Landlords looking to rent upmarket properties out as short lets now have more choice after British platform UnderTheDoormat announced it has merged with competitor Veeve.
The deal creates one of Europe’s largest end-to-end short-term rental businesses which it is hoped will “set the stage for global expansion” for the unified businesses which between them have properties in several cities within the UK, France and the US.
These include London, Aberdeen, Birmingham, Paris and Chicago where both firms specialise in luxury short-term lets.
The merger has been backed via a new £4 million investment round as part of the deal led by London-based Smedvig Capital and the investment arm of the US National Association of Realtors via its UK division, Reach.
The UnderTheDoormat brand will now operate across the UK, Europe, Middle East, North America, and Asia but the key markets remain London and Paris, a city gearing up for a short-lets boom when the Olympics take place there next year.
Veeve will continue but without its CEO David Hosking, who is retiring.
Merilee Karr (main picture), who is set to lead the group as CEO, said the merger establishes it as a “European market leader”.
“By joining forces with Veeve, we are combining our strengths across luxury property management and technology to set a new standard for short-term rentals,” Karr said.
“The capabilities of our combined company will enable us to work with customers across the entire short term rental ecosystem and position the Group for significant future growth.”