Tech-driven hospitality brand, making short stays a better experience for guests and owners everywhere.
Business overview
| Location | Trogen, Switzerland |
|---|---|
| Social media | |
| Website | www.guestready.com |
| Sectors | Travel, Leisure & Sport Mixed Digital/Non-Digital Mixed B2B/B2C |
| Company number | CHE-200.707.566 |
| Incorporation date | 17 May 2016 |
Investment summary
Business highlights
- Revenue growth of 662% since 2020
- Full company EBITDA profitability in Q3 2023*
- Excellent ratings of 4.7/5.0 out of 6500+ reviews
- International footprint: 30+ cities & 7 countries
Idea
Introduction
GuestReady is an award-winning hospitality company, with a focus on short-term and mid-term rental management. Since 2016, we empower property owners and guests to make the most out of every stay. We operate in over 30 cities globally, including prominent locations such as Paris, London, Lisbon, and Dubai.
Our mission is to make short stays a better experience for guests and owners everywhere. We offer end-to-end property management solutions, including online and offline operations. We’re building an iconic, tech-driven hospitality brand for the future.
Across Europe and the Middle East, we manage over 6,000 properties thanks to our state-of-the-art technology, RentalReady, which streamlines all our operations.
RentalReady not only fuels GuestReady's internal operations but is also licensed as a white-label Software-as-a-Service (SaaS) solution to 40+ property management companies around the world.
Substantial accomplishments to date
2016 - 2018:
• Launched in 6 cities on 2 continents, raised a €640K Angel round
• Raised a €2.7M Seed round
• Established a central operations centre in Malaysia, and expanded to UAE and Portugal
2019 - 2020:
• Raised €5.1M Series A round
• Acquired BnbLord, the market leader in France
• Started licensing our technology, RentalReady, to other property managers
• Crossed the bar of 1BN USD real estate under management (2,500+ properties)
• Raised €2.4M on Seedrs, largest Swiss campaign (2020)
2021-2022:
• Acquired The Porto Concierge, the market leader in Portugal
• Won the prestigious Swiss Economic Forum Award
• Achieved profitability on a country level throughout the year (2021)
• Raised €3.3M on Seedrs, claiming the title of the largest Swiss deal of the year (2021)
• Expanded operations to Spain and Saudi Arabia
• Generated over €85M in gross booking value
• Completed our first-ever group audit by KPMG
• Released our own Direct Booking Website
2023:
• Launched our new brand identity
• Reached 6,000+ properties managed
• Surpassed €250 million in cumulative booking value since launch*
• Launched a full set of AI features and incorporated GPT in RentalReady
• Over 800,000 guests hosted since 2016, 200%+ growth since our last campaign
• Became one of the few official Airbnb preferred partners, a VRBO and Booking.com Certified Partner, and integrated with Google Travel
• Achieved record EBITDA profitability in Q3 2023 with €464K*
• Top-rated (4.7/5) on Trustpilot, 6,500+ reviews
* based on unaudited management accounts.
Monetisation strategy
Our first business model is called Full Property Management. It operates on a commission structure applied to the rental income, coupled with a cleaning fee paid by the guest. These together amount to approximately 26% of the Gross Booking Value generated.
Since 2019, we have been providing a SaaS version of our property management system (PMS), RentalReady, to external property managers. This service is available at a fixed monthly rate of €23 per property, on average.
Initially supply-oriented, we are now making significant strides on the demand side. Our additional 15% direct booking fee creates a new revenue stream and boosts our take rate from 26% to 41%, driving margin expansion.
We have been achieving industry leading occupancy, notably post COVID-19.
We are continuously improving our gross and operating margins year on year.
On a group level, we are steadily progressing towards profitability.
Use of proceeds
Our core business model is profitable, and we are reinvesting in strategic areas for future growth.
The funds raised in this round will be allocated towards five main areas:
1. Sustained expansion in existing markets
2. Carefully selected acquisitions in target markets
3. Investment in technology development to continue increasing operational efficiency
4. Further strengthening our RentalReady PMS offering
5. Develop and promote direct bookings
We have ambitious goals for 2024 and beyond, aiming not only to achieve profitability but also to further expand our reach. Our strategy begins with optimising growth in our current markets, followed by carefully planned expansion into new markets. We will place particular focus on enhancing our Full Property Management and PMS offerings.
Key Information
Share Price
The company is completing the investment round in CHF. The price per share of this investment round is CHF270, which we have converted to a price of €283.68 per share, calculated (and rounded down to the nearest whole eurocent) on the date of campaign launch.
Given the high price per share, we have decided to allow investors to hold fractional shares. This means that we have reduced the investment multiple to €5.91 (representing 1/48 of a share), with the minimum investment being €11.82. As these shares will be held via the Seedrs Nominee, fractional entitlements are possible.
To ensure we hold the correct EUR investment amount for shares to be fully paid up in CHF, on closing, we will re-calculate the converted share price. This may result in minor adjustments owing to foreign exchange fluctuations between the date of campaign launch and closing. As a result of these adjustments, investors’ investments may be rejected in whole or part (with refunds issued for amounts in respect of rejected investments).
Team Commitment
Alexander Limpert is a director of the following companies:
1. Jade Partners GmbH: A private investment holding company based in Switzerland.
2. Log my care
Overall, Alexander Limpert spends less than 1 hour per week on ‘Log My Care’ and less than one hour per week on ‘Jade Partners’.
Material Debt
The company has the following outstanding loans:
€500,000 loan from BNP Paribas at an interest rate of 0.75% per annum. From May 17, 2021 until April 17, 2022 Guest Ready paid monthly interest of €319.09. From May 17, 2022 the loan principal and interest is being repaid in monthly installments of 10.799,94 until April 17, 2026.
The funds raised from this investment round will not be used to repay these loans.
Share Class
The company currently has 5 classes of shares, Common Shares, Seed-1 Preferred Shares, Seed-2 Preferred Shares, Seed-3 Preferred Shares & Seed-4 Preferred Shares. All investors in this round, including Seedrs investors, will be receiving Seed-4 Preferred Shares.
The rights attached to the share classes are as follows (in reverse order of priority):
• Common Shares: Voting, Dividend, Capital rights
• Seed-1 Preferred Shares: Voting, Dividend, Capital rights, liquidation preference 1.5x
• Seed-2 Preferred Shares: Voting, Dividend, Capital rights, liquidation preference 1.5x
• Seed-3 Preferred Shares: Voting, Dividend, Capital rights, liquidation preference 1.25x
• Seed-4 Preferred Shares: Voting, Dividend, Capital rights, liquidation preference 1.0x
Convertible Loans
The company has the following outstanding convertible loans, which may convert to equity after this round and dilute existing shareholders:
1. €1,865,840 loan from Direct Investors, with the following key terms:
o Interest rate: 0%
o Conversion trigger: Qualifying Fund Raising means the Borrower raising CHF 4,000,000 or more before the Maturity Date
o Conversion price:
i. Conversion upon financing: the conversion price which shall correspond to the lower of (i) the subscription price paid by the investors in the framework of the financing round minus a discount of 10% or (ii) a price per share equal to the quotient obtain from dividing CHF 60’000’000.00 (the Pre-Money Valuation Cap) by the total outstanding shares of the Borrower as of the date immediately prior to the conversion event
ii. Conversion on the maturity date: a price per share equal to the quotient obtain from dividing CHF 48’000’000.00 (the Pre-Money Valuation Cap) by the total outstanding shares of the Borrower as of the date immediately prior to the conversion event.
o Valuation Cap:
i. Upon financing: CHF60,000,000
ii. Upon maturity: CHF 48,000,000
o Share class: Not lower than Series Seed-3
o Repayment date: 24.08.2023 - 01.11.2023
2. £818,050.00 loan from Seedrs Limited, with the following key terms:
o Interest rate: 8.0%
o Conversion trigger: Raising. Qualifying Fund Raising means the Borrower raising CHF 4,000,000 or more before the Maturity Date from the issue of shares
o Conversion price: £96.74
o Valuation Cap: NA
o Share class: shares of the most senior class in issue on the conversion date
o Repayment date: 02.02.2023
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