Qstay Secures $4.6 Million in Pre-Series A Funding to Revolutionize Hospitality Industry
DUBAI, Arab Emirates, June 5, 2024 (Newswire.com) - Qstay, a revolutionary hospitality and rental investment property management platform, today announced that it has successfully raised $4.6 million in a pre-Series A funding round. This latest round brings the total amount raised by the company to $11.1 million. The funding was secured through a combination of conventional and convertible debt, demonstrating strong investor confidence in Qstay's innovative approach to the hospitality industry.
Co-founded by Artur Khayrullin and Alec Redelman, Qstay is transforming the global landscape of hospitality with its technology-driven platform. The company leverages AI-powered customer service and digital concierge services to significantly enhance the guest experience while reducing operating costs by up to 50%.
“We are thrilled to have secured this additional funding, which will enable us to accelerate our growth and continue to innovate in the hospitality sector,” said Artur Khayrullin, Co-founder of Qstay. “This investment is a testament to the strong market demand for our tech-centric, design-led hotel-style experience and the compelling economics we offer to property owners.”
Alec Redelman, Co-founder of Qstay, added, “The support from our investors is a strong endorsement of our vision to redefine the guest experience and optimize returns for property owners. We are committed to expanding our footprint and enhancing our platform’s capabilities.”
Qstay currently operates over 300 properties across nine markets in four countries, with plans for further expansion into additional markets between 2024 and 2026. The platform has already facilitated more than 130,000 nights booked and hosted over 60,000 guests, highlighting its growing popularity and success.
The company’s innovative platform not only provides superior comfort and affordability for guests but also delivers hands-off management and higher ROI for property owners. With projections of $63 million in revenue by 2025 and an 18% EBITDA margin, Qstay is well-positioned for continued growth and success.
Source: Qstay Hospitality Technologies
