EVOLVE RAISES $100 MILLION TO CONTINUE BUILDING ON-RAMP FOR THE NEXT GENERATION OF VACATION RENTAL GUESTS AND OWNERS

DENVER, Feb. 14, 2022 /PRNewswire/ -- Evolve announced today a $100 million capital raise led by new investor Durable Capital Partners LP ("Durable"). Evolve, the fastest-growing vacation rental hospitality company in North America, manages over 19,000 homes and has generated more than $2 billion in rental income for its owners. Coming off of the most successful year in company history, Evolve will use the funding to accelerate property growth and to continue reimagining the vacation rental experience, building on innovations like their Rest Easy Promise for guests and Risk-Free Guarantee for owners. This latest round brings Evolve's total funding to $235 million.

"Evolve was built on the idea that guests and owners deserve a better vacation rental experience," says Brian Egan, co-founder and CEO of Evolve. "We're thrilled to see that our unique approach is now helping to grow the industry — 70% of new Evolve owners in 2021 were first-time renters. Likewise, our hospitality has helped guests new to the category rest easy, as we outperform our peers with an average review score of 4.7 out of 5 stars."

"Evolve is at the forefront of the next wave of innovation in the vacation rental category," says Henry Ellenbogen, Durable's Chief Investment Officer. "As a proven and disciplined operator with an extensive property network, large customer base, exacting standards and a compelling brand, Evolve is well positioned to grow and achieve sustainable, long-term success as a much larger company."

Evolve's modern approach to hospitality and property management helps guests rest easy with vetted homes, 24/7 support, and bookings that give back. The company also makes vacation rental stress-free for owners, partnering with them to book more and keep more of what they earn thanks to their Risk-Free Guarantee, an industry-low 10% management fee, and powerful SmartRates pricing algorithm that made more than 500 million dynamic rate changes in 2021.

Evolve's impressive success continues today. Highlights include:

• Building a portfolio of more than 19,000 homes across 750+ markets.
• Welcoming more than 7 million guests to date.
• Growing net booking value by 78% year-over-year in 2021.
• Generating 38% more revenue per listing than the market average in 2021.
• Growing the team by 68% to nearly 800 Evolvers in 2021.

"As we continue to scale properties on our platform, we'll remain laser-focused on fulfilling consumers' need for a trusted hospitality company in our category, making Evolve the go-to brand for vacation rentals," says Egan.

For more information about Evolve or to book a stay, visit www.evolve.com.

About Evolve
Evolve is reimagining the vacation rental experience with our modern approach to hospitality and property management. We help guests rest easy with vetted homes, bookings that give back, and all the support they need for a great stay. We also make vacation rental stress-free for owners, partnering with them to book more and keep more of what they earn thanks to our industry-low 10% management fee. Learn more at www.evolve.com.

About Durable Capital Partners:
Durable Capital Partners LP ("Durable") is an investment manager focused on companies that have the potential to compound over time. Durable invests across private and public markets with a long-term horizon, applying deep knowledge of compounder patterns to support leaders building durable and sustainable businesses. Henry Ellenbogen, who previously was Portfolio Manager of T. Rowe Price's New Horizon Fund, co-founded Durable in 2019. www.durablecap.com

SOURCE Evolve

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