West Hollywood-based short-term rental startup AvantStay secured $5 million in its latest funding round.
Bullpen Capital, a San Francisco-based venture fund, led the round, according to the Los Angeles Business Journal. Other backers included F-Prime Capital Partners, Zeno Ventures, Abstract Ventures, and Presidio Bay Ventures.
It brings AvantStay’s total funding up to $6 million. Some of the money will be invested into its technology infrastructure.
AvantStay manages vacation properties and targets group travelers. It also arranges group vacation activities specific to each property. It manages its own cleaning and maintenance service as well.
The company manages 60 properties around the U.S. and will use the funds to expand its operation. It looks to manage around 200 properties by the end of next year.
AvantStay says it doesn’t look to compete with home-sharing giant Airbnb, but instead collaborates on “technology initiatives, policy updates, and market demands,” according to journal reported. [LABJ] — Dennis Lynch
Source: The Real Deal Los Angeles