Short-term rental management company GuestReady has picked up £2.3m in new funding.

The start-up has also acquired a former competitor, East Rental Services.

GuestReady currently operates in London, Paris, Hong Kong, Singapore and Kuala Lumpur.

It plans to utilize its new funds to expand into two more UK cities by next summer, and to cement its position as a leading global Airbnb management company.

GuestReady launched in April last year and manages a portfolio of about 600 apartments.

Initially started as an on-demand platform for individual activities like cleaning, laundry and managing the check-in and check-out of guests, GuestReady now focuses exclusively on fully managed properties that it advertises on short-let platforms like Airbnb, HomeAway and Booking.

GuestReady takes a percentage of the earnings from the apartments as a management fee, or guarantees a specific income per month based on a predictive model it has developed.