In a funding round announced earlier this month, SoftBank Vision Fund 2 officially joined existing investors in Cloudbeds, adding additional financial firepower to the growing San Diego company’s market-leading, cloud-based hospitality management software platform.
On Nov. 4, Cloudbeds announced it had raised $150 million in a Series D round led by new investors SoftBank Vision Fund 2, Echo Street and Walleye Capital together with returning investors Viking Global Investors, PeakSpan Capital and Counterpart Ventures.
The Series D round brings the company’s total venture funding to $253 million.
Company officials said the round will help Cloudbeds further solidify its position as the leading hospitality management software solution and technology partner for lodging businesses of all types and sizes, including independent hotels, hostels, vacation rentals and hotel groups.
Adam Harris, CEO and co-founder of Cloudbeds, said most hospitality businesses are still transitioning from patchwork systems of “siloed, legacy software programs that rely on manual data entry and were not designed for interoperability.”
Cloudbeds combines all essential business functions into a fully integrated, cloud-based platform.
“Our customers operate a range of hospitality businesses, and what they all have in common is the desire to increase their reservations and deliver a modern, memorable guest experience,” said Harris. “Our platform makes it easy for them to offer this and democratizes access to the technology and tools that are not normally available to every property. Our mission is to power every property in the world, and this capital will help us reach that goal sooner.”
“We constantly invest in building, expanding, and refining the tools and technology our customers need to stay competitive, and this financing will help us accelerate that effort,” said Richard Castle, COO and co-Founder of Cloudbeds. “Lodging businesses worldwide looking to capitalize on the coming travel boom are increasingly turning to Cloudbeds to modernize their technology and guest experience.”
The additional financing will support Cloudbeds’ ongoing research and development efforts —and its growth strategy, which includes investing heavily in the verticalization of Cloudbeds’ industry-leading platform to provide an end-to-end tech solution for all lodging businesses.
Meeting Traveler Expectations
“As travelers increasingly expect their entire experience to be seamless, instantaneous and digital, Cloudbeds has built a single, intuitive platform for properties of all sizes to keep up with their customers’ needs,” said Andrew Zloto, investment director at SoftBank Investment Advisers. “Cloudbeds has already scaled to more than 20,000 properties worldwide and we look forward to working with the team to support their goal of creating more meaningful travel experiences between owners, operators and their guests.”
The Cloudbeds Hospitality Platform combines tools for operations, revenue management, guest experience and marketing with a marketplace of third-party integrations to help independent hoteliers and hosts grow revenue, streamline operations and enable memorable guest experiences.
By offering a variety of mission-critical functions in a single integrated software platform with an open API, Cloudbeds, which was founded in 2012, helps properties maximize revenue while minimizing time spent on administrative tasks.
CEO: Adam Harris
Headquarters: San Diego
Notable: Company’s platform is used by over 20,000 hotels, hostels, inns and alternative accommodations in more than 155 countries.