Tokyo-based vacation rental management startup H2O Hospitality has landed $7 million in Series B funding.
Samsung Ventures, Stonebridge Ventures, IMM Investment and Shinhan Capital led the round, bringing the company's total funding to date to $18 million.
H2O’s platform centralizes and automates services such as guest communication, bookings, revenue management, housekeeping and property management.
Originally launched in 2015 as South Korean-based cleaning business WaHome, the company rebranded as H20 in 2017 after acquiring accommodation management companies in Japan.
In addition to managing about 5,000 rooms, the company also operates vacation rental brand H2O Stay, with properties including a new hotel near Universal Studios Japan.
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The new round will be used to support the company’s growing working capital needs.
According to CEO John Lee, H2O has doubled its revenue every quarter since the third quarter of 2018.
Eric Kim, senior investment manager at Samsung Ventures, says in a press release that the firm is “pleased to be part of the fastest-growing hospitality company in Japan.
“H2O has already proven product-market-fit within Japan, and we expect them to continue to thrive as they expand outside of major cities.”