Virdee Closes on $12.4M in Series A Funding led by Moneta Ventures
Funding sets the stage for Virdee’s vertical growth and momentum in the hospitality sector, supporting its ongoing technological advancement and installation at leading hotel brands
AUSTIN, Texas, Nov. 15, 2023 (GLOBE NEWSWIRE) — Virdee, a leader in guest experience technology and check-in automation, today announced that it has raised USD $12.4 million in an oversubscribed Series A funding round led by Moneta Ventures with participation from Silverton Partners, Koch Real Estate Investments, Alumni Ventures, DJR Advisors, Capital Factory and other strategic partners. Virdee will use this funding to further the company’s technological innovation with expanded product features and functionality, while growing its workforce, and deepening its presence in the hospitality sector.
The investment follows previous Series Seed financing led by Austin-based Silverton Partners in February 2022 as well as a 2020 angel investment led by Rajiv Trivedi, former President of La Quinta Inns & Suites. Virdee’s total funding has now surpassed $21 million.
“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, and new Virdee board member. “These weren’t just words. 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. We are excited to partner with Virdee as it embarks on this new chapter of its growth.”
Founded in 2020 by Nadav Cornberg and Branigan Mulcahy, Virdee has seen massive expansion over the past two years, registering nearly 600% revenue growth in 2022 with similar expectations for 2023. Virdee’s platform connects guests and hotels via digital applications and AI, seamlessly automating all front desk transactions. Everyone from large hotel brands to boutique properties can plug Virdee’s solution into their existing digital experience – elevating the guest experience, eliminating lines, and turning front desk staff into guest relationship managers. Virdee’s installation base includes four of the largest casino hotels in Las Vegas and several other major hotel brands.
“We are pleased to announce the completion of our oversubscribed Series A funding from Moneta Ventures and others to support Virdee’s ongoing vision to transform the digital guest experience at hotels,” said Branigan Mulcahy, Co-Founder of Virdee. “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. As we already support some of the leading hospitality brands in the world, we are pleased to receive this Series A funding and excited to write the next chapter in our success story.”
“For hospitality brands, Virdee’s pursuit of streamlining and simplifying the hotel check in process and the digital guest experience has resulted in an offering that is truly a value-add with incredible speed-to-market via our SDK,” said Nadav Cornberg, Co-Founder of Virdee. “As we innovate and add new features, we see our client base expand in kind. In founding a company such as Virdee, our key goal has always been to deliver unparalleled value to the hospitality marketplace.”
Virdee is dedicated to enabling technological transformation across the hospitality industry while helping clients successfully deploy a virtual reception. The company’s contactless hotel check-in experience works anywhere and with any system while supporting 100% of guest check-ins. For more about Virdee and its solutions, visit www.virdee.io.
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About Virdee
Based in Austin, Texas, Virdee is an innovative software company serving the hospitality industry. Virdee Virtual Reception reduces costs and increases revenue while improving the guest experience. Web, app, kiosk, and SDK options cover 100% of guests, enabling a truly contactless experience that puts the guest in control. Virdee was founded in 2020 by Branigan Mulcahy and Nadav Cornberg. Visit www.virdee.io to learn more.
About Moneta Ventures
Moneta Ventures is an early-stage venture capital firm with offices in Austin, TX, and Folsom, CA. The firm invests in high-growth B2B technology companies along the US West Coast and in Texas. Founded by serial entrepreneurs with a track record of building and exiting large technology companies, Moneta works closely with founders to help companies scale operationally alongside capital investment. Moneta Ventures has invested in more than 45 companies in underserved and emerging venture markets since 2014, including Aumni, VideoVerse, Grin, Mindtickle, Sibros, and App Orchid.
About Silverton Partners
Silverton Partners is focused on funding and mentoring early-stage businesses led by founders who share in its commitment to disrupt growth markets and build enduring companies. Founded in 2006, the firm brings the benefits of its vast network and decades of rich experience to each partnership. Austin-based Silverton is the most active venture capital investor in Texas and has been the initial investor behind visionary companies including WP Engine, Storable, SailPoint, Silicon Labs, TurnKey Vacation Rentals, The Zebra, AlertMedia, Aceable, Self Financial, Wheel, and Billie.
CONTACT: Joanne Hogue Smart Connections PR for Virdee +1 (410) 658-8246 joanne@smartconnectionspr.com
