Lavanda, a short-term rental platform for owners and property managers, has more than doubled its attracted investment so far with a $5 million round.
The U.K.-based company, formed in 2014, has secured the investment from real estate private equity backer Henley.
Until now, Lavanda had raised two angels tranches in the $1.5 million range in 2016 and 2017.
The idea behind the company is to connect institutional real estate portfolio brokers with homestay and sharing economy-type services, such as Airbnb.
Whilst it handles a lot of inventory in the traditional rental market, short-term lets are also a major part of the business.
Hospitality companies and property managers are using it to aggregate inventory for onward distribution, both on domestic and international intermediaries.
Some 35 property management businesses are using the platform at present, the company says.
Lavanda founder Guy Westlake says:
“traditional hospitality, travel and real estate industries are converging fast,” claiming owners and developers need tools to help them manage their portfolios.”
Justin Meissel, Henley’s chief investment officer and managing director for Europe, says:
“Lavanda legitimises and institutionalises short and medium-term rental options for commercial landlords, providing a best-in-class technological solution.
“As owners, operators and developers of over 10,000 residential units, Henley have first-hand exposure to the income uplift potential driven by Lavanda’s model.”