Evolve Vacation Rental Network announced today an $11 million financing round that closed in March, led by funds and accounts advised by T. Rowe Price Associates, Inc. The round brought the fast-growing vacation rental management company's total funding to $23 million, and included participation from Annox Capital, Allen & Company LLC, and PAR Capital Ventures. Evolve plans to use the funds to support the company's rapid expansion and continued development of its tech-enabled services platform.
"Managed services are more important than ever as vacation rental continues to mainstream," said Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund, Inc. "Evolve offers a unique value proposition, and has an opportunity to serve a large cross-section of homeowners in what has become a complex and competitive marketplace."
Founded in 2011 by Brian Egan and Adam Sherry, Evolve has secured over $150 million in gross bookings for its owners and more than doubled its 4,000 properties under management this past year.
"We have developed a highly effective blend of service and booking performance that can be customized to meet an owner's specific needs," said Brian Egan, CEO and co-founder of Evolve. "This capital raise allows us to ensure our service is considered by every vacation rental owner ? whether a veteran rental-by-owner, a client of a traditional property manager, or someone entering the market for the first time."
Evolve focuses on the complex task of marketing and booking vacation properties, and gives owners the option to configure on-the-ground services to their liking; homeowners may continue to use their own trusted service provider or work with one of Evolve's vetted local partners. This fresh approach to vacation rental management allows the company to deliver maximum rental income and unprecedented flexibility ? all for an industry-low booking fee of just 10 percent.
"Evolve has taken a very disciplined approach to growth over the last several years," says Bob Mylod, founder and managing partner of Annox Capital and Evolve board member. "That discipline is paying off, and, as a result, we have a high degree of confidence in investing aggressively to reach our core audience of second homeowners."
About Evolve Vacation Rental Network
Based in Denver, Colorado, Evolve Vacation Rental Network is a next-generation vacation rental management company that provides homeowners with more rental income and unrivaled flexibility for a fee of 10% per booking ? the lowest cost in the industry. The company currently services more than 4,000 vacation rental properties in over 500 markets across North America. For more information, visit EvolveVacationRental.com or call 877-818-1014.
