Merger strengthens TrustedStays

Under the Doormat Group, the driving force behind TrustedStays, have announced a merger that strengthens the provision of short-term rentals.

Veeve and UnderTheDoormat Group have merged to create one of Europe’s largest and most dynamic end-to-end short term rental businesses, positioning it for future expansion.

The combined entity will incorporate the largest full-service manager of premium urban short lets in London and Paris, a highly scalable global property management SaaS solution “PMS” (Hospiria) and the first industry platform of its kind to connect accredited short term rental companies with the GDS and corporate travel market (TrustedStays).

The Group’s technology arms, Hospiria and TrustedStays, continue to break new ground, raising the bar for operational efficiency, integration, connectivity and best practices across the industry. They will spearhead the international growth of the Group, enabling it to expand its full suite of services into new markets and to enhance its offer for all customers.

Veeve and UnderTheDoormat’s property management businesses will work together to enhance their offerings to both professional (B2B) property management landlords and individual hosts, with a continued focus on delivering consistently high-quality services to owners and guests alike. From stylish urban apartments to upmarket townhouses, the combined operating business will offer an unparalleled selection of properties in prime locations.

Smedvig Capital is leading the investment round, with Second Century Ventures and other UnderTheDoormat Group investors supporting the merger with combined investment of around £4m.

Merilee Karr, CEO of UnderTheDoormat Group and Chairperson of the Short Term Accommodation Association will lead the combined group as CEO. The senior leadership team will be comprised of long-standing members of both teams. David Hosking, the current Veeve CEO will be retiring and remaining an advisor to the Group.

Veeve Chairman and travel industry titan Carl Michel will join the board along with Smedvig Partner Cristian Young, adding extensive industry and investment expertise. They will provide counsel on the strategic growth of the business and support the combined Group in its exciting new chapter. The Board of Directors of TrustedStays will continue to remain independent of the Group board.

The company will continue to be headquartered in London and will provide services across the UK, Europe, Middle East, North America and Asia, with core operations in London and Paris.

Merilee Karr, CEO of UnderTheDoormat Group, said: “This merger firmly establishes the Group as a European market leader in the rapidly expanding short term rental sector. 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. 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.”

David Hosking, CEO of Veeve, said: “The shared mission to deliver to exceptional standards set both Veeve and UnderTheDoormat Group apart in the short-term rental sector. 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 endeavours.”

Cristian Young, Partner of Smedvig Capital, the lead investor backing the merger, commented: “We are delighted to be supporting the merger of these two leading and highly complementary short term rental businesses. The combination brings a number of exciting product and revenue synergies that will enhance the customer offering and provide a platform for accelerated growth over the coming years.”