Property price management startup PriceLabs secures $30million in funding from Summit Partners
PriceLabs, a cloud-native revenue management firm based in Pune and Chicago, has raised $30 million from Summit Partners, a US-based investor. Summit Partners’ minority investment is PriceLabs’ first institutional round of funding. Colin Mistele, managing director of Summit Partners, will join the PriceLabs Board of Directors as a result of this.
PriceLabs wants to use the funding to expand its revenue management solutions product line and fuel worldwide team expansion. PriceLabs created AI and analytical tools to assist property owners, vacation home managers, and short-term rentals in order to bridge the gap between existing revenue management systems and cater exclusively to the hospitality industry.
Hassan stated, “Our software democratises powerful features that were previously exclusively available to huge hospitality firms. The business also stated that it interfaces with existing hospitality technologies, whether it is an apartment in Paris or a multi-thousand-unit vacation rental manager in Florida.”
PriceLabs boasts over 150K listings in over 100 countries and has been continuously increasing since the product resonates with vacation rental businesses of all sorts, from single-property owners to major property managers.
Richie Khandelwal, Anurag Verma, and Syed Sana Hassan founded the firm in 2014 after experiencing difficulties managing personal rental property and inefficient price modifications due to demand changes. The startup provides a pricing solution that analyses historical and hyperlocal data to detect demand fluctuations and determine the appropriate daily prices based on the unique characteristics of each property.
PriceLabs is by all accounts an inspiring startup with spurring development on technology, information and internet platform. Congratulations on your startup. May this new business bring you huge success and fulfillment.Shishir Gupta, Founder and CEO, StartupLanes
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