US-based residential property manager Zeus Living secured $55m on Monday in a series B round that included short-term accommodation portal Airbnb and mass media group Comcast.
Spike Ventures, Ceas Investments, TI Platform Management, Initialized Capital, NFX and Alumni Ventures Group also took part in the round, the latter three being billed as existing investors. It valued the company at $205m post-money according to TechCrunch.
Founded in 2015, Zeus Living oversees a network of 2,000 furnished properties that it markets across five US metropolitan areas as temporary accommodation on behalf of homeowners, to customers seeking lodging for a minimum of 30 days.
The company’s model involves targeting prolonged temporary bookings, which are increasingly favoured by professionals and business travellers, providing residences in districts with good commercial connections, and which come equipped with internet service from Comcast.
The series B cash will drive Zeus Living’s expansion into more US metropolitan markets and its first international steps, while helping it refine the core technology underpinning its platform.
Initialized Capital led a $11.5m series A round for the company in March 2019 that was raised alongside $10m of debt financing, according to TechCrunch.
Zeus Living had received a total of $3m in seed funding from GV, a corporate venturing subsidiary of internet and technology group Alphabet, as well as Bowery Capital, Initialized Capital and Floodgate, as of the end of 2016.
David Holyoke, global head of Airbnb’s For Work subsidiary, said: “Modern professionals travel more frequently, stay longer and seek accommodations that feel like home.
“As more companies look to Airbnb for Work for extended-stay and relocation solutions, this segment remains a key focus for Airbnb. Zeus Living delivers an exceptional guest experience at affordable prices in key cities, and we are excited to invest in them to accelerate their growth.”