Hospitality management software provider Cloudbeds has brought in a $9 million Series B investment round, bringing its total so far to $20 million.
The US-based company has attracted the likes of lead investor PeakSpan Capital alongside finance houses Nashville Capital, Cultivation Capital, ClearVision Equity and TTCER Partners as fgellow participants.
The round comes almost a year to the day on from a $3.14 million Series A from returning backer Cultivation Capital.
Born in San Diego in 2012, Cloudbeds has created a “suite” of products including a property management system, channel services and a booking engine.
Its client base includes those in the hotel, hostel, camping area and vacation rental sectors of the hospitality world.
Cloudbeds has since grown from its California base to open offices in Ireland and Brazil, with customers in 120 countries (300 installs to-date).
President and chief operating officer, Richard Castle, says:
“We continually strive to build a better platform and we are excited that this new round of fundraising will also help us accelerate the release of new functionality.
“Our platform enables small lodging professionals to reach a global audience and we are looking forward to giving them more tools to help them successfully compete on a global scale.”
The new round will be used to grow the business internationally and put the product in more areas of the “longtail hospitality sector”.