Rove is the next generation marketplace for luxury property rentals paired with property management software. Since launching in late 2021, Rove scaled to $17M of run-rate Gross Booking Value (”GBV”), and $4M run-rate net revenue with incredible capital efficiency — $6M raised to date and now growing profitably. We are on track to 4x net revenue in 2024.
The founding team brings deep expertise scaling venture-backed marketplace and technology businesses. Jonah Hanig, co-founder & CEO, previously co-founded Explo, a customer analytics software company, completing Y Combinator in 2020; Kyle Siegel, co-founder & CTO, led product and software engineering at SpaceX and Snapchat.
Rove raised a seed round in 2022 with top investors including Nomad Ventures, Humbition, BAMCAP, Four Cities Capital, Daniel Gross, Jack Altman, Immad Akhund, Austen Allred, Julian Shapiro, Alan Rutledge, Mark Rosner, Rafael Vivas, Nick Kokonas, Ben Zises, and Siqi Chen as well as many other prominent investors and operators.
Rove is raising capital to scale our product and engineering teams to launch RoveSuite, property management software for home owners, and to grow our business development team. We are expecting to complete 2024 with $2.7M of net revenue, and hit $8M in 2025 and $25M in 2026. By building an end-to-end software platform for luxury property owners monetized with a luxury rental marketplace, Rove is charting a path to tackle the $116+ billion luxury property market.*
*(1) — 13% CAGR through 2024; additional equity research
*(2) — Airbnb ($72.3B) and Booking.com ($125.0B) market cap at market close 08/06/2024