1 month ago
 

RedAwning raises $40 million

Vacation rental platform RedAwning has earmarked a $40 million funding announced today to further develop its tech platform and grow the business.

The funding has been led by Silversmith Capital Partners from Boston which gets “a significant minority stake” in return for the cash.

To date the business has been funded by CEO Tim Choate and CTO Lance Nelson, both of whom are remaining with the business. The business is profitable, according to the announcement, and Silversmith is its first institutional investor.

RedAwning’s technology platform for owners has already “reinvented the business of channel management for the vacation rental segment,” according to Jim Quagliaroli, managing partner of Silversmith.

The funding will be used to accelerate development of the platform, to expand RedAwning’s presence in existing markets while entering new ones and also double its workforce and secure bigger premises.

The business has 100,000 unique properties on its books in 10,000 destinations. It distributes inventory via RedAwning.com and also via third parties including Expedia, booking.com and Airbnb.

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Martin Cowen

About the Writer :: Martin Cowen

Martin Cowen is contributing editor for Tnooz and is based in the UK. Besides reporting and editing, he also oversees our sponsored content initiative and works directly with clients to produce articles and reports.

For the past several years he has worked as a freelance writer, specialising in B2B distribution and technology.

Before freelancing, from 2000-2008, he was launch editor for e-tid.com, the first online-only B2B daily news service for the UK travel sector.

 

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  1. Bruce Rosard

    Congratulations to the Red Awning team. It’s great to have a VR channel manager that is poised to connect the industry. Good luck making it happen!

     
 
 

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