GV, the subsidiary of internet and technology group Alphabet formerly known as Google Ventures, has led a $16m series B round for US-based event venue provider Peerspace.
Existing investors including venture capital firm Foundation Capital and real estate finance provider Red Bridge Partners also contributed to the round, which increased the company’s total funding to $33.5m.
Peerspace runs an online platform that allows businesses or individuals to rent out spaces supplied by its network of partners, for events such as weddings, dinners, parties, meetings photo shoots or business functions.
GV general partner Joseph Kraus has joined Peerspace’s board of directors in conjunction with the round, and the proceeds will be used to add more variety to the company’s spaces, refine the money raising process for hosts and add connections to ancillary services.
The company raised $1.5m in seed capital in 2014 from investors including Structure Capital, which joined Foundation Capital for a $5m series A the following year.
Real estate developer Mitsui Fudosan, Foundation Capital, Red Bridge and Carthona Capital added $11m in March 2017.