PriceLabs snags $30m from Summit Partners

• PriceLabs was founded in 2014 and powers over 150,000 listings in more than 100 countries
• Founded in 1984, Summit Partners is currently managing more than $37 billion in capital
• Summit has invested in more than 550 companies in technology, healthcare and other growth industries

Summit Partners has made a $30 million minority growth investment in Chicago-based PriceLabs, a provider of dynamic pricing and revenue management solutions for the short-term rental industry.

The capital infusion will be used by PriceLabs for growth.

PriceLabs was founded in 2014 and powers over 150,000 listings in more than 100 countries.

“Consumer preference has continued to shift in favor of alternative accommodations across every demographic, which has led to rapid growth in the short-term rental industry and over 8 million unique listings on Airbnb and Vrbo alone. We see PriceLabs as ideally positioned to serve this growing market with an intuitive, easily customizable and comprehensive solution designed to deliver ROI to owners and managers almost immediately,” said Colin Mistele, managing director at Summit Partners, who has joined the PriceLabs board of directors, in a statement. “We believe this deeply experienced team has a significant opportunity to capitalize on a substantial unpenetrated market as they continue to develop and launch innovative products.”

Founded in 1984, Summit Partners is currently managing more than $37 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 550 companies in technology, healthcare and other growth industries.