HostGPO raises $6M to gas enlargement efforts

HostGPO, a gaggle buying group and market for trip rental hosts to obtain furnishings, provides and different providers to run their properties, has closed a $6 million spherical, its first exterior capital to this point.

Navitas Capital, a Los Angeles-based enterprise investor targeted on early-stage expertise startups, led the spherical alongside Omnia Companions, the most important group buying group in private and non-private sector procurement. Additionally investing within the spherical are 75&Sunny, the enterprise agency based by Spencer Rascoff (a co-founder of Zillow), Brian Lee (co-founder of LegalZoom) and PAR Capital Ventures.

The funding will assist HostGPO speed up development plans by bringing in experience throughout expertise improvement, actual property marketplaces, procurement know-how and provide relationships.

“Our mission has at all times been to help of us in rising their trip rental companies whereas elevating the standard of properties that they can provide,” mentioned Jeff Iloulian, CEO of HostGPO. “As a earlier trip rental operator, shopping for furnishings and provides was extraordinarily difficult for me. With our funding companions behind us, we really feel that HostGPO can proceed creating an unbeatable platform that can make working a rental simpler and proceed to unify a fragmented trade.”

Lead investor Navitas Capital believes that HostGPO, based in 2020, will develop into an entrenched expertise layer in the true property and hospitality industries.

“Within the quickly rising trip residence and short-term rental markets, HostGPO offers a important piece of lacking digital infrastructure,” mentioned Travis Putnam, managing accomplice at Navitas Capital. “Jeff has carried out an amazing job constructing HostGPO into the early market chief, bringing the best breadth of provide companions and digital buying instruments to its greater than 250,000 buyer properties.”