Hospitable,
which specializes property management technology for rentals has announced more than $1.5 million in
funding from its customers and employees.
The company, which was founded in 2016, said 100 people across 32
countries who use and develop the product invested, creating an ownership model
different to the “venture capital playbook driving much of travel tech.”
It added that giving hosts, property managers and employees a role
in shaping the future of the company “reinforces its independence and ensures
the platform’s roadmap is driven by the operators who depend on it every day.”
The funds will be used to accelerate Hospitable’s product roadmap,
with a focus on further investment in AI, including a $250,000 agreement with
OpenAI. The company also wants to expand the platform and strengthen its
reliability.
The
company describes itself as a short-term rental super app offering a range of
services including automated guest messaging, rate optimization, rental
agreements management and powering direct booking websites.
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Hospitable
reported $22 million in annual run rate (ARR), with year-to-date growth of 46%
and a 75% percent gross profit margin. Last year the company processed more
than $4.6 billion in reservation income for customers.
“Hospitable has
always been built side by side with our community. Now that same community is
helping to fund our future,” said Pierre-Camille Hamana, founder and CEO of
Hospitable.
“There is no
stronger signal of trust than customers choosing to invest their own money in
the software they depend on. It shows that independent, customer-funded
technology can thrive in an industry dominated by outside capital. Most
software in our industry is shaped by the priorities of venture capital and
private equity. We chose a different path. By bringing our customers and team
onto the cap table, we are proving that world-class technology can be funded by
the people who actually use it.”