Today, casaia Mexico-based proptech that handles short-term rentals (STR) and hotel-like accommodations, announced the acquisition of technology provider LoopKey, according to Skift.
Terms of the deal were not disclosed, but the report says the acquisition has already closed and hit regulatory hurdles. The company says pandemic-related supply chain disruptions have plagued many hospitality businesses, including Casai, leading to the supplier’s purchase.
“Access control solutions are essential. If a side table is delayed, we can launch an apartment without it. If a smart lock is delayed, we will delay an apartment launch,” 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 over 30,000 guests in approximately 1,400 units in Mexico and Brazil.
The purchase follows a continued push by Casai into the Brazilian market, with the company previously announcing plans to invest 100 million reais in the country. Casai recently acquired the Brazilian proptech specialist In the bedroom end of 2021, highlighting this expansion effort.
“The acquisition of Roomin, which is growing rapidly and holds one of the best portfolios in the region, is part of Casai’s rapid expansion process. In addition, Roomin is present in the best areas of Florianópolis and we know that the location is essential to organize a high-end customer experience”, declared Daniel Hermann, director of growth of Casai, at the time of the acquisition of Roomin.
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This purchase adds to Casai’s Brazilian portfolio and also provides the company with a safety net to protect against volatility in the domestic tech supply chain. Founded in 2014, LoopKey has granted access to rooms more than three million times to a number of hospitality and rental players, including Charly, Housi and nomah.
While a number of vendors provide electronic lock and key systems to hotel operators and vacation rental property managers, LoopKey says it differs from its competitors because of its technology.
Due to internet access disruptions in some regions, the company’s access technology uses a combination of cloud computing and local area networking to ensure operation even without a stable internet connection.
“We have cloud-based management software that defines all access rules to all entrances to a building or portfolio for things like cleaning and maintenance as well as guests,” said said Pedro Salum, co-founder and CEO of LoopKey.
“Rules and a mix of passwords are set up-front, essentially, and can then work locally if internet access is interrupted,” Salum said.
The announcement indicates that LoopKey will continue to operate independently and will also begin serving Mexico.
Casai says remote access will be a growing selling point for his company, noting that keyless entry is a convenience for Latin American customers and helps reduce labor costs and improve operator safety.
“We are moving towards offering a complete hotel operating system for owners who partner with us, so this deal serves owners as well as guests,” Barawid said.
In other recent proptech news, arthur launched a new portfolio-level property insurance risk management engine to help insurers monitor, manage and respond to environmental risks. Jia Finance also raised a $5 million seed round to provide homes in the United States and financing for foreign investors.