Milwaukee corporate homesharing startup Frontdesk LLC is planning a $2.5 million Series A round.
The company in October closed on a $1 million seed round and in March completed a $500,000 convertible bridge round from inside investors. Now, Frontdesk aims to secure a lead investor for a series A this summer, said Jesse DePinto, chief growth officer.
Frontdesk manages private home rentals for corporate travelers. It has more than 60 employees, 20 of whom are full-time. The startup has been growing quickly in recent months, and has reached $600,000 in monthly recurring revenue. It has 200 suites in eight cities, with plans to expand to another seven cities by the end of the year.
Among its seed investors is Milwaukee Bucks co-owner Marc Lasry and Jon Lancaster, managing director at Madison-based family office Lancaster Investments.
Frontdesk was founded in January 2017 by DePinto and chief executive officer Kyle Weatherly. It targets short-term business and personal travelers, leasing apartments in upscale, non-touristy neighborhoods and then subletting them to guests and providing on-site management of the properties.
