Patriot Family Homes Raises $60 Million for Short-Term Rentals in Underserved Areas

25.08.2023 - 14:27 / skift.com / Justin Dawes

Tech startups involved in the travel industry raised nearly $118 million this week.

>>Patriot Family Homes, a short-term rental platform focused on single-family homes in underserved market areas, has raised $60 million in a Series B round of funding led by TRT Holdings and Miramar Holdings.

Joe Riley founded Patriot Family Homes in 2018 shortly after returning from a U.S. military deployment to Afghanistan. During the deployment, Riley and his wife rented their house on Airbnb, during which they recognized the need for short-term rentals around U.S. military bases. The focus has expanded since then.

“We started serving military markets exclusively, which remains central to our DNA and growth, and we are proud to employ a large number of veterans and military spouses,” Riley stated in an email. “Over the past few years, we discovered that our brand also resonates with more underserved guest segments outside of military markets, where lodging supply is very limited and overnight demand is underserved. This is especially true for groups and family gatherings where larger homes and higher bedroom counts serve a distinct need.” 

The company said it has 400 properties in 40 markets in 13 U.S. states. The majority of properties are based in the southeastern region of the country, in states including Alabama, Georgia, South Carolina, Tennessee, North Carolina, and others, according to the website. 

The funds will be used to acquire, renovate, and operate single-family home rentals as the startup expands its market reach, as well as hire employees and strengthen the tech platform. 

>>Hotelmize, a profit optimization platform for hotel resellers and other hotel booking businesses, has secured $12 million in Series B funding led by Flashpoint Venture Capital.

The Hotelmize proprietary technology, powered by artificial intelligence, tracks the prices of refundable hotel rooms as they fluctuate. Once a customer books a stay, Hotelmize can rebook the reservation on behalf of their clients if the rate subsequently drops, splitting the profit with the reseller. 

Israel-based Hotelmize said it experienced 800 percent growth last year and retained notable brands in the industry. The startup said the increased demand has come as travel companies seek to increase profits during a slow post-pandemic recovery. 

Hotelmize has more than 100 clients in 33 countries and plans to launch a new set of products this spring.

>>Inbenta, which provides a chatbot and other services powered by artificial intelligence, has raised $40 million in a round led by Tritium Partners.

While Inbenta is not focused solely on travel, that industry is one of its main sales areas. Travel industry customers include airlines GOL Airlines, Iberia,