TEL AVIV (Reuters) - Israeli property management software provider Guesty said on Thursday it has raised $35 million in funding, bringing its total raised to date to $60 million.
The round was led by Viola Growth with participation from Vertex Ventures, Journey Ventures, Kingfisher Investment Advisors, La Maison Compagnie d’Investissement and existing investors, TLV Partners and Magma Ventures.
Guesty said its platform provides property managers and management companies with a solution to simplify the needs of short-term rentals.
Guesty will use the investment to open new offices in growth markets, enhance product capabilities, introduce artificial intelligence and machine learning into the platform, and expand into markets adjacent to urban properties.
Guesty’s analysis shows that short-term rentals had an addressable market of $169 billion in 2018, said Amiad Soto, co-founder & CEO of Guesty.
“The increasing growth of the space, thanks to sites like Airbnb, Booking.com and many more, has resulted in short-term lets commanding around 30 percent higher profits than long-term leases,” he said.
Reporting by Tova Cohen; Editing by Steven Scheer