Airbnb’s Deal for French Firm Could Signal Entry Into Property Management
To be honest, this acquisition is a bit puzzling, and has us wondering: Why buy when you can partner instead? But perhaps Airbnb is onto something.
Airbnb isn't known for making many investments or acquisitions, but its newest purchase may reveal a major shift in the company's strategy toward homesharing.
The San Francisco-based company announced this week it had acquired a French concierge services/property management company called Luckey Homes for an undisclosed sum.
France is one of Airbnb's top markets in the world, with more than 500,000 listings and a total of 13 million guests and hosts. Paris is Airbnb's No. 1 destination in the world, but also one where the company is facing regulatory battles with the city.
Luckey Homes, founded in 2015, helps short-term rental hosts with managing their listings, handling guest arrivals and departures, providing cleaning services, and offering customer assistance in 20 different cities in France, but the company also has intentions of expanding globally. Since its founding, Luckey Homes has raised approximately $3.2 million (€2.8 million) in funding from Paris-based real estate developer, Nexity, and venture capital firm Newfund. Airbnb has reportedly purchased Nexity and Newfund's shares in Luckey Homes.
