US-based hospitality management software provider Kasa Living disclosed $50m in funding on Tuesday from investors including Allegion Ventures, the strategic investment arm of security technology producer Allegion.
The funding consists of a $20m series A round led by venture capital firm FirstMark Capital that took part in the past year, and a $30m series B recently led by investment firm Ribbit Capital. Allegion Ventures, RET Ventures, Zigg Capital and BoxGroup were also named as investors.
Founded in 2016, Kasa forms partnerships with owners of hotel or multifamily properties in order to convert underused space into professionally managed units kitted out with new furnishings and targeted toward travellers wanting boutique short-term accommodation.
The company has formed such partnerships in 35 cities across 15 US states and claims it has maintained 75% occupancy rates during the past nine months despite the disruption to the hospitality sector caused by the coronavirus pandemic.
Roman Pedan, Kasa’s founder and chief executive, said: “We see a generational opportunity to innovate in a beleaguered travel sector.
“Kasa aspires to build a global accommodations brand beloved by guests, indispensable to property partners and desired by neighbours. This raise allows us to grow our technology team significantly to power a flexible and distributed hospitality offering that delivers on our mission.”
Photo courtesy of Kasa Living, Inc.
