Pillow, also doing business as Pillow Residential, is a hospitality and management platform for short-term rentals on Airbnb, HomeAway, VRBO, and other online home-sharing marketplaces. The company services short term and vacation rental properties in San Francisco, Denver, Seattle and a number of other cities in the U.S.
Pillow raised $16.15 million in investment capital in three rounds of funding in 2014-2017. On November 5, Pillow announced its partnership with Airbnb along with San Francisco's largest building owner, Veritas Investments.
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History
In 2013, Sean Conway, Justin Miller, Todd Conway and Dan Palumbo launched Airenvy, Inc. The founders renamed the company Pillow Homes, Inc. in 2014. The idea for the service was thought of by Sean Conway, Justin Miller after they sold their first company Notehall to Chegg, and began traveling the world. Conway listed his San Francisco property on Airbnb while he was traveling, and realized there was a need for an easier way to manage his property while away. During the company's first months, the founders started listing their San Francisco apartments on Airbnb and staying with each other to test out their new short term rental management ideas. Within the first year the company received their first round of funding at $2.4 million and moved to an office location in San Francisco.
The company launched its mobile application, Pillow for iOS and Android, for property owners, property guests, and Pillow's vendors in all of their serviceable locations.
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Business Model
Pillow is a short term rental management service that acts as a property manager and listing expert for residents of apartment units. Pillow offer guests customer support and verifies vendors for property cleanings and maintenance via its website and apps. The company also offers Pillow Pros, which are regional specialists, that provide homeowners with on the ground support for online short term rental sites for their properties. Pillow utilizes a pricing algorithm to determine the best pricing and listing options for a homeowner's property. It also provides professional cleaning services for properties, check-in/out management for homeowners, and customer support for guests. For the services, hosts pay Pillow 15% of their booking fees.
Financing
Pillow publicly announced their seed funding round in January 2015 with Homebrew Ventures as their lead investor, to bring their total funding to $2.65 million.
In June 2017, Pillow raised $13.5 million in new funding led by Mayfield, with participation from Sterling.VC, Peak Capital Partners, Expansion VC, Chris Anderson, Gary Vaynerchuck, Dennis Phelps and Veritas Investments. During the same time, Pillow released its newest product, Pillow Residential, a management platform for short-term rentals in multifamily apartment complexes.
References
Source of article : Wikipedia
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