The UK’s largest professional co-host of Airbnb has successfully raised over 200% of their crowdfunding target on investment platform Seedrs.
Pass the Keys launched its crowdfunding campaign during the peak of COVID-19 but secured over £1m within four weeks of going live. The majority of existing shareholders, including Talis Capital, participated in the round. New investors include Metropolis Ventures, the company’s employees, hosts and franchisees.
Founded in 2015, Pass the Keys describes itself as a short-let property management company that provides homeowners with a hands-off approach to hosting on platforms such as Airbnb and Booking.com. Services include listing creation, photography, guest communication, remote check-in, cleaning and laundry.
The new investment will primarily be used to accelerate the growth of Pass the Keys’ franchise programme, having successfully taken on 12 new partners since the pandemic hit in March 2020. The company is currently operational in 27 cities across the UK and plans to bring on another 15 franchisees by the end of the year.
Alexander Lyakhotskiy, founder and CEO of Pass the Keys, said: “We’ve experienced record-breaking growth during these difficult times which demonstrates that our franchise programme and business model are really resonating with entrepreneurs across the country.”
“We wanted to share this opportunity with investors and we have seen an overwhelmingly positive response.”
Pass the Keys notes that the proceeds will also be put towards product development and increasing the level of automation and quality control, allowing each franchisee to manage a higher number of properties.
Alexander added: “It’s an extremely exciting time for Pass the Keys and the team is laser-focussed on scaling the business and further solidifying our position as the leading short-let property management company in the UK.”