As founders, it feels surreal to be writing this note. It’s a unique milestone for a company that has remained bootstrapped and profitable since its founding in 2014.
When we founded PriceLabs, we wanted to provide easy-to-use pricing and revenue management tools to small businesses in short-term rental spaces. We had experienced the problem first hand. The idea was simple: adjust rates based on supply and demand. But there was so much more! We are thankful to our customers, partners, and team members.
The product has since evolved into a comprehensive platform for revenue management that powers pricing for over 150,000 properties worldwide. There are over 8 million short-term rental properties, so this is just the beginning!
Over the last 8 years, there have been plenty of things we have disagreed on – internal debates help ensure the best solution wins. But we were always aligned on a few things – we want to build best-in-class products and keep the prices reasonable without compromising on quality. This has necessitated us to focus on being product-led, online sales, great support, and operating lean.
So when the topic of funding came up in the past, we avoided it. We thought it was against what we were trying to do until we met Colin and the Summit team. We are excited to welcome Colin Mistele, Managing Director at Summit Partners, who will join our board of directors. In Colin, we found someone who resonated with our way of working and look forward to leveraging his experience as we plan for the next growth phase.
With this announcement, we resolve to:
- Remain customer-centric and listen to your feedback.
- Build products to ensure that we can help businesses capture value – increase revenues, and reduce costs via automation.
- Grow our team globally to support our customers. Check out our careers page.
- Finally, continue to be product led and operate lean.
Our team has been working on several amazing projects we can’t wait to reveal in the coming months.
This milestone will not be possible and is incomplete without our customers, partners, and team. Thank you for all the support and love! – Anurag, Richie, Sana