Kasa Living, Inc. is a tech-powered, flexible accommodations brand and operator founded in San Francisco in 2016. The company partners with real estate owners to transform units at multi-family and hospitality properties into professionally managed accommodations called Kasas. Kasa leverages proprietary technology and operational expertise from industry veterans previously with firms like Airbnb, KKR, and Apollo to deliver high-quality experiences to guests.
Kasa operates a diverse range of accommodations, including multi-family apartments, single-family homes, and boutique hotels across over 40 US cities as of 2023. The company's model involves signing revenue-sharing management agreements with property owners rather than long-term leases. This asset-light approach has enabled Kasa to consistently improve profitability at properties by over 50% after taking over operations while also enhancing guest satisfaction scores.
In May 2023, Kasa expanded into offering luxury single-family vacation rentals, beginning in the Miami-Fort Lauderdale area. The new venture aligned with the company's core value proposition of unlocking the potential of real estate assets for owners and guests. By September 2023, Kasa had earned the trust of major real estate firms like Greystar, AMLI Residential, and Starwood Capital through its ability to drive strong financial results.
In October 2023, Kasa closed a USD 70 million Series C funding round led by Citi Ventures and FirstMark Capital, bringing its total funding raised to USD 126.3 million. The capital influx positioned Kasa with a robust balance sheet to accelerate growth without requiring additional fundraising. In February 2024, Kasa continued expanding by opening a new 16-unit property in Downtown Asheville, North Carolina.
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