Folsom-based Moneta Ventures has led a $12.4 million round into virtual hospitality reception software company Virdee.
Based in Austin, Texas, Virdee allows for touchless and remote hotel check-in using a smartphone or kiosk.
“We were drawn to Virdee’s value proposition — tech that improves the guest experience while enabling staff to do more,” said Brent Kelton, partner at Moneta Ventures, in a news release.
Kelton joined Virdee as a board member.
Virdee allows hotels to begin communications with guests before they arrive. It checks them in, furnishes a physical or mobile key and can act as a billing engine and guest receipt.
Every step is automated. And Virdee can be integrated into a hotel or hotel chain's existing app, the company said.
“Virdee has a robust customer roster, has grown quickly and with its domain expertise in the hotel sector, is positioned to become a category-defining leader in the hospitality tech space,” Kelton said.
The oversubscribed Series A funding round led by Moneta Ventures included participation from Silverton Partners of Austin, Kansas-based Koch Real Estate Investments, Menlo Park-based Alumni Ventures, London-based DJR Advisors, Austin-based Capital Factory and others
Virdee said it will use the money to expand technological innovation with expanded product features and functionality, while also growing its workforce and deepening its presence in the hospitality sector.
This investment follows a seed round led by Silverton Partners in February 2022.
Virdee’s total funding has now surpassed $21 million, the company said.
Virdee got an angel investment round in 2020 led by Rajiv Trivedi, former president of La Quinta Inns & Suites.
Founded in 2020 by Nadav Cornberg and Branigan Mulcahy, Virdee has seen monumental growth in the past two years, including nearly 600% revenue growth in 2022 and an expectation of that level of growth this year as well.
“Moneta Ventures’ expertise and experience in helping scale businesses like Virdee is an irreplaceable asset to the company as we continue to penetrate the hospitality sector,” said Mulcahy, in a news release.
Moneta Ventures has invested in more than 45 companies in underserved and emerging venture markets since 2014. It tends to like software companies with existing customers and revenue. Moneta has its headquarters office in Folsom and it has other offices in Portland, Oregon, as well as investors in Houston and Austin.
