Today, Casai, a Mexico-based proptech that runs short-term rentals (STR) and hotel-style lodging, announced acquiring tech vendor LoopKey, according to Skift.
Terms of the deal were not revealed, but the report states the acquisition has already closed and met regulatory hurdles. The company says that pandemic-related supply chain disruptions have plagued many hospitality companies, including Casai, leading to the vendor purchase.
“Access control solutions are mission-critical. If a side table is delayed, we can launch an apartment without it. If a smart lock is delayed, we will delay the launch of an apartment,” said Casai co-founder and CEO Nico Barawid.
Casai previously raised a $23 million Series A led by Andreessen Horowitz (a16z) in 2020, and has since hosted more than 30,000 guests across approximately 1,400 units in Mexico and Brazil.
The purchase follows an ongoing push by Casai into the Brazilian market, with the company previously stating plans to invest R$100 million in the country. Casai recently acquired Brazilian proptech specialist Roomin in late 2021, highlighting that expansion effort.
“The acquisition of Roomin, which is fast growing and holds one of the best portfolios in the region, is in line with Casai’s fast expansion process. In addition, Roomin is present in the best neighborhoods in Florianópolis and we know that location is essential when curating a high-end guest experience,” stated Daniel Hermann, Casai’s Chief Growth Officer, at the time of the Roomin acquisition.
In a world where the digital user experience is do or die, any mistakes around front-end design and development can determine customers support and revenue opportunities.
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This purchase adds to Casai’s Brazilian portfolio, and also gives the company a safety net to protect against volatility in the home technology supply chain. Founded in 2014, LoopKey has granted access to rooms more than three million times for a number of hospitality and rental players, including Charlie, Housi and Nomah.
While a number of vendors provide electronic lock-and-key systems to hotel operators and vacation rental property managers, LoopKey says that it differs from competitors due to its technology.
Due to interruptions in internet access facing some regions, the company’s access technology uses a mix of cloud computing and local area network to ensure operation even without steady internet connection.
“We have a cloud-based management software that defines all the rules for access all entryways in a building or across a portfolio for things like cleanings and maintenance as well as for guests,” said Pedro Salum, co-founder and CEO of LoopKey.
“The rules and a mix of passcodes are set in advance, essentially, and then can work locally if internet access is interrupted,” Salum said.
The announcement states that LoopKey will continue to operate independently, and also start serving Mexico.
Casai says that remote access will be a growing selling point for its business, noting that keyless entry is a convenience for Latin American guests and helps to cut labor costs and improve security for operators.
“We are moving toward offering a full-stack hospitality operating system for the landlords that partner with us, so this deal serves the landlords as well as the guests,” Barawid said.
In other recent proptech news, Arturo launched a new portfolio-level property insurance risk engine to help insurers monitor, manage and respond to environmental-based risks. Jia Finance also raised a $5 million seed round to provide U.S. homes and funding to foreign investors.