DLA Piper represented Cloudbeds, a San Diego-based hospitality management solution provider, in its recent US$82 million Series C financing. The round was led by Viking Global Investors with participation from PeakSpan Capital, Recruit Co., Ltd., Counterpart Ventures and Cultivation Capital.
Cloudbeds provides hospitality management software that is used by more than 20,000 hotels, hostels, inns and alternative accommodations in 157 countries.
"Securing this growth capital will allow Cloudbeds to further invest in its technology platform and continue to develop enhanced services for its clients," said Randy Socol, a DLA Piper partner who led the firm's deal team. "Cloudbeds has been a long-time client, and we are pleased to have had the opportunity to continue to partner with the company as we applied our venture capital capabilities and strong understanding of the technology and hospitality sectors to support the company through this milestone transaction."
In addition to Socol (San Diego), the DLA Piper team representing Cloudbeds included partners Richard Bull and Neil Balmert and associates Kathryn Fortin and Anthony Taranto (all of San Diego).
DLA Piper's Emerging Growth and Venture Capital practice includes more than 200 lawyers in the US who provide strategic counsel to emerging companies in high-growth industries, including biotech, manufacturing, communications, software and semiconductors. In 2019, the firm handled more than 697 venture capital financings totaling over US$10.3 billion. Over the last three years, DLA Piper has completed more than 2,100 financings totaling over US$31 billion.
The firm's Hospitality and Leisure practice represents a multibillion-dollar global industry, covering a broad range of services. With years of regional and global experience and a proven track record in the sector, DLA Piper lawyers advise investors, developers, owners and operators on a multitude of hospitality and leisure opportunities. The practice has been recognized by Law360 as a Hospitality Practice Group of the Year multiple times.
DLA Piper's global Technology sector lawyers work across practice areas and offices to support technology clients – from startups to fast-growing and mid-market businesses to mature global enterprises – doing business around the world.