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Robotic Automations

Guesty snaps up $130M at $900M valuation to help property managers list on Airbnb and beyond | TechCrunch


Travel and tourism are very much back on the map for consumers and the business world. Now, to underscore that surge, one of the startups building software in the space has closed a big round of funding. Guesty, a platform that lets accommodation managers manage their business online, including on platforms like Airbnb and Vrbo, has raised $130 million.

Sources confirmed to TechCrunch that the Series F values Guesty at around $900 million post-money.

The company, based out of New York with roots in Israel, says its revenue has increased 5x in the last three years, and it expects to turn profitable this year. The company did not specify actual revenue figures.

KKR is leading this round, with Apax Funds, Inovia, BDT & MSD Partners and Sixth Street also participating.

To put the funding into some context: Post-COVID, the global travel and tourism sector has been on a strong rebound, and is expected to generate record-high sales of $11.1 trillion in 2024, according to the World Tourism and Travel Council. That would be despite tourism in the U.S. and China still catching up to pre-pandemic levels.

For Guesty and its competitors, this upswing has played out in the form of a number of nine-figure funding rounds. Guesty last raised a Series E of $170 million that valued it at $690 million in August 2022. Guesty’s close competitor, Hostaway, raised $175 million last May, marking its first big funding round. Within a day of that news, GetYourGuide raised a monster $194 million at a $2 billion valuation.

Mews, which like Guesty builds SaaS but for hoteliers, raised $110 million at a $1.2 billion valuation in March. This trend is a strong reminder that investors are still willing to sign term sheets in the right circumstances.

“It’s definitely a tough market. In every round I’ve raised, I would always get 40 no’s for every yes,” Amiad Soto, Guesty’s CEO, told TechCrunch. Now, with Guesty “closing in on becoming profitable this year,” he joked that “I still got 40 no’s, but also a lot more yes’s.”

Soto, who co-founded Guesty with his brother Koby (who is no longer with the company), plans to deploy the funding across a few different areas.

First of all, the company wants to continue expanding its existing platform for current customers. That business today already covers “hundreds of thousands” of properties, and it will double down on the one-stop-shop concept that a lot of other B2B tech companies are pursuing today, Soto said. He declined several times to give me a more specific figure on the number of properties its platform covers.

The platform provides the basics of listing and booking management software, analytics, accounting tools, the ability to manage multiple properties and CRM features. More recently, it added enhanced payment services and capital advances (built in-house, not white-labeled from third parties, Soto said), damage protection services (dipping into the area of insurance), website building tools and price optimization services that all integrate with the dozens of interfaces where a property manager might list a room or home for travelers to book.

Second of all, the main focus to date for Guesty has been short-term lets — properties booked typically for less than a month — but the company now wants to expand into the medium-term space. This will open it up to more people who might be living temporarily in a location for a specific work assignment, for example.

Third of all, Soto said Guesty wants to consider more acquisitions. The market may not be looking favorable for all startups right now, but that is less a comment on the strength of startups (talent and innovations) than it is on the state of venture capital right now. There are a lot of very interesting companies out there that might be ready to entertain acquisition offers that provide less bullish valuations.

Stephen Shanley, partner and head of Europe Tech Growth at KKR; Lauriane Requena, a principal at KKR Tech Growth; and Dennis Kavelman, a partner at Inovia Capital, are all joining the board with this round. “Guesty is a best-in-class operator and one of the clear leaders in the property management sector,” Shanley said in a statement. “There has been a significant shift towards the short-term rental market, and this investment will support the company as it continues to meet that growing customer need.”


Software Development in Sri Lanka

Robotic Automations

New Summit is raising a new $100 million fund to back climate tech and underrepresented fund managers | TechCrunch


New Summit Investments is raising a new $100 million impact fund, according to documents filed with the SEC. The hefty new fund, should it be raised, will let it continue investing in managers backing startups and other companies focused on environmental and social problems.

This is the firm’s fifth fund and marks a sizable jump from the $40 million of its previous fund, which closed back in 2022. New Summit invests in various other funds, including venture capital, real estate investors and infrastructure investors. It currently has $115 million in assets under management, according to PitchBook.

New Summit declined to comment on the new fund’s strategy or timing, citing security regulations. “We launched one of the first multi-manager strategies for private market impact investing in 2016 and are pleased to be continuing this work,” Casey Dilloway, the firm’s managing director, told TechCrunch.

The size of the new fund suggests that it is bullish that it can convince LPs to open their wallets based not only on the firm’s investment history but also on its impact-focused approach. The fund-of-funds approach helps smaller investors place bets by finding the best-performing firms that also hew to their environmental and social requirements.

The SEC form indicates that New Summit is early in its fundraising process, and hasn’t secured any capital commitments yet. So, this is an interesting test case on if investors still have an appetite for ESG. The minimum investment is $250,000, the form says, indicating that the firm intends to approach investors of various sizes and risk appetites.

One thing going for this fundraise is New Summit’s interest in climate tech, which has bucked trends in venture capital, with deal counts remaining high throughout 2023, according to PitchBook. Last year, total investment hit $41.1 billion. While that’s off a peak of $51 billion in 2021, VCs say that climate remains one of two hot sectors where deals close fast. AI is, of course, the other.

Although the explicit focus on diversity, equity, and inclusion might be under fire from commentators, there is still a pressing need to provide opportunities to underrepresented founders, who tend to take more inclusive approaches to technology and business. New Summit has supported marginalized fund managers by launching initiatives like its partnership with investment firm Gratitude Railroad to source and underwrite underrepresented fund managers.

New Summit has also invested in several diverse fund managers who specialize in climate and health, including Black Opal Ventures and Buoyant Ventures, in addition to a range of other climate tech VCs, including ArcTern, Al Gore’s Generation Investment Management and Obvious Ventures.

New Summit Investments’ was founded in 2016 as an impact investment firm focusing on climate, health and economic opportunities. Its thesis adheres to the UN’s 17 Sustainable Development Goals, a framework to help create a more equitable planet by addressing issues such as access to clean water, quality education and poverty reduction.

New Summit Investments’ first fund closed for $20 million in 2016, followed by $36 million in 2018, according to PitchBook.


Software Development in Sri Lanka

Robotic Automations

Metaview's tool records interview notes so that hiring managers don't have to | TechCrunch


Siadhal Magos and Shahriar Tajbakhsh were working at Uber and Palantir, respectively, when they both came to the realization that hiring — particularly the process of interviewing — was becoming unwieldy for many corporate HR departments.

“It was clear to us that the most important part of the hiring process is the interviews, but also the most opaque and unreliable part,” Magos told TechCrunch. “On top of this, there’s a bunch of toil associated with taking notes and writing up feedback that many interviewers and hiring managers do everything they can to avoid.”

Magos and Tajbakhsh thought that the hiring process was ripe for disruption, but they wanted to avoid abstracting away too much of the human element. So they launched Metaview, an AI-powered note-taking app for recruiters and hiring managers that records, analyzes and summarizes job interviews.

“Metaview is an AI note-taker built specifically for the hiring process,” Magos said. “It helps recruiters and hiring managers focus more on getting to know candidates and less on extracting data from the conversations. As a consequence, recruiters and hiring managers save a ton of time writing up notes and are more present during interviews because they’re not having to multitask.”

Metaview integrates with apps, phone systems, videoconferencing platforms and tools like Calendly and GoodTime to automatically capture the content of interviews. Magos says the platform “accounts for the nuances of recruiting conversations” and “enriches itself with data from other sources,” such as applicant tracking systems, to highlight the most relevant moments.

“Zoom, Microsoft Teams and Google Meet all have transcription built in, which is a possible alternative to Metaview,” Magos said. “But the information that Metaview’s AI pulls out from interviews is far more relevant to the recruiting use case than generic alternatives, and we also assist users with the next steps in their recruiting workflows in and around these conversations.”

Image Credits: Metaview

Certainly, there’s plenty wrong with traditional job interviewing, and a note-taking and conversation-analyzing app like Metaview could help, at least in theory. As a piece in Psychology Today notes, the human brain is rife with biases that hinder our judgement and decision making, for example a tendency to rely too heavily on the first piece of information offered and to interpret information in a way that confirms our preexisting beliefs.

The question is, does Metaview work — and, more importantly, work equally well for all users?

Even the best AI-powered speech dictation systems suffer from their own biases. A Stanford study showed that error rates for Black speakers on speech-to-text services from Amazon, Apple, Google, IBM and Microsoft are nearly double those for white speakers. Another, more recent study published in the journal Computer Speech and Language found statistically significant differences in the way two leading speech recognition models treated speakers of different genders, ages and accents.

There’s also hallucination to consider. AI makes mistakes summarizing, including in meeting summaries. In a recent story, The Wall Street Journal cited an instance where, for one early adopter using Microsoft’s AI Copilot tool for summarizing meetings, Copilot invented attendees and implied calls were about subjects that were never discussed.

When asked what steps Metaview has taken, if any, to mitigate bias and other algorithmic issues, Magos claimed that Metaview’s training data is diverse enough to yield models that “surpass human performance” on recruitment workflows and perform well on popular benchmarks for bias.

I’m skeptical and a bit wary, too, of Metaview’s approach to how it handles speech data. Magos says that Metaview stores conversation data for two years by default unless users request that the data be deleted. That seems like an exceptionally long time.

But none of this appears to have affected Metaview’s ability to get funding or customers.

Metaview this month raised $7 million from investors including Plural, Coelius Capital and Vertex Ventures, bringing the London-based startup’s total raised to $14 million. Metaview’s client count stands at 500 companies, Magos says, including Brex, Quora, Pleo and Improbable — and it’s grown 2,000% year-over-year.

“The money will be used to grow the product and engineering team primarily, and give more fuel to our sales and marketing efforts,” Magos said. “We will triple the product and engineering team, further fine-tune our conversation synthesis engine so our AI is automatically extracting exactly the right information our customers need and develop systems to proactively detect issues like inconsistencies in the interview process and candidates that appear to be losing interest.”


Software Development in Sri Lanka

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