I’m thrilled to announce that 2nd Address has raised $10 million in new funding to further our mission of making it possible to simply and confidently book a long-term stay in a quality, furnished home anywhere in the world. The round was led by GV (formerly known as Google Ventures) with participation from existing investors including Foundation Capital, Amicus Capital, Pierre Lamond, and others.
We were looking for another investor who shares our ambition to reshape the way people live and travel and is aligned with our optimism on how to get there. We were fortunate to not have to look very far with GV General Partner, Joe Kraus, who has already been a great supporter and guide over the past year. We could not be more excited to continue working with Joe, Foundation Capital’s Paul Holland, and, most crucially, the 2nd Address team, as we mark this milestone.
For those of you who are new to 2nd Address, allow us to share with you where we’ve been and where we plan to go next.
67 Langton Street
Since we launched 2nd Address in November of last year, we’ve worked hard to build a trusted marketplace for our Guests and Hosts. Over the past 14 months, executives and employees from the Chan Zuckerberg Initiative, Google, SAP, Deloitte, and KLM, have kept a 2nd Address while on long-term projects, opening new offices, or relocating to a new city. Construction teams working on large projects, traveling medical professionals rotating through hospitals nationwide, educators and researchers from universities such as Stanford, Northwestern, and University of New Mexico have made 2nd Addresses their homes.
We’ve grown the markets that we serve. We now offer 2nd Address’s brand of hospitality in five major markets, adding Washington DC and Boston in just the past two months. Along the way, over 570 hosts have joined 2nd Address, adding their private homes, condos, and apartments numbering over 3,400 high-quality listings across four states.
In days past, business travelers endured hours spent on the phone with a broker, arranging showings, and signing copious legal documents to move into a furnished apartment. Today, business travelers on 2nd Address can access a modern, online buying experience that can be done completely from the comfort of their home. If Guests have questions, they can not only easily communicate with our friendly Hosts, but our stellar Care team can join the conversation to offer prompt assistance. Finally, we’ve expanded our screening processes and Guest/Host Assured programs so that travelers and travel buyers can rest easy.
We’re proud of how far we’ve come in less than a year, and we’re even more excited about the road ahead.
703 Market Street
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. For us, this means continuing to develop our product and enhance our operations to achieve three key goals:
- Give our guests even more choices of spaces in which to live. Where you choose to live is incredibly personal, so whether your tastes range towards a classic Victorian, a hip urban loft, or a community home with your peers, you should be able to find it on 2nd Address. We’ll continue to expand our collection of clean, beautifully furnished homes at a variety of price points within convenient, metropolitan locations throughout the US.
- Provide tools for hosts to better manage their homes. More and more hosts are designing, building, and furnishing new homes for the future of living. We will help assist them by providing guidance on where Guests want to stay, how to price their homes fairly, and how to manage their revenues.
- Make it easier for medium and large companies to buy on 2nd Address. Integrations with corporate booking tools, visibility into employee travel itineraries, and central reporting and billing will simplify the travel experience for both Guests and travel managers.
Foundational to all of these endeavors is our unyieldingly high bar of quality for our offerings and service, and our commitment to excellence on behalf of our Guests and Hosts. The heart of what we are building is the trust of our valued customers.
2020 Infinity and Beyond Way
This new round of capital from GV, Foundation, and others is an enormous vote of confidence in what we’ve achieved so far. We are grateful and humbled. However, the long journey forward is just beginning for us. We believe that the way people live is changing quickly. The traditional notion of owning a home, owning furniture, living under the same roof for decades is being challenged by a growing demand to continue to have new experiences, in new places, with new neighbors. Business travelers are only the leading edge of this wave and we hope to be the 2nd Address for more and more people in the years to come.
If this idea excites you, come join us!