vacation rental management company Evolve has raised $100 million led by new
investor Durable Capital Partners.
investment brings Evolve’s total funding to $235 million since its launch in
manages more than 19,000 homes across North America and says it will use the
funding to add more properties and to “continue reimagining the vacation rental
was built on the idea that guests and owners deserve a better vacation rental
experience,” says Brian Egan, co-founder and CEO of Evolve.
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thrilled to see that our unique approach is now helping to grow the industry —
70% of new Evolve owners in 2021 were first-time renters. Likewise, our
hospitality has helped guests new to the category rest easy, as we outperform
our peers with an average review score of 4.7 out of 5 stars.”
November Evolve launched its “Risk-Free Guarantee” program which gives hosts a
refund of all management fees if they are not satisfied with the performance of
their property on Evolve after six months.
in July it announced a social responsibility program, “Building Hospitality,”
whereby Evolve donates 1% of the nightly rate of every stay to partner
organizations that focus on repairing homes and improving communities.
“Evolve is at the forefront of
the next wave of innovation in the vacation rental category,” says Henry
Ellenbogen, Durable's chief investment officer.
“As a proven and
disciplined operator with an extensive property network, large customer base,
exacting standards and a compelling brand, Evolve is well positioned to grow
and achieve sustainable, long-term success as a much larger company.”
In 2018, Evolve raised an $80 million Series D round led by T. Rowe Price Associates; that same year it acquired the technology and intellectual property assets of Everbooked, a dynamic pricing platform for the short-term rental industry.
Evolve says it currently
has about 800 employees.