Total amount raised
$37.7 Millions
Latest funding date
11/01/2022
Location
ResortPass has successfully raised funds through multiple rounds, with the latest being a Series B round closed on November 30, 2022. The platform offers users the ability to book day passes to access luxury hotel amenities without needing an overnight stay.
Keep reading to explore the intricacies of ResortPass's fundraising journey and the investors backing this innovative platform.
What Is ResortPass?
ResortPass, founded in 2016, is based in New York, New York. The company was established by Amanda Szabo.
ResortPass offers day access to luxury hotel amenities, allowing users to enjoy pools, spas, fitness centers, and private beaches without needing an overnight stay. They partner with over 1,300 hotels and resorts, including renowned names like Ritz-Carlton and Four Seasons.
The company employs between 11-50 people, providing a unique service that generates new revenue streams for hotels through day guests.
How Much Funding Has ResortPass Raised?
- Seed Round
- Amount Raised: $2.1M
- Date: May 2018
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the platform and expand initial partnerships with luxury hotels.
- Convertible Note
- Amount Raised: $600K
- Date: December 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure early-stage funding for operational costs and initial market entry.
- Series A
- Amount Raised: $9M
- Date: August 2019
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enhance the platform's features.
- Series B
- Amount Raised: $26M
- Date: November 2022
- Lead Investors: 14W, Declaration Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and increase partnerships with more luxury hotels.
Total Amount Raised: $37.7M. Current Valuation: Not publicly disclosed.
Key Investors
The major investors in ResortPass are:
- 14W
- Details: 14W is a venture capital firm based in New York. They focus on early-stage investments in technology and consumer sectors.
- Investment Focus Areas: Technology, consumer, e-commerce.
- Notable Investments: Glossier, Goop, Outdoor Voices.
- Declaration Partners
- Details: Declaration Partners is an investment firm backed by the family office of David M. Rubenstein. They invest in growth-stage companies across various sectors.
- Investment Focus Areas: Real estate, technology, healthcare.
- Notable Investments: Not publicly disclosed.
- CRV
- Details: CRV, formerly known as Charles River Ventures, is a venture capital firm that has been investing in early-stage companies for over 40 years.
- Investment Focus Areas: Technology, consumer, enterprise software.
- Notable Investments: Twitter, DoorDash, Zendesk.
Information about other investors and their notable investments was not found in the provided sources.
What's Next for ResortPass?
ResortPass stands at the cusp of significant growth opportunities. The "daycation" trend is gaining momentum, with more luxury hotels looking to monetize underutilized spaces. This opens a vast market for ResortPass to expand its offerings and partner with more high-end hotels.
Given the recent successful funding rounds, ResortPass is well-positioned to attract further investments. The company’s innovative congestion-pricing model and growing market presence make it an appealing prospect for future fundraising and potential acquisitions by larger hospitality firms.
However, challenges remain. Competition from other "daycation" services and the need to continuously secure luxury hotel partners are hurdles that ResortPass must navigate. Additionally, regulatory challenges in the hospitality and booking industries could pose potential obstacles.
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