"Remote-Friendly" Rove Secures $4m Seed Funding to Grow its Property Marketplace

January 4, 2023
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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."

 

January 4, 2023
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

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