PriceLabs Raises $30 Million In First Funding From Summit Partners

Summit Partners has invested $30 million in PriceLabs minority development, according to the provider of pricing and revenue management solutions for the short-term rental market. This money will encourage the expansion of the company's international staff and support its commitment to creating the top revenue management solutions.

"Pricing can be the single-biggest growth lever when operating any business, particularly in the hospitality space, where most businesses still use antiquated procedures and static pricing that can leave anywhere between 10 and 40% of the revenue on the table," said Richie Khandelwal, President and Co-Founder, PriceLabs. He continued, "We have designed PriceLabs from the ground up to meet the demands of short-term rental companies

In order to provide artificial intelligence (AI) and analytical tools to owners and operators of vacation homes and short-term rentals, PriceLabs was founded in 2014. Richie Khandelwal had the idea while managing his own rental properties and struggling with how to effectively change the prices in response to demand changes. Together with pals Anurag Verma and Sana Hassan, the group created a method to deal with such problems.

According to co-founder Sana Hassan, "they range from an individual host renting out their apartment in Paris for a season to a management of thousands of vacation rental properties in Florida. He continued Powerful technologies that, in the past, were exclusively accessible to large hospitality organisations are now made more accessible by our software.

The company claims that users can monitor and investigate local market conditions using the data & tools and prices can be adjusted to meet the demands of the property and operations. PriceLabs currently powers over 150,000 listings across more than 100 nations.

Anurag Verma, the co-founder of PriceLabs, stated that the company would continue its aim of bringing innovation to the short-term rental industry and accelerating global recruiting with the backing and resources that Summit Partners offers.