Tech-powered hospitality platform Kasa closes $70m Series C funding to expand its property footprint

Kasa Living (Kasa), a tech-powered hospitality brand, announced the close of $70 million Series C fundraise. Citi Ventures and FirstMark Capital led the all equity round with participation from new investors New York Life Ventures and Fireside Investments. All major existing investors including RET Ventures, Zigg Capital, and Ribbit Capital participated in the twice upsized and oversubscribed round.

Jonathan Langer, a seasoned industry veteran with board experience at KKR Real Estate Finance Trust, Westin Hotels & Resorts, and Hilton Hotels & Resorts, has joined Kasa's Board of Directors.

This funding round is a strong validation of Kasa's proven, asset light business model especially noteworthy against the backdrop of the most challenging PropTech fundraising environment in the past decade. After the fundraise, Kasa has the strongest balance sheet in the industry which allows Kasa to go on offense to grow its property portfolio meaningfully without the need for further external funding.

Kasa has built a truly differentiated proprietary hospitality operating system that materially improves profits for owners and enhances the experience for today's modern travelers across a diverse range of investor-owned accommodations, including multifamily apartments, single-family homes and boutique hotels. Kasa consistently improves property profitability by >50% and uplevels property review scores meaningfully across a wide range of channels. Kasa operates the number one rated properties in their category on Tripadvisor in Seattle, Chicago, Denver, and Austin, as well as top-5 properties in San Francisco and Pittsburgh.

Kasa's success in increasing profitability after taking over properties has attracted interest from a consortium of real estate investors. These partners have dedicated over a billion dollars to-date to invest in real estate powered by Kasa, setting the stage for rapid, capital-efficient expansion for the leading tech-powered accommodations company in the years ahead.

Jeff Flynn, Head of PropTech Investing, Citi Ventures: "Kasa's proprietary operating system allows its real estate partners to adapt to changing resident and guest preferences while optimizing for profitability, safety, and visibility across multiple asset types. We believe that Citi can be a valuable partner to Kasa and its real estate owners as they continue to expand their property footprint."

Roman Pedan, Founder and CEO, Kasa: "We stand at a watershed moment in the evolution of the hospitality industry. Owners are grappling with rising costs, while consumers crave a seamless, digital-first travel experience in desired locations. Kasa is bridging this gap, revolutionizing the way owners and guests alike think about accommodations. Our model isn't just an alternative; it's the future."

Kasa has earned the trust of some of the world's most discerning real estate owners, including global stalwarts like Greystar, AMLI Residential, and Starwood Capital and local hospitality investors and developers in cities like San Francisco, New York, Miami and Nashville, further solidifying its position as the industry standard for alternative accommodations.

Andrew Livingstone, Chief Operating Officer, Greystar: "The consumer trends behind furnished apartment rentals are very strong. The industry is at a turning point as apartment owners increasingly seek ways to harness this demand. We have been extremely impressed by Kasa's platform and are proud to work alongside them in some of our communities. We believe Kasa has become an industry standard and are proud to have them as our recommended supplier partner for the sector."

www.kasa.com