New York City-based rental platform Rove has secured a $4m seed funding round to expand its "part-Airbnb, part-luxury hotel" business.
The funding round was led by a wide-ranging set of investors from Applovin, Indiegogo, ZocDoc, Tock, Lattice, Mercury, BloomTech, and other Silicon Valley companies.
Rove, launched 2021, connects investors with short- and medium-term renters looking for premium furnished stays and already operates New York, Florida, Arizona and Utah. The startup has already achieved $7m+ run-rate booking revenue and currently had circa 50 properties in its inventory.
Rove takes a novel approach to renovating its inventory to specifically cater to remote workers, including standing desks, chairs and monitors in most rooms and high-speed Wi-Fi with superior coverage across the whole of the property.
In an interview published by NY Weekly, CEO Jonah Hanig said:
"Vacation rentals are a $100B+ market, but many properties are inconsistently managed and poorly equipped for the experience modern travelers want.
"At the same time, the experience of buying short-term rental investment properties is extremely challenging and opaque. I saw from my own experience purchasing a home how difficult the renting and management process can be."