RedAwning.com, which supplies vacation rental properties to major online booking sites including Booking.com, has secured US$40 million from Boston-based Silversmith Capital Partners in exchange for a significant minority equity.
The funds will be used to expand in existing markets in the Americas, Europe and Asia as well as new global territories.
Funds secured by RedAwning.com will be channelled into development and expansion
An amount will also be channelled to accelerate development of its technology platform which is said to enable property managers to beat competitive property booking results through a combination of listing optimisation, marketing algorithms, dynamic analytics, and targeted distribution.
Additionally, the company plans to more than double its staff and secure a larger office space.
RedAwning is the world’s largest branded network of vacation rental properties. With over 100,000 unique rental properties in over 10,000 destinations, it is the leading supplier of vacation rentals to every major online booking website, including Booking.com, Expedia, HomeAway/VRBO, FlipKey/TripAdvisor and Airbnb.
Silversmith is RedAwning’s first institutional investor, according to principal of the growth equity firm, Sri Rao.