Cloudbeds Raises $150M In Funding to Support Rapid Company Growth
SoftBank Vision Fund 2 joins existing investors as Cloudbeds advances its technology and grows the functionality of its cloud-based hospitality management software
Cloudbeds, the hospitality industry's fastest-growing technology provider, announced it has raised a $150 million Series D round from new and existing investors as it continues growing its team, accelerating customer acquisition, expanding its product offerings, and investing heavily in delivering best-in-class technology to the industry. The funding was led by new investor SoftBank Vision Fund 2, joined by Echo Street, Walleye Capital, and returning investors Viking Global Investors, PeakSpan Capital, and Counterpart Ventures. The Series D round brings the company’s total venture funding to $253 million.
The financing will help Cloudbeds further solidify its reputation as the leading hospitality management software solution and technology partner for lodging businesses of all types and sizes, including independent hotels, hostels, vacation rentals, and hotel groups. Most hospitality businesses are still transitioning from patchwork systems of siloed, legacy software programs that rely on manual data entry and were not designed for interoperability. Cloudbeds eases their transition by combining all of their essential business functions into a fully integrated, cloud-based platform.
“Our customers operate a range of hospitality businesses, and what they all have in common is the desire to increase their reservations and deliver a modern, memorable guest experience,” said Adam Harris, CEO and Co-Founder of Cloudbeds. “Our platform makes it easy for them to offer this and democratizes access to the technology and tools that are not normally available to every property. Our mission is to power every property in the world, and this capital will help us reach that goal sooner.”
“We constantly invest in building, expanding, and refining the tools and technology our customers need to stay competitive, and this financing will help us accelerate that effort,” said Richard Castle, COO and Co-Founder of Cloudbeds. “Lodging businesses worldwide looking to capitalize on the coming travel boom are increasingly turning to Cloudbeds to modernize their technology and guest experience.”
The additional financing will support Cloudbeds’ ongoing research and development efforts and its growth strategy. The strategy includes investing heavily in the verticalization of Cloudbeds’ industry-leading platform to provide an end-to-end technology solution for all lodging businesses and growing rapidly across new markets as hotels worldwide experience an uptick in pent-up travel demand from consumers unable to travel during the pandemic. Further, travelers’ demand for digitization and automation is growing, creating a need for lodging businesses to modernize every step of the guest journey from search to stay.
"As travelers 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,” said Andrew Zloto, Investment Director at SoftBank Investment Advisers. “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.”
The Cloudbeds Hospitality Platform seamlessly combines tools for operations, revenue management, guest experience, and marketing with a marketplace of third-party integrations to help independent hoteliers and hosts grow revenue, streamline operations and enable memorable guest experiences. By offering a variety of mission-critical functions in a single integrated software platform with an open API, Cloudbeds helps properties maximize revenue while minimizing time spent on administrative tasks. The platform is designed to elevate every aspect of a property – from the business, to the staff, to the guests – and equip hospitality leaders with what they need to stay competitive in an evolving market.