Cloudbeds raises $150M to accelerate R&D and customer acquisition

Hospitality
technology provider Cloudbeds has raised $150 million in Series D funding, led
by new investor SoftBank Vision Fund 2. Additional investors include Echo
Street, Walleye Capital and returning investors Viking Global Investors,
PeakSpan Capital and Counterpark Ventures.

This
latest round brings the company’s total funding to $253 million.

Founded
in 2012, San Diego-based Cloudbeds provides integrated solutions for
hospitality operations, revenue management, distribution, guest experience and
marketing. The company says it currently serves more than 22,000 properties, including
independent hotels, hostels, vacation rentals and hotel groups, across 157
countries. 

“Our customers operate a range of hospitality businesses
and what they all have in common is the desire to increase their reservations
and deliver a modern, memorable guest experience,” says Adam Harris, co-founder and CEO of Cloudbeds.

“Our platform
makes it easy for them to offer this and democratizes access to the technology and tools that are
not normally available to every property. Our mission is to power every
property in the world, and this capital will help us reach that goal sooner.”

The company says
it will use the capital to fund research and development for new product
features and functions, to add to its team and to accelerate customer acquisition.

“As travelers increasingly expect their entire experience
to be seamless, instantaneous and digital, Cloudbeds has built a single,
intuitive platform for properties of all sizes to keep up with their customers’
needs,” says Andrew Zloto, investment director at SoftBank Investment Advisers.

“Cloudbeds has already scaled to more than 20,000
properties worldwide, and we look forward to working with the team to support
their goal of creating more meaningful travel experiences between owners,
operators and their guests.”

Since
its last funding round of $82 million in March
2020, Cloudbeds has made several updates including automating exchange rates
for cash payments in multiple currencies and partnerships with Rakuten Travel
Xchange, Katanox and Riparide, an Australian outdoor adventure accommodation
booking site. In June Cloudbeds added a payment solution and financial services
division, and in August it launched a website design and development service
for hotels.

Cloudbeds is also part of Airbnb’s
beta testing of an API-powered display that enables the display of multiple
rate plans.