PriceLabs, a supplier of revenue management tools, has received $30 million from Summit Partners. Since its founding, this is its first equity funding.
The firm claimed it would spend the money growing its staff and producing additional goods.
PriceLabs, a Chicago-based company founded in 2014, offers owners and managers of second homes and short-term rentals AI-driven analytics solutions.
They may automate and offer dynamic pricing for their homes across all listings with its assistance.
Property owners may continually analyze previous and upcoming hyper-local data with PriceLabs’ software-based automatic dynamic pricing system to detect changes in demand and suggest the best daily pricing depending on the particulars of each property.
Over 70 different property management software programs are directly connected to the company’s software stack, which assists property owners in running their businesses effectively.
“Pricing can be the single biggest growth lever when running any business, particularly in the hospitality space, where most businesses still use archaic methods and static pricing that can leave anywhere from 10%- 40% of revenue on the table,” Richie Khandelwal, cofounder of PriceLabs, said in a statement. “We purpose-built PriceLabs from the ground up to serve the needs of short-term rental operators, offering an easy-to-use and highly configurable solution,” Khandelwal added.
PriceLabs power over 150,000 listings in more than 100 countries.
“Consumer preference has continued to shift in favour of alternative accommodations across every demographic, which has led to rapid growth in the short-term rental industry and over 8 million unique listings on Airbnb and Vrbo alone,” said Colin Mistele, managing director (MD) at Summit Partners, who will join the board of PriceLabs.
“We see PriceLabs as ideally positioned to serve this growing market with an intuitive, easily customizable and comprehensive solution designed to deliver RoI (return on investment) to owners and managers,” added Mistele.