Real Estate Marketing & Beyond
PropTech startup Beyond Pricing, which is rolling out “dynamic pricing” software for the short-term rental industry, has just announced having raised $42.5 million in Series A funding from Bessemer Venture Partners.
The San Francisco real estate tech startup started in 2013 by former airline industry executives, CEO Ian McHenry, and his co-founder, CTO David Kelso (CTO) is leveraging more than 10 billion proprietary data points toward razor accurate pricing recommendations. McHenry addressed his startup skipping some intermediate funding saying:
"We wanted to have a capital partner that could help us take a few more risks and build out a bunch of new products and go after Europe in a big way since it’s over half of the whole market.”
The company says its pricing innovation has already boosts Airbnb and HomeAway short term rental revenue by allowing owners to glean up to 40% more from the properties. This explains, in part, the startup having the luxury of picking and choosing when to raise capital.
The new funding from Bessemer Venture Partners will be used to grow the Beyond Pricing business in Europe, where the short term rental and vacation rental market in Europe is twice that of the U.S. The company says it will also be rolling out new features and products.
The company currently prices more than 150,000 listings in over 7,000 cities globally and has dynamic pricing for more than $2 billion in bookings.
Experts say overall PropTech investments will approach record numbers by the end of the year. Other investors in Beyond Pricing include Bullpen Capital, Plug and Play, Resolute Ventures, and Social Leverage.
