Proptech platform Guestready announced it has passed £900m in assets under management, following a year of rapid growth for the startup.
This announcement comes only three months after the company celebrated its third anniversary in August.
Guestready uses in-house developed software that allows homeowners and property investors to “tap into the Airbnb trend, by providing end-to-end short-let management and hospitality services”.
Processes such as the dispatching of service providers, payment schedules and guest communications, are centralised and automated by the platform’s property management system.
The company have increased their workforce from 70 to 150 employees in 11 months.
Alexander Limpert, CEO and co-founder of Guestready, said: “It was my first-hand experience of being an Airbnb host that inspired me to set-up a service that would simplify hosting to time stretched hosts.
“I started to look at how software can reduce spending time listing a property on multiple booking sites, managing check-ins and check-outs of guests, cleaning and maintaining a property, while upholding a 5-star quality service for our hosts and guests.”
The startup has seen a rapid increase in growth over the past year, with more demand from property investors, multifamily homeowners and senior hosts. Short-term lettings have also increased over the year, providing a way for property owners to shorten void periods.
GuestReady UK managing director, Steffan Maagefelt, said: “It’s essential for landlords to maximise the income from their properties to keep yields healthy.
“Short-term lettings are helping property owners maintain a steady income while they wait for new longer-term tenants to move in.”
Limpert said that opening the startup was “an ambitious plan”, and added: “In the beginning, it was just me and my girlfriend running and setting-up operations for Guestready London.
“We put up all the listings, cleaned apartments, prepared the beds for guests, dealt with property maintenance, responded to guests queries and welcomed them at the property as they arrived.”
The start-up has now operates on a global scale, with services found in 14 cities across Europe, the Middle East and Asia. They recently acquired Oporto City Flats in Portugal, We Stay in Paris in France and, European market leader, BnbLord.