Pillow, which helps homeowners manage rental listings on sites like AirBnb, has raised $13.5 million Series A funding round led by Mayfield with participation from Sterling Equity, Peak Capital Partners, Expansion VC, Chris Anderson (Curator of TED Talks), Gary Vaynerchuck, and Dennis Phelps, with additional involvement from Veritas Investments.
Pillow operates in San Francisco Bay Area, Seattle, Los Angeles and San Diego. The company manages listings for homeowners and charges a 15% fee of the rental payment.
The company also announced the launch of Pillow Residential; a short-term rental management platform for multifamily buildings.
Pillow Residential gives apartment complex owners the ability to easily enable short-term rentals in entire buildings and entire portfolios. Our platform provides automated online compliance, safety, payments, monitoring, and controls – all in one digital solution.
“We are thrilled to be working with investors with deep technology roots along with strong strategic investors with 100 thousand housing units in their portfolio,” said Sean Conway, Pillow’s CEO. “As we launch Pillow Residential, we’re confident we can achieve our vision of enabling travel for more and more people through short-term rentals.”
The company says it is working with owners such as Marian Group, Virtu Investments, and Peak Residential. Pillow Residential already has 4,000 units enrolled in San Francisco, Oakland, Denver, Eugene, Salt Lake City, Louisville, and Albuquerque.
In San Francisco, Pillow is partnering with Veritas Investments. Veritas manages nearly $2 billion in real estate assets in San Francisco and the Bay Area, including nearly 200 apartment buildings in the city of San Francisco alone, on behalf of institutional and individual investors.