Vacation rental platform RedAwning has earmarked a $40 million funding announced today to further develop its tech platform and grow the business.

The funding has been led by Silversmith Capital Partners from Boston which gets “a significant minority stake” in return for the cash.

To date the business has been funded by CEO Tim Choate and CTO Lance Nelson, both of whom are remaining with the business. The business is profitable, according to the announcement, and Silversmith is its first institutional investor.

Read the full story at Tnooz.

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