Travel giant Expedia announced two acquisitions Thursday, including a Chicago startup that helps property owners rent vacant units on Airbnb.
Expedia said today that it has acquired Chicago-based ApartmentJet, a management platform that allows multifamily apartment owners and management companies to list their vacant units on home-sharing sites like Airbnb and HomeAway.
ApartmentJet says it helps building owners maximize short and extended stay revenue, and it handles all bookings, background checks, insurance and key exchanges for the property manager.
Expedia also announced Thursday that it has acquired Pillow, a Bay Area software startup that helps apartment residents rent their places on home-sharing sites. Terms of both acquisitions were not disclosed.
The acquisitions come three years after Expedia acquired vacation rental site HomeAway for nearly $4 billion. Pillow and ApartmetJet, though much smaller deals, signal Expedia's continued interest in the home-sharing market. Both Pillow and ApartmentJet will operate as subsidiaries of HomeAway.
ApartmentJet, founded in 2016, raised $1.2 million in outside funding from investors like Chicago-based Network Ventures and Blue Tree Capital. Pillow raised more than $16 million after launching in 2014.
"Our acquisitions of Pillow and ApartmentJet are important and foundational investments in the Expedia Group platform," Mark Okerstrom, president and CEO of Expedia Group, said in a statement. "Through the acquisition of these innovative companies, we gain technologically advanced solutions that will help us give travelers new options for great places to stay in popular destinations while benefitting residents, owners, managers and local tourism."
