Pillow (company)

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Pillow

logo
legal form Corporation
founding July 2013
Seat San Francisco
management Sean Conway, Justin Miller, Todd Conway, Dan Palumbo
Website https://www.pillow.com/

Pillow is a management solution for short-term apartment rentals. Residents can take on short-term leases while apartment building owners and property managers are in control of the process. Apartment building owners can also list vacant units for short-term rentals. The urban center-focused company currently operates in 35 cities, including San Francisco , Denver , Seattle and Los Angeles . It is offered in residential complexes such as Livcor, BH Management, Blanton Turner, and First Communities.

On October 25, 2018, Expedia Group announced that it had acquired Pillow.

history

In 2013, Sean Conway, Justin Miller, Todd Conway, and Dan Palumbo founded Airenvy, Inc. The founders renamed the company Pillow Homes, Inc. in 2014. The idea for the service was pondered by Sean Conway and Justin Miller after they sold their first company, Notehall, to Chegg and began touring 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 few months, the founders began listing their San Francisco apartments on Airbnb and hanging out with each other to test their new ideas for short-term rental management. Within the first year, the company received its first $ 2.4 million funding round and moved to an office location in San Francisco.

Pillow raised $ 16.15 million in investment capital over three funding rounds from 2014-2017. On November 5th, Pillow announced its partnership with Airbnb and San Francisco's largest property owner, Veritas Investments.

The company launched its mobile applications, Pillow for iOS and Android, for residents and cleaning professionals in all of their locations.

Business model

Pillow works as an apartment building rental management solution. Owners and property managers are in control of the short-term rental process. You are able to monitor who is in the building, set building restrictions, and receive a percentage of the profits at the same time. The company helps residents stay in compliance with local regulations that cities award for short-term rental property by overseeing the rules. Landlords who enter their buildings in the cushion program can rent out vacant units via the platform. The pillow includes guest access to the buildings and a verified network of cleaning products for flight service.

financing

Pillow publicly announced its seed funding round in January 2015 with Homebrew Ventures as the lead investor to bring its total funding to $ 2.65 million.

In June 2017, Mayfield led Pillow raised $ 13.5 million in new funding that included Sterling.VC, Peak Capital Partners, Expansion VC, Chris Anderson, Gary Vaynerchuk, Dennis Phelps and Veritas Investments. At the same time, Pillow released its newest product, Pillow Residential, a management platform for short-term rentals in apartment buildings.

Individual evidence

  1. ^ Farran Powell: Airbnb Sub-Economies Help Users Avoid 'Host Fatigue' and Boost Profits . Main Street . March 9, 2015.
  2. ↑ Ryan Lawler: Pillow Raises $ 2.65 Million To Take The Friction Out Of Airbnb Rentals . TechCrunch. 20th January 2015.
  3. ^ Althea Chang: The 1-year lease a thing of the past: CEO . CNBC. October 9, 2015.
  4. ↑ Aisha Al-Muslim: Expedia Buys Pillow and ApartmentJet, Moves More Into Airbnb's Turf . Wall Street Journal. October 25, 2018.
  5. ^ Waverly Colville: Expedia soars after earnings beat . CNBC. October 25, 2018.
  6. ↑ Nat Levy: Expedia acquires 2 startups that make it easier to list apartments on HomeAway . GeekWire. October 25, 2018.
  7. ↑ Taylor Soper: Fresh off a $ 2.7M funding round, Pillow launches Airbnb listing management service in Seattle . GeekWire. April 13, 2015.
  8. ↑ David Ongchoco: Young & Entrepreneurial: Second-Time Entrepreneur Shares The Realities of Starting-up after on Acquisition . The Huffington Post. December 26, 2015.
  9. ↑ Short-term rental manager Pillow Homes raises $ 2.7 million . NBT World.
  10. ↑ Carolyn Said: Pillow lands $ 2.65 million to help Airbnb hosts . SFGate. 20th January 2015.
  11. ^ Ryan Lawler: With $ 13.5M in new funds, Pillow partners with building owners to make rentals Airbnb-friendly (en) . In: TechCrunch . Retrieved November 2, 2017. 
  12. ↑ Kira Brecht: Rent a Room: How to Turn a Spare Bedroom into Cash Flow . The Ticker Tape. July 11, 2016.
  13. ↑ Startup pitch: Pillow, after its $ 2.7M raise, will run your short-term rental for you . Tnooz. 3rd February 2015.
  14. ↑ Marisa Kendall: Airbnb spawns network of 'ecosystem' companies . The Mercury News . April 8, 2016.
  15. ↑ Marlize van Romburgh: Short-term rental manager Pillow Homes raises $ 2.7 million, launches 'guaranteed income' service for homeowners . San Francisco Business Times. 20th January 2015.
  16. ↑ Mike Billings: The Daily Startup: Coinbase Lands Funding From VCs, Banks and NYSE . The Wall Street Journal. January 21, 2015.
  17. ^ Ryan Lawler: With $ 13.5M in new funds, Pillow partners with building owners to make rentals Airbnb-friendly (en) . In: TechCrunch . Retrieved November 2, 2017.