News Summary

Hostaway, a Finland-headquartered vacation rental software firm with historical ties to Canada, has announced a $365 million strategic growth financing round. The investment, led by New York’s General Atlantic and supported by existing investor PSG Equity, aims to support Hostaway’s expansion into European markets and the enhancement of its AI capabilities. This round comes at a $925-million post-money valuation and follows PSG’s previous $175 million investment. Hostaway, founded in 2015 by Marcus Räder, Saber Kordestanchi, and Mikko Nurminen, provides software for managing short-term rental properties. The company, which previously operated primarily out of Toronto, now has a presence in over 100 countries. Hostaway differentiates itself by not directly managing properties like its competitors Sonder and Airbnb. The recent funds will help Hostaway expand in countries such as France, Italy, and Spain, while also developing new AI tools.