SAN FRANCISCO, Dec. 05, 2017 (GLOBE NEWSWIRE) -- MyVR, a cloud-based, multi-channel management platform for vacation rental businesses, announced an additional $6.1 million in funding today. Early stage investment firm True Ventures led the Series A funding round alongside several existing investors, bringing the platform’s total investment to $7.5 million.
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Vacation rentals are projected to reach $194 billion in annual bookings by 2021. As new distribution channels have emerged to meet the growing demand, property managers and owners have been forced to adopt online, real-time bookings and maintain certain levels of data accuracy, responsiveness, and conversion in order to gain exposure with travelers – making the job of managing a vacation rental business increasingly complex.
Central to the company’s offering, MyVR’s direct integrations with major vacation rental distribution websites like Airbnb, HomeAway, TripAdvisor, and Booking.com allow property managers to automate the management of their marketing channels to keep them in sync and up to date. MyVR’s management software also allows property managers to streamline their operations, automate guest communications, launch and grow a direct sales channel, and connect to other best-of-breed solutions via MyVR’s growing marketplace of connected apps and services.
“MyVR’s open-platform approach is an intelligent solution to the problems facing the vacation rental industry,” said Jon Callaghan, co-founder of True Ventures. “The major distribution channels need responsive property managers and high quality inventory with accurate data. Property managers need technology to help them perform their jobs more efficiently, so they can maximize bookings. Jonathan and his team, who have proven success working together, have positioned the company to fill this gap and provide much-needed back-end infrastructure for the category.”
MyVR will use the Series A funds to further platform functionality, expand client support, and grow the platform’s marketplace of connected apps and services aimed at simplifying the task of managing a private accommodations business.
“We are thrilled to work with True and are excited about what their involvement and the new funding will mean for our customers,” said Jonathan Murray, MyVR CEO and Co-founder. “We know from personal experience that managing vacation rentals is time-consuming, error-prone work. In this evolving and increasingly competitive industry, it’s important that vacation rental operators have the tools they need to optimize and synchronize their various marketing channels. That includes having better tools for growing a direct channel and automating day-to-day operations.”
Prior MyVR investors include Y Combinator, SV Angel, Paul Buchheit, Clem Bason, Chris Dixon, Don Hutchinson, Ben Boyer, Alex Rampell, and Tod Sacerdoti.
About MyVR
MyVR is a cloud-based software solution for vacation rental owners and property managers. From a centralized dashboard, MyVR customers can manage 30+ premium listing sites (including AirBnB, HomeAway, and VRBO), launch their own direct sales channels, and automate renter communications and day-to-day workflow. MyVR's open and extensible platform allows customers to integrate their in-house tools and connect to best-of-breed third party apps, while retaining control of their data in a centralized workspace. MyVR is a backed by True Ventures, Y Combinator, SV Angel, and numerous angel investors. To learn more about MyVR, visit www.MyVR.com.
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley based venture capital firm that invests in early stage technology startups. With capital under management in excess of $1.4 billion, True provides seed and Series A funding to the most talented entrepreneurs in today’s fastest growing markets. The firm maintains a strong founder community and offers innovative educational opportunities to its portfolio, helping entrepreneurs achieve higher levels of success and impact. With more than 200 companies funded and multiple companies acquired, the current True portfolio has helped create over 8,500 jobs. To learn more about True Ventures, visit www.trueventures.com.
Press Contact:
Jonathan Murray
(415) 964-2555
press@myvr.com