Internet and technology group SoftBank led a $150m series D round for US-based hospitality management software provider Cloudbeds yesterday through its Vision Fund 2 vehicle.
Echo Street Capital Management, Walleye Capital, Viking Global Investors, PeakSpan Capital and Counterpart Ventures also contributed to the round, which the company said lifted its overall funding to $253m.
Cloudbeds has built a cloud platform which helps hospitality providers organise their businesses, integrating tools covering operations, revenue and marketing in a single place.
The software is tailored for use by individual hotels and hostels, holiday rental properties and hotel chains. Cloudbeds will allocate the cash to expanding its product and customer base, in addition to increasing headcount.
Cultivation Capital provided $3.1m in series A funding for the company in 2016 and joined PeakSpan Capital Nashville Capital, ClearVision Equity and TTCER Partners in a $9m series B round the following year.
Viking Global led Cloudbed’s $82m series C round in March 2020, investing with human resources firm Recruit, PeakSpan Capital, Counterpart Ventures and Cultivation Capital. It has also named law firm DLA Piper, Silicon Valley Bank, Tech Coast Angels and University of California San Diego’s Rady Venture Fund as investors.
Andrew Zloto, investment director at SoftBank Investment Advisers, which manages Vision Fund 2, said: “As travellers increasingly expect their entire experience to be seamless, instantaneous and digital, Cloudbeds has built a single, intuitive platform for properties of all sizes to keep up with their customers’ needs.
“Cloudbeds has already scaled to more than 20,000 properties worldwide and we look forward to working with the team to support their goal of creating more meaningful travel experiences between owners, operators and their guests.”
