US-based hospitality management software provider Cloudbeds has secured $82m in funding from investors including human resources provider Recruit.
Hedge fund Viking Global Investors led the round, which also featured growth equity firm PeakSpan Capital and venture capital firms Counterpart Ventures and Cultivation Capital.
Founded in 2012 and initially focused on Brazil, Cloudbeds has built a software suite that enables businesses in the hospitality sectors to automate front and back-office tasks covering areas like payments, reservations, finance management and communication with guests.
Adam Harris, co-founder and chief executive of Cloudbeds, said: “This has been an incredible journey. Last year, we surpassed 1,000,000 rooms on our system and continue to add tens of thousands of new rooms every week.
“With this new funding, we want to triple down on innovation and continue to transform the hospitality industry to help hoteliers and hosts meet the needs of the next generation of travellers.”
Cloudbeds had previously raised $20m altogether, according to PhocusWire, including an undisclosed amount of series A financing in 2013 and $3.1m from Cultivation Capital in 2016.
PeakSpan Capital led Cloudbeds’ $9m series B round in 2017, investing together with Cultivation Capital, Nashville Capital, ClearVision Equity and TTcer Partners.
The company’s other investors include law firm DLA Piper, Tech Coast Angels, University of California San Diego’s Rady Venture Fund and Silicon Valley Bank, according to its website.
