PriceLabs, a cloud-native revenue management startup has $30 million in funding round from US-based Summit Partners.
With this investment, Colin Mistele, Managing Director of Summit Partners, will join PriceLabs’ board.
The startup plans to use the funds for product expansion in the revenue management solutions category and foster global team growth.
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Pune and Chicago-based PriceLabs was founded in 2014 by Richie Khandelwal, Anurag Verma and Syed Sana Hassan, It brings sophisticated AI and analytical tools to owners and managers of vacation homes and short-term rentals.
It provides a pricing solution that analyzes historical and hyperlocal data to understand demand changes and recommend optimal daily pricing tailored to the unique characteristics of each asset.
“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. 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 that allows operators to combine our AI and algorithms with their own unique knowledge of the local market and property”, said, Richie Khandelwal, co-founder, PriceLabs.
The startup claims to have over 150K listings in over 100 countries. It also claims to grow 3X in FY22 and has over 15K customers on its rolls.
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“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.
“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.
PriceLabs is an innovative and easy to use revenue management tool for vacation and short term rental industry. A data-driven approach, automation rules, and customizations to manage pricing and stay restrictions help vacation rentals increase revenues and save them hours in the process.
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With integrations to a growing list of channels and property management systems, automated revenue management is a few clicks away.
Their team is experienced in revenue management, travel distribution, technology and analytics, and has put all that experience to making a leading revenue management solution for the vacation and short term rental industry.