Wisconsin-based hospitality platform Frontdesk secured $13 million in Series B funding. The funding round was led by Stormbreaker Ventures with support from JetBlue Technology Ventures, Veritas Innovations, Motivate Venture Capital and several strategic investors. .
This latest round brings the short-term rental startup to $22 million in total equity financing.
“As the world becomes more digital and more flexible, the need for our product has never been greater,” says Jesse DePinto, co-founder and CEO of Frontdesk.
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“We are grateful to be joined by partners who support our vision of powering the future of dynamic living and meeting the contemporary needs of living, working and traveling,” adds DePinto. “As we look to the future, we are now even more excited about the generational opportunity ahead and Frontdesk’s leadership position within our category.”
Founded in 2017, Frontdesk offers short-term stays in multi-family communities in 30 US markets. The company was selected as a PhocusWire Hot 25 Startup for 2022.
Frontdesk has picked up units from closed competitors like Wanderjaunt, Stay Alfred, and Domio. The alternative lodging brand says it manages one of the largest collections of short-term rental units in the country, with more than 1,000 units in more than 150 buildings.
Frontdesk says its proprietary software allows it to better serve guests and automate and scale internal operations. It continues to acquire new properties to add to its portfolio and plans to use the capital to expand into existing markets and buildings.
Mark Freed, Frontdesk Board Member and Partner at Stormbreaker Ventures, talks about Frontdesk’s “Capital Efficiency Approach”.
“Backed by strong leadership and best-in-class technology, Frontdesk has built a sustainable and scalable business, and we are delighted to continue to be a part of its growth,” says Freed.
Jim Lockheed, a partner at JetBlue Technology Ventures, says the short-term rental company is “exactly the type of business that we think will be a great partner for JetBlue Technology Ventures and our existing portfolio of early-stage startups that enhance the future.” of travel and hospitality. ”
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