Milwaukee-based corporate homesharing startup Frontdesk LLC
announced it has completed a $2.75 million bridge funding round.
The fund raise included investments from Milwaukee-based La Macchia Holdings, LLC, Sand Hill Angels and Motivate Ventures, as well as existing seed round investors.
Frontdesk manages private home rentals
for corporate and leisure travelers. It was founded in January 2017 by chief growth officer of Jesse DePinto and chief executive officer Kyle Weatherly.
The funding will allow Frontdesk to expand its technology platform and geographical footprint more quickly, the company said. Since the beginning of 2019, Frontdesk has grown from managing 135 units in six cities to now managing 270 units in 13 cities.
Its goal is to operate 500 units by the end of the year.
“Frontdesk has positioned itself to be a technology leader in the vacation rental industry,” DePinto said. “Additionally, the added capital propels our hospitality brand and its technology to new heights.”
Frontdesk targets short-term business and personal travelers, leasing apartments in upscale neighborhoods and then subletting them to guests and providing on-site management of the properties. It currently operates in 13 cities including: Charlotte, Columbus, Dallas, Indianapolis, Kansas City, Louisville, Memphis, Milwaukee, Pittsburgh, San Antonio, St. Louis, St. Petersburg and Tampa.
As part of La Macchia Holdings’ investment, chief executive officer Bill La Macchia will join Frontdesk’s board of directors, the company said.
“The addition of Bill La Macchia representing La Macchia Holdings to Frontdesk's Board of Directors adds additional expertise in technology as well as in the travel industry and the broader vacation rental industry,” DePinto said.
Frontdesk’s seed investors included Milwaukee Bucks
co-owner Marc Lasry
and Jon Lancaster, managing director at Madison-based family office Lancaster Investments.