Skift Take
Niche vacation rental platforms are still raising funds, though not as frequently as during the pandemic.
Justin Dawes
Short-term rental platforms haven’t raised as much funding in 2024 as they did last year, but they’ve seen somewhat of a resurgence this week, with two niche platforms raising nearly $50 million in funding.
One is a growing platform for renting campervans, but interestingly a much smaller US competitor closed down last year due to a lack of funding, and the other is a platform for renting “curated” vacation rentals in Europe, a startup founded by several ex-Airbnb employees.
Six travel startups announced funding totals totaling more than $100 million in the past week.
Indie Campers: $38.1 million
Indie Campers, a platform for renting RVs and campervans, has raised $38.1 million (€35 million).
Indico Capital Partners led the round with support from Cedros Capital and GED Ventures.
The Lisbon-based startup says it has 7,000 vehicles available for rent from its own fleet, as well as from private and professional hosts across Europe, Oceania and North America.
The funds will be used to develop the company’s digital platform, add new products and services, recruit and expand globally.
Projected amount: $35 million
Planned, an event sourcing and booking platform, has raised $35 million in Series B funding.
Drive Capital led the round, with backing from Outsiders Fund and two other privately held companies.
The company has raised a total of $65 million to date.
Montreal-based Planned said the funding will be used to expand its AI-powered capabilities, expand globally and add travel booking features.
(See Skift article.)
Landfork: $11.2 million
Landfolk, a vacation rental platform founded by former Airbnb employees, has raised $11.2 million (€10.3 million) in Series A funding.
EIFO led the round with support from SEED Capital and Heartland.
Landfolk, a Denmark-based company that helps owners rent out their holiday homes for much of the year when they would normally be empty, says it has 1.3 million holiday homes in Scandinavia, with 85% of them sitting idle for an average of 300 days a year.
The startup owns more than 3,000 homes across Denmark, Norway, Germany and Sweden, and its tech platform also includes integrations with cleaning companies to allow owners to automate household chores.
The funds will be used to expand into other European markets, improve product automation and strengthen marketing.
Nama Yatri: $11 million
Moving Tech Innovations, the startup behind Indian mobility apps Namma Yatri and Yatri Sathi, has raised $11 million in a pre-Series A funding round.
Blume Ventures and Antler co-led the round, with backing from Google and other investors.
The Namma Yatri app allows consumers to book autorickshaws, taxis and public transport. The app is available in several Indian cities, including Bengaluru and Delhi. An app based on the same model, Yatri Sathi, is managed by the West Bengal state government for consumers in that region.
Rather than taking a commission from each trip, the company charges drivers a fee: 90 Indian rupees ($1.07) a day for unlimited rides, and passengers are charged the daily fare only if they complete at least one trip. Passengers pay the service fee directly to the driver.
The company says this model keeps prices lower for all parties involved compared to other ride-sharing apps.
The Essentialist: $10 million
Essentialist, a members-only travel agency specializing in luxury travel, has raised $10 million in Series A funding.
IRIS Ventures led the round with backing from a group of angel investors.
Based in Spain, Essentialist says it offers travel packages to around 1,000 destinations around the world. The startup has a network of more than 200 travel and lifestyle editors who continuously review and update its 2,500 recommendations.
According to its website, annual membership costs $2,600 per household, and the company also offers corporate memberships.
The funds will be used for marketing, product curation, strengthening the technology platform and expanding consumer and business-to-business products.
Turn Stay: $300,000
TurnStay, a payments platform for African travel companies, has raised $300,000 (5.4 million South African rand).
The investment comes from DFS Lab and DCG.
South African-based TurnStay says its platform can transfer international customers’ payments to African travel companies in a way that minimizes transaction fees, using a range of features such as determining the cheapest intermediary for each transaction. Customers can also embed the TurnStay product on their websites, with the aim of improving the payment experience and increasing direct bookings.
The startup says transaction fees can be much higher for African businesses, especially when online travel agencies are involved, and that its product has reduced costs by 70% for some customers.
“The average merchant spends 12% of their turnover on receiving payments – often the difference between profit and loss, dramatically impacting the survival of many businesses in an industry that employs more than six million people in Africa,” TurnStay co-founder James Hedley said in a statement.
Company-stage lead fundraisingIndie CampersUnspecifiedIndico Capital Partners$38.1 millionPlanned seriesBDrive Capital$35 millionLandfolkSeries AEIFO$11.2 millionNamma YatriPre-seriesABlume Ventures, Antler$11 millionEssentialistSeries AIRIS Ventures$10 millionTurnStayUnspecifiedDFS Lab, DCG$300,000
Skift Cheat Sheet
Seed capital is money used to start a business led by angel investors, friends, family, etc.
Series A funding typically comes from venture capitalists. The purpose of this round is to allow startup founders to ensure that their product is something customers actually want to buy.
Series B funding is primarily provided by venture capital firms to help companies accelerate their growth. These funding rounds help in hiring skilled workers and developing cost-effective marketing.
Series C funding is usually to help a company expand, for example through an acquisition. In addition to venture capitalists, hedge funds, investment banks, and private equity firms often participate.
Series D, E and beyond are primarily mature businesses and funding rounds that may help a company prepare for an IPO or acquisition. Many different types of private investors may participate.
Photo credit: Indie Campers operates across Europe, North America and Oceania.
