San Francisco, based 2nd Address wants to be first in the minds of business travelers looking for a quality furnished residence to do business. And it got more money to further that goal.
GV, the venture capital firm that once went by Google Ventures, lead the funding of $10 million to 2nd Address. Other funding firms include Amicus Capital, Foundation Capital and Pierre Lamond. 2nd Address also announced it’s looking for more investors to help the company take on Airbnb, which leads in business travel rentals.
“This new round of funding lets us accelerate our vision of enabling everyone to easily and assuredly book a long-term stay in a quality, furnished home anywhere in the world,” said Chung-Man Tam, CEO of 2nd Address, who adds that the company’s priorities for the future include offering more choices for guests to live, provide better tools for guests to manage their homes, and make it easier for medium and large companies to buy on 2nd Address.
Since 2nd Address launched last year, it boasts several high-powered clients that have bought residences for their business travel needs, including SAP, Google, KLM and Deloitte. Medical and educational professionals have also bought residences from 2nd Address.
However, it must work harder to catch up to Airbnb in the business travel lodgings business. As of 2017, 250,000 businesses use Airbnb, according to Forbes. Most of that activity was garnered in a span of just two years, when it only had 250 clients on board at its inception.
But the company insists its up to the challenge and ready to grow.
“We’re proud of how far we’ve come in less than a year, and we’re even more excited about the road ahead,” said Tam.