West Hollywood-based short-term rental firm AvantStay announced this month that they’ve raised $160 million in Series B funding, which will help the company expand, improve its product and launch nationwide.
Founded in 2017, AvantStay now has more than 1,000 properties in its portfolio, three times what the company had only a year ago.
“The industry has seen monumental changes and expansion with new and differentiated offerings for the way people want to travel today,” said Sean Breuner, AvantStay founder and CEO. “This round of funding serves as a powerful catalyst to our company’s explosive growth as the leading short-term rental brand in the U.S.
AvantStay signs long-term leases on luxury homes and turns those properties into vacation rentals. This year, Inc. Magazine named it the 6th fastest-growing private company in Los Angeles and the 27th fastest-growing private company in State of California.
The Series B funding was led by Tarsadia Investments and 3L Capital. New investors include Capital One Ventures, Plus Capital, Bain Capital Chairman Stephen Pagliuca, L.A. Clipper Paul George and singer Shawn Mendes.
Series B funding is a stage of fundraising for startup companies in which investors provide capital to the company in exchange for the company’s preferred shares.
AvantStay raised $20 million in Series A funding in 2019.
“With Tarsadia, 3L, and our other investors’ support, we can continue to build a platform that meets the demands of guests who crave unique experiences and meaningful connections. Each of these companies has a deep understanding of the industry and will be instrumental partners in supporting our brand’s mission,” Breuner said.