Cloudbeds Raises 9 Million in Series B Funding, Led by PeakSpan Capital
SAN DIEGO, June 22, 2017 (GLOBE NEWSWIRE) -- Cloudbeds, a leading provider of hospitality management software for independent properties (hotels, hostels, inns, beds and breakfasts, campgrounds, vacation rentals, and more), today announced it has completed an oversubscribed $9+ million Series B financing round. Cloudbeds' first institutional round was led by PeakSpan Capital, and includes additional investment from Nashville Capital, Cultivation Capital, ClearVision Equity, and TTCER Partners. The financing follows last year's Series A round of $3.14 million, bringing the total investment to date to $20 million.
"Cloudbeds brings the latest innovations in software to the hospitality industry - they are laser focused on championing the needs of independent hoteliers and setting the standard for a fully integrated, best-in-class platform," said Phil Dur, Managing Partner and Co-Founder at PeakSpan Capital. Matt Melymuka, Vice President and Co-Founder of PeakSpan added, "Great things happen when you combine focus with a truly visionary and excellent management team. We feel fortunate to lead this investment round and are looking forward to helping the company capitalize on its progress to date."
Founded in late 2012, Cloudbeds now has 102 employees worldwide with offices in San Diego, São Paulo, and Dublin. Their software now services tens of thousands of properties in 120+ countries.
Cloudbeds develops software that is designed to help independent property owners and operators become more competitive by offering an integrated system that includes property management, channel management, and a commission-free booking engine. By offering everything in one software suite, Cloudbeds helps properties maximize occupancy while minimizing time spent on administrative tasks. In turn, this gives their clients more time to spend with their guests. In addition to offering a full software suite, the Cloudbeds channel manager, myallocator, is one of the most popular standalone channel management solutions and is used by thousands of properties.
"We have experienced incredible success over the last few years. Cloudbeds software is used by everyone, from boutique hotels to adventure hostels, in every part of the world. We are fueling the growth of travel businesses worldwide and helping millions of people experience all the world has to offer," said Adam Harris, CEO of Cloudbeds. "We're thrilled to have PeakSpan on board with us. As investors, PeakSpan has an incredible track record of building successful companies, and their insights will be especially helpful during our next phase of growth. PeakSpan and Cloudbeds share similar cultures and values - we both believe in building highly customer-centric companies, obsessing over product, and prioritizing company culture."
"We continually strive to build a better platform and we are excited that this new round of fundraising will also help us accelerate the release of new functionality," added Richard Castle, President and COO of Cloudbeds. "Our platform enables small lodging professionals to reach a global audience and we are looking forward to giving them more tools to help them successfully compete on a global scale."
Cloudbeds creates cloud-based hospitality management software that simplifies the working lives of independent property owners, operators, and employees. Cloudbeds' award-winning software is trusted by thousands of hotels, hostels, and groups in over 120 countries. With over 300 integrations, Cloudbeds connects to more marketplaces than any software in the hospitality industry. Cloudbeds has offices in San Diego, São Paulo, and Dublin. For more information, please visit www.cloudbeds.com.
PeakSpan Capital is a growth equity firm based in New York City and Silicon Valley, with a focused mission to be the partner of choice for growth stage entrepreneurial teams who are building amazing software targeted at business buyers of all sizes -- from very small businesses to large enterprises. PeakSpan combines deep domain expertise within a select number of themes with a homegrown, proprietary technology platform providing visibility into company and market performance, to help entrepreneurs drive resilient, risk-adjusted value creation. To learn more about PeakSpan Capital and its portfolio, please visit: www.peakspancapital.com.
2655 4th Ave. San Diego, CA 92103
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Cloudbeds via Globenewswire
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