Home Funding US based Kasa Living secures US$ 30M in Series B funding

US based Kasa Living secures US$ 30M in Series B funding

Kasa Living
US based Kasa Living secures US$ 30M in Series B funding

Kasa Living, a US-based startup which gives flexible accommodation options has raised US$ 30 million in Series B funding round held in October 2020. This round was led by Ribbit Capital. The company had raised US$ 20 million in Series A funding led by FirstMark Capital less than a year ago. Other participating investors include RET Ventures, Zigg Capital, Allegion Ventures and BoxGroup.

Kasa is planning to increase investment in proprietary technology, building on its existing options and systems that enable the company to manage units across different property sizes and locations.

Over the past nine months, the company said that it had maintained occupancy rates of approximately 75 per cent, which is more than double the hospitality industry average, expanded units by 50 per cent, and launched in five more cities. Increase in market share, together with monthly revenues increasing over 50 per cent since December, pushed a significant increase in Kasa’s valuation.

Kasa claims to lead a series of innovations in the hospitality industry, utilizing its proprietary technology and expertise to transform vacant and less used real estate into high-quality, trustworthy accommodations for tourists and travellers. The company has entered into agreements with multifamily and hotel owners in 35 markets across 15 states, enabling its partners to unlock new forms of income and make full potential of their buildings.

Roman Pedan, founder and CEO said, “We see a generational opportunity to innovate in a beleaguered travel sector. Kasa aspires to build a global accommodation brand beloved by guests, indispensable to property partners and desired by neighbours.

Nick Shalek, a general partner at Ribbit Capital said, “What Kasa customers see is just the tip of the iceberg. The enormous operational complexity behind the scenes is tackled by Kasa’s technology platform, allowing them to seamlessly host a large, diverse, and growing network of distributed accommodation units efficiently.”

About Kasa Living

Kasa Living

Kasa’s mission is to create a global accommodation brand which caters to business travellers and tourists alike, with headquarters in San Francisco, California. It has a great connection with property owners, guests and residents. It was founded in 2016 by a team of many that include technology and real estate professionals from pioneers including Airbnb, KKR, and Apollo.

About Ribbit Capital

Ribbit Capital
Ribbit Capital

Ribbit Capital is a global investment firm focused on intersecting financial services and technology. It is a venture capital firm that invests in early-stage and late-stage companies. Meyer Malka founded Ribbit Capital in 2012. Ribbit Capital has its headquarters in Palo Alto, California. 

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