2019 was the year of the Mega Property Manager and Investors putting unseen amounts of money in Vacation Rental Managers looking to disrupt the industry. Luckily WeWork waited till the end of the year to implode, but it will be interesting to see if these companies are the real deal or another WeWork.
Sonder raised 225 Million from Tao Capital Partners, Valor Equity Partners, WestCap bringing their total raised to $360 Million and a valuation of more than +$1 Billion Dollars bringing them unicorn status.
They are a new type of property manager that leases large blocks of aparments from landlords and rents them out as short term rentals. They are focused mainly on Urban areas than traditional Vacation Rental areas.
Domio also raised a $50 Million Series B to compete with Sonder in leasing blocks of long term apartments & renting them out short term with hotel-style amenities.
The round was led by GGV Capital with Eldridge Industries, 3L Capital, Tribeca Venture Partners, SoftBank New York (yes that Softbank), and Tenaya Capital also participating.
Vacasa has raised another $319 million to bring its total investment to $500 million. Unlike Sonder in Domio Vacasa is not leasing units to create mini-hotels, but acts as a traditional Vacation Rental Manager renting out owner’s second homes.
They are betting they can disrupt traditional property managers with a large consolidated brand & their own proprietary technology including reservations, revenue management, & smart home technology.
Also see: Vacasa Acquires Wyndham Vacation Rentals which brings Vacasa to 23,000 homes nationwide.
TurnKey Vacation Rentals also raised $31 million in series D financing and total funding to $72 million since 2013. The round was led by Adams Street Partners with participation from their existing investor Altos Ventures.
TurnKey’s business model competes head to head with Vacasa but is exploring the possibility of selling their proprietary technology to other property managers as well.
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