A startup that sells data on short-term rentals has opted for a three-year lease on its next office.
Denver-based AirDNA, which collects information from various sources, including Airbnb and HomeAway, has taken 5,500 square feet at 1509 Blake St.
The company hopes to move by the end of the month from its current office at 1523 15th St., which is just around the corner.
“The convenience of moving five feet away is easier than across town,” founder and CEO Scott Shatford said.
The company has been at its current location since August 2018 and worked out of a Galvanize coworking location before that.
Shatford said the Denver office has grown from eight to 20 employees in the last year. He hopes to grow that number to 50 in the next year.
The new office is about double the size of AirDNA’s current space, and costs the company $16,000 per month, Shatford said.
Shatford began AirDNA in 2015 in California and relocated to Denver in June 2016. The firm also has an office in Barcelona, where 30 employees focus on sales, customer service and marketing.
Individuals pay $20-$100 per month for a subscription. Larger companies that sign up for enterprise accounts pay between $1,000 and $25,000 per month, Shatford said. Corporate subscribers tend to be real estate investors, hotel chains, schools and tourism offices.
AirDNA had $4.5 million in revenue in 2018 and Shatford expects to hit $9 million by year-end. Shatford said the company tries to double its revenue each year.
This growth hasn’t come without challenges, including hiring the right people, Shatford said.
“Scaling companies has challenges,” he said. “I think there’s always this challenge of scaling a team and scaling a team in two offices.”
Shatford said AirDNA is enhancing an existing tool called Rentalizer, which allows consumers to search an address and receive an estimate about how much the property could bring if rented on a short-term basis. And the company also is working on a broader tool that will give property owners input on the best use for their site, he said.