Cloudbeds raises $150M to accelerate R&D and customer acquisition

Hospitality technology provider Cloudbeds has raised $150 million in Series D funding, led by new investor SoftBank Vision Fund 2. Additional investors include Echo Street, Walleye Capital and returning investors Viking Global Investors, PeakSpan Capital and Counterpark Ventures.

This latest round brings the company’s total funding to $253 million.

Founded in 2012, San Diego-based Cloudbeds provides integrated solutions for hospitality operations, revenue management, distribution, guest experience and marketing. The company says it currently serves more than 22,000 properties, including independent hotels, hostels, vacation rentals and hotel groups, across 157 countries. 

“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,” says Adam Harris, co-founder and CEO of Cloudbeds.

“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.”

The company says it will use the capital to fund research and development for new product features and functions, to add to its team and to accelerate customer acquisition.

“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,” says 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.”

Since its last funding round of $82 million in March 2020, Cloudbeds has made several updates including automating exchange rates for cash payments in multiple currencies and partnerships with Rakuten Travel Xchange, Katanox and Riparide, an Australian outdoor adventure accommodation booking site. In June Cloudbeds added a payment solution and financial services division, and in August it launched a website design and development service for hotels.

Cloudbeds is also part of Airbnb’s beta testing of an API-powered display that enables the display of multiple rate plans.