Evolve raises $100 million
Vacation rental platform Evolve announced a $100 million capital raise led by new investor Durable Capital Partners LP. This latest round brings Evolve’s total funding to $235 million.
Founded in 2010, Evolve takes a hands on approach offering homeowners vacation rental management services. The company helps homeowners list their properties on platforms such as Airbnb, Vrbo, as well as on its own site. Evolve sets and optimizes the rate, handles bookings and guest requests, and provides access to cleaning services and other home improvement needs.
In terms of coverage, Evolve features a Property Protection Plus program which provides up to $3,000 in property damage protection and $1,000,000 in liability insurance (backed by The Hartford).
Aside from management services, Evolve also helps people buy and sell vacation homes.
The company manages 19,000+ homes and has generated over $2 billion in rental income for its owners.
“Evolve was built on the idea that guests and owners deserve a better vacation rental experience. We’re thrilled to see that our unique approach is now helping to grow the industry – 70% of new Evolve owners in 2021 were first-time renters. Likewise, our hospitality has helped guests new to the category rest easy, as we outperform our peers with an average review score of 4.7 out of 5 stars. As we continue to scale properties on our platform, we’ll remain laser-focused on fulfilling consumers’ need for a trusted hospitality company in our category, making Evolve the go-to brand for vacation rentals” – Brian Egan, co-founder and CEO of Evolve.
“Evolve is at the forefront of the next wave of innovation in the vacation rental category. As a proven and disciplined operator with an extensive property network, large customer base, exacting standards and a compelling brand, Evolve is well positioned to grow and achieve sustainable, long-term success as a much larger company.” – Henry Ellenbogen, Durable’s chief investment officer.