Affiliate revenue platform Stay 22 Received $122 million in minority growth investment from Summit Partners.
The company plans to invest in its infrastructure and partner ecosystem, expand internationally and grow its team. Stay22 noted that it is actively recruiting product development, engineering and partner support talent.
As part of the investment, Summit Partners’ Colin Mistele and Daniel Kim also joined Stay22’s board of directors.
Since being named PhocusWire’s 25 Hot Travel Startups of 2019Montreal-based Stay22 has expanded its affiliate monetization platform for travel creators, media publishers and event organizers, leveraging artificial intelligence to boost bookings and conversions.
“We believe Stay22 is building critical infrastructure at the intersection of travel, content and commerce,” Mistele said.
“As creators and publishers become increasingly important in demand generation, the need for smart, scalable monetization tools has become critical. Stay22’s platform, team, and execution stand out to us, and we’re excited to support the company as it continues to rapidly grow and expand its global reach.”
Stay22 also said the new funding will help it expand into different retail verticals beyond travel, “evolving from a travel-focused solution to a foundational platform for the global creator economy.”
“Creators and publishers now dictate how people discover experiences and products, but many lack the infrastructure to monetize this influence,” said Andrew Lockhead, CEO and co-founder of Stay22.
“Stay22 was built to solve this problem. Summit’s deep experience investing in leading companies in the creator economy and marketing technology stack makes them the ideal partner to help scale our platform, grow our team, and scale globally.”