Rental network Evolve raises $11 million to back expansion

Evolve Vacation Rental Network has taken another $11 million in funding, almost a year to the day since its previous investment round.

The US-based company has grown quickly since its formation in 2011 to have a portfolio of 4,000 properties under its wing.

The latest round was led, once again, by T Rowe Price and with the support of Annox Capital and Allen & Company.

PAR Capital Ventures also participated in the round.

Total funding to date now sits at $23 million.

T Rowe, Annox and Allen featured in a $5.5 million round secured in June 2016.

The company claims to be securing over $150 million in gross bookings for the owners on the roster of properties.

Evolve specialises in providing vacation rental management services including owner websites and marketing tools, booking platforms, customer services and guest communications.

It also handles distribution into third party platforms such as TripAdvisor, HomeAway and VRBO.

Founded in 2011 by Brian Egan and Adam Sherry, Evolve currently focuses on the North American market.

Bob Mylod, a previous investor in the company and former-vice chairman and chief financial officer at Priceline, sits on the company’s board of directors.

Egan says:

“This capital raise allows us to ensure our service is considered by every vacation rental owner − whether a veteran rental-by-owner, a client of a traditional property manager, or someone entering the market for the first time.”

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