market leader, bringing the greatest breadth of supply partners and digital purchasing tools to its more than 250,000 customer homes.”
Phocuswright Europe 2023
Some of Europe's smartest investors share their views on the state of startups and how to pick winners for travel’s next era.