Montreal’s Angel Host, a platform assisting vacation rental property managers and real estate investors, is closing a funding round worth $6.5 million.
The round was led by White Star Capital and joined by Desjardins Capital, Panache Ventures, and individual investors.
The short-term and vacation rental space is fast evolving, says Angel Host, and adopting new technology to increase efficiencies and revenue remains a challenge for both individual owners and property managers.
“Unless you employ the latest technology, have a staff of revenue managers to perform daily rate optimizations, and have a team working around the clock to answer all reservation inquiries, chances are your properties are not achieving their full potential and the big property management companies will be going after your clients,” said CEO Eduardo Mandri.
Mandri says property managers are under “tremendous pressure” in a shifting short-term real estate market. His company, Angel Host, says it helps users “produce above-average returns for their property portfolios” by using deep data pricing and performance analytics and algorithm-based listings optimized for all major booking platforms.
The funding will be used to increase reach in the US, Mexico, the Caribbean and Europe, “and to continue developing its set of proprietary technology to ensure clients outperform the market.”
The financing round will allow the company to capitalize on the growing needs of the short-term and vacation rental industry.
Founded in 2019, Angel Host says its technology assists in listing creation, algorithmic-optimization, dynamic pricing, 24/7 guest services, and more for over 350 properties in seven countries.
Angel Host says the short-term market is expected to continue its double-digit growth for at least the next five years.
“We see tremendous growth opportunities in the vacation rental space and strongly believe in the value that Angel Host brings to property managers across the world,” said White Star Capital’s Christophe Bourque. “The many years of leadership experience that both Eduardo and Veronique bring to the table coupled with their laser-focus execution and unique tech-centric approach is what made us advocates from day-one.”
In Montreal, the way users and platforms like Airbnb have coexisted has been newsworthy. Prior and even after individual burroughs announced short-term rental restrictions, it was estimated that large swaths of rental units in popular neighbourhoods like the Plateau were being used as Airbnb units, reducing rental supply.