Evolve, a Denver-based startup that manages vacation rental listings, announced Monday that it raised $100 million from a new investor, Durable Capital Partners.
This capital raise boosts Evolve’s total funding to $235 million. The company previously raised an $80 million Series D in 2018, and according to Crunchbase, a $25 million Series E in 2020.
Evolve manages the rental listings for more than 19,000 homes on its website and third-party sites like Airbnb and Vrbo. The company said in a news release that its net booking value grew 78 percent year-over-year in 2021.
The company’s SmartRates algorithm ensures that rental properties align with the market and that property owners maximize their earnings. Evolve’s rental listings generated 38 percent more revenue per listing than the market average last year.
Evolve charges property owners a 10 percent management fee, which it says is an industry-low. With its Risk-Free Guarantee, the company promises to refund management fees to any owner who is unsatisfied with the performance of their new listing after six months.
The company also ensures a quality experience for guests with its Rest Easy Promise, which guarantees that every property is as-advertised, that every owner has passed a background check and that guests can receive a credit if they need to cancel at least 48 hours before they are due to check-in.
“As we continue to scale properties on our platform, we’ll remain laser-focused on fulfilling consumers’ need for a trusted hospitality company in our category, making Evolve the go-to brand for vacation rentals,” Evolve co-founder and CEO Brian Egan said in a statement.
The Evolve team grew by 68 percent to nearly 800 employees last year. Most of the team is based in Denver, where the company was founded in 2011. Evolve plans to grow the team around 25 percent this year — growth the company said would have occurred with or without the capital raise.
