West Hollywood-based hospitality technology startup AvantStay Inc. announced a $20 million Series A financing round led by 3L Capital, a venture capital investor based in Westwood.
AvantStay, which operates a platform to help group travelers find accommodations, announced the raise Sept. 18. The company will use the funding to advance its rental technologies and acquire more properties across the country for clients to rent.
“Every aspect of AvantStay — from the properties, experience and design to the operational technology suite — is raising the bar for how groups travel today, and we look forward to supporting their continued growth and expansion,” 3L Capital Managing Director Dave Leyrer said in a statement.
AvantStay has raised $30 million since launching in 2017. The company operates 150 properties and said it plans to expand into 10 markets across the United States in coming months.
AvantStay has entered into an agreement with Homes & Villas by Marriott International that will allow users of Marriott’s luxury home rental platform to book an AvantStay property.
San Francisco-based venture capital funds Bullpen Capital and Zeno Ventures, and Cambridge, Mass.-based F-Prime Capital participated in the round. Olympic gold medal-winning snowboarder Shaun White also joined the round as an angel investor.
Bullpen Capital joined as an existing investor; it backed AvantStay’s December 2018 seed round worth $5 million.
“Group travel has become an increasingly important market for short-term rentals, and it’s our mission to create a new standard that empowers our guests to have the perfect experience every time,” AvantStay Chief Executive Sean Breuner said in a statement. “3L’s extensive track record helping consumer companies scale to deliver world-class experiences and deep knowledge of the space make them a great partner.”
Tech reporter Samson Amore can be reached at firstname.lastname@example.org or (323) 556-8335. Follow him on Twitter @samsonamore.
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