Hospitality tech firm Cloudbeds raises $150m in funding to support rapid company growth
Cloudbeds, a hospitality technology provider, announced it has raised a $150m Series D round from new and existing investors as it continues growing its team, accelerating customer acquisition, expanding its product offerings, and investing heavily in delivering best-in-class technology to the industry.
The funding was led by new investor SoftBank Vision Fund 2, joined by Echo Street, Walleye Capital, and returning investors Viking Global Investors, PeakSpan Capital, and Counterpart Ventures. The Series D round brings the company’s total venture funding to $253m.
“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,” said Adam Harris, CEO and Co-Founder 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.”
“We constantly invest in building, expanding, and refining the tools and technology our customers need to stay competitive, and this financing will help us accelerate that effort,” said Richard Castle, COO and Co-Founder of Cloudbeds. “Lodging businesses worldwide looking to capitalise on the coming travel boom are increasingly turning to Cloudbeds to modernise their technology and guest experience.”
The additional financing will support Cloudbeds’ ongoing research and development efforts and its growth strategy. The strategy includes investing heavily in the verticalisation of Cloudbeds’ industry-leading platform to provide an end-to-end technology solution for all lodging businesses and growing rapidly across new markets as hotels worldwide experience an uptick in pent-up travel demand from consumers unable to travel during the pandemic.