Airbnb’s Luxury Rival Confirms $40M Funding Round

While all eyes are on the potential valuation of peer-to-peer lodging site Airbnb, which is expected to go as high as $24 billion, other players in the home rental business are doing their best to rack up financing as well.

Onefinestay, the high-end home rental version of Airbnb, announced a $40 million raise in funding yesterday (June 29) as a result of its latest Series D funding round.

The company also announced a slew of new hires to its executive team, adding that the management changes and new funding will support the company’s mission to “create the ultimate experience of boutique hospitality with its new category of upscale accommodation.”

“This financing will support onefinestay in its ambition to create the ultimate experience of boutique hospitality through a series of service delivery, eCommerce and technology developments to enhance the company’s offering for guests and homeowners; initiatives to grow the company’s global presence; and investments in training and recruitment capabilities that are central to onefinestay as a people-led business. It will also fuel the continued scaling up of operations in onefinstay’s existing markets as well as plans for international growth,” the company release said.

The five-year-old startup seeks to offer an experience connecting high-end homes with top-notch service, which the company confirms has driven its popularity in over 130 countries. According to onefinestay, the upscale accommodation sector is valued at $50 billion, which it hopes to work towards transforming with its new capital.

To date, the company itself has raised more than $80 million, the latest funding round included participation from Intel Capital, Quadrant Capital Advisors, global hospitality brand Hyatt Hotels and others.

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