Short-term rental companies Veeve and UnderTheDoormat Group have merged in a move meant to position for future expansion, they jointly announced this week.
Together, Veeve and UnderTheDoormat Group will serve as a full-service manager of short-term rental spaces in Paris and London. The group’s technology branches Hospiria and TrustedStays will spearhead its growth with expansion of full services into new markets. And its property management entities are set to enhance their business to business offerings.
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Merilee Karr, who is set to lead the group as CEO, said the merger establishes it as a “European market leader.”
“By joining forces with Veeve, we are combining our strengths across luxury property management and technology to set a new standard for short-term rentals,” Karr said. “The capabilities of our combined company will enable us to work with customers across the entire short term rental ecosystem and position the Group for significant future growth.”
While the group has not released the full terms of the investment, they shared Smedvig Capital has led the investment round and that Second Century Ventures alongside other UnderTheDoormat Group investors have supported the merger with a total combined investment of nearly £4 million.
David Hosking, Veeve’s current CEO who will step down to retire and transition to an advisory role, expressed that he sees a bright future for the group.
“The shared mission to deliver to exceptional standards set both Veeve and UnderTheDoormat Group apart in the short-term rental sector,” Hosking said. “The capabilities of the combined business present endless possibilities for the future as it enters its next phase of growth. I am excited to remain an investor and support the business as an advisor as I retire to focus on other personal endeavors.”